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kmobini
Posts:2

05/29/2008 2:46 PM	Alert
Aira has started to sell more units and rumor has it prices will start increasing in June. Top units sell for a million plus. Therefore if one buys a unit in the low end (>400) it will be like buying the cheapest house in the best neighborhood. Cortez Hill is soild neighbor. Thoughts?

ScottSD
Posts:162

05/29/2008 2:58 PM	Alert
aria is selling more units if you consider the fact that 1 is more than 0. top units on any highrise downtown sell for a million plus. they lowered their prices by 15-25% across the board in early may claiming it was a once in a lifetime deal to celebrate their grand opening. their grand opening didn't move many units. there's no chance in hell they're going to raise prices unless they want to have an empty building for three years. that said, i think aria is one of the better buys in downtown. the ppsf is the lowest you'll find on a quality new construction.

kmobini
Posts:2

05/29/2008 4:04 PM	Alert
Escrow is usually 30 to 45 days, I went to ARIA and a lot of units in the low and mid range were either reserved or in escrow. Just because there is no closure report now, does not mean they have not sold.

ScottSD
Posts:162

05/29/2008 4:14 PM	Alert
define: a lot. i did the same thing. i saw the sales person's list of units and which ones were currently reserved or in escrow. there were very few. we were able to see just about any unit we wanted from the 3rd through 10th floor. admittedly this was a couple of weeks ago, but i have serious doubts that sales have really taken off since then. they got 4 or 5 offers over their big grand opening weekend. and who is to say whether those offers were realistic or just lowballs? on that note, their people are no longer allowed to talk about numbers. if units were flying off the shelf, i doubt they'd receive a gag order from the top. but i'd be more than happy to be wrong. once they hit 50% sold i can get a VA loan there. i'd rather than happen in the next 6 months as opposed to the next year+.

Cethis
Posts:13

05/29/2008 4:45 PM	Alert
I saw the building, it looks superior, and its better than most of the places I saw. I cant afford the Marina District, and Columbia. Little Italy's choices are few..its either Aperture (350+ HOA and NO ammenities -oh wait an Orange Lobby), La Vita is semi-decent...but places are going for 350 and up that are small...tiny and with a view if you lean over on the balcony. Aqua Vista...no way...no other notable mentions, and East Villiage is going to be nice..some day. Cortez Hill is in Downtown, but away from the hustle and bustle...Cortez blu and Discovery are not to my liking, and the monter vantage point is not what I look for (700 units 40 floors and a lottery for parking....if you win its 50k per spot (only 2 bedrooms are considered for the lottery) ARIA is the best place in my mind...prices are affordable..quality is top...kitchen, bathroom..modern and chic....I havent seen this quality in my price Range...

ScottSD
Posts:162

05/29/2008 7:23 PM	Alert
i agree with the positive impression of aria. but until a lot of units start moving, i wouldn't expect the price to go anywhere but down. here's the numbers as of two weeks ago: 14 units closed. 24 units in escrow. 136 units total. i think 2 have closed since then and they received 4-5 offers over their grand opening weekend. i've heard on average, 75% of loans in escrow actually fund. if that's the case and if a few of their opening weekend offers are accepted, you're looking at 35 or so units actually sold. that's barely 25% of the building. if they hit 50% and get their FHA approval by the end of the buying season (september or october) then you can maybe expect a price increase. i've already seen 3-4 of the 16 that have actually closed listed for rent on craig's list. those were clearly speculators who made deposits before the building was completed, probably before the market went south. the prices on the lower floors (2-5 or so) are already fairly low (upper 300's to mid 400's). so they may not drop a whole lot more. but units with the beginnings of an actual view (can see over the top of the apartments across the street), yet not too high (6th-9th floors) can stand to drop a bit more imo (they're in the low 500's range). the 10th-17th or so floors are overpriced. you can buy at electra and have a WAY better view for a similar price. these prices are for 2 bedroom units.

Cethis
Posts:13

05/30/2008 10:57 AM	Alert
ScottSD seems to be commenting on all the buildings and communities on this site. I sense that since ScottSD is restricted to a VA Loan (rightfully so, since they have much better Terms and Conditions), and because of this, ScottSD has to abide by the 51% sold rule (Rule: Can not apply to a building that is below 51% sold), the only negative to this is that ScottSD will not be a first mover on any new building, and therefore might lose out on either the lower priced units or the more perferable units. This message is not negative towards ScottSD, but keep in mind that because a building is not 51% sold, it does not mean the building should be avoided, on the other hand, its probably a great bargin waiting to be found. Since the requirements are strict, Nice units avaiable for those who qualify (ARIA has a required 10% down), this means it will attract serious buyers to the building, which translates to people who can afford what they purchase (not to say that ScottSD cannot), People who have 10% down for their condo translates into a serious buyer (no foreclosures in a year) and well on their way to satifying their PMI Insurance guildline (after you own 20% or more, or market appreciates and you have 20% equity you do not have to Pay PMI monthly), Therefore do not be swayed by stats showing the building is under 51%, or the building is selling 3-5 units a week, or a month. Its a new building in a shaky market. The more risk reaps the higher reward. Lastly, first movers to any product, or in this case real estate will reap higher rewards they slow starters. The prices will only come down to a certain point before they start being sold. The builder will not lower the prices below a certain point (which ARIA seems to have reached that point), and therefore, those who wait will have to be sifting through undesirable units that were left behind by the first movers. Dont fall into that category.

Cethis
Posts:13

05/30/2008 11:00 AM	Alert
Check out ARIA is my point. If you like elaboration on any points I made, please advise

ScottSD
Posts:162

05/30/2008 11:17 AM	Alert
i don't know that being a first mover in this market is a good thing. first movers at smart corner and 777 6th were rewarded with owning in a rental building. first movers at aria (everyone who bought before may) paid 15-30% more than what their unit is currently worth. if you're absolutely in love with a unit at aria and want to live there for the long term, then by all means buy. but if you're in my position, where you like the 11 column of condos, then there's no point in buying right now. the odds of #211, 411, 511, 711, 811, and 911 selling out from under you is slim. that's just my opinion, obviously.

sd_down
Posts:10

05/30/2008 11:27 AM	Alert
What are the HOA fees here fro teh 2 Bedroom 1200 Square foot Condos.

ScottSD
Posts:162

05/30/2008 11:33 AM	Alert
$600ish.

Cethis
Posts:13

05/30/2008 11:42 AM	Alert
high 500...which is the average for any HOA in a Downtown Highrise. All downtown units have HOA in the Range of 300-700.

Brian
Posts:2649

05/30/2008 12:56 PM	Alert
Cethis sounds like an Aria shill disguised as a prospective buyer. Cethis, if Aria is so good, go ahead and buy yourself and enjoy the future rewards. The higher risks also reaps big losses 50% of the time. Put your money where your mouth is. I've read Scott's post before. He and his wife are professionals and I'm sure that they can well afford a conventional loan. But why would you want to pay more when you can get a government subsidized loan?

Cethis
Posts:13

05/30/2008 1:04 PM	Alert
There was no disrespect to ScottSD, VA Loans have their advantages. I am just researching the market and looking for trends like the rest of us who have made comments on this and other communities. If your upset that I questioned scott or made a discussion about the building, this is a venue for such conversations. Your coming to ScottSD defense does not seem necessary because these type of discussion are necessary discourse when shopping for such a big investment. I did not attack Scott and did not undervaule his potential in aquiring a converntional loan. Since you know Scott and His wife, I them and you the best. If you have a comment about the building, the market or anything having to do with real estate, please come forth with your thoughts and opinons, as they are highly vauled, but if otherwise, please omit the discourse. Respectfully.

Cethis
Posts:13

05/30/2008 1:05 PM	Alert
correction: ..I wish them and you the best. If you have a comment about the building, the market or anything having to do with real estate, please come forth with your thoughts and opinons, as they are highly vauled, but if otherwise, please omit the discourse. Respectfully.

djrobsd
Posts:22

06/23/2008 8:49 AM	Alert
My friend looked at them this weekend. He said they are no where near 50% sold, a lot of empty units. His friend actually bought a 1 bedroom unit wit no view for around $310k, but they can't close escrow until it's over 50% sold, so it will probably fall through for them. Overall, he said the building is beautiful, but the build quality inside the units leaves a lot to be desired. Great appliance package, but VERY cheap fixtures. Also, those beautiful units with the "Curved" windows are a wash. You're washing over 10-20% of your square footage because the curves prevent you from actually doing any practical furniture arrangement. He asked the realtor how often the windows will get cleaned and they said twice a year. I'm not sure what the norm is in San Diego, but I live in the Egyptian and I can tell you that twice a year doesn't cut it! Our windows were cleaned 3 months ago and they already look like crap. I would be so pissed if I owned a unit and had dirty windows and could do NOTHING about it except keep on paying the $500 a month HOA dues, but then again I'm renting so I can't complain I suppose. My point there is nothing like paying $500-600 in HOA dues and living in a $3000 a month condo and having dirty windows to show your guests while they admire your view. ;) It will be interesting to see how well they sell. Aparently the frosted glass cabinets that I saw in the models when I looked 3 years ago at Aria during the pre-sales phase don't actually exist. Or maybe they are an upgrade. LOL

stella
Posts:361

06/23/2008 8:55 AM	Alert
Window cleaning twice per year is the standard for the buildings I've been in. I do like this building, I've noticed more units getting occupied but that's not to say it's even close to 50%.

Cethis
Posts:13

06/23/2008 9:38 AM	Alert
Window washing twice a year in pretty much the norm in all Downtown highrises. Aria only has 187 units which is small compared to Smart Corner (307) and Vanatage Point (700+). Its a smaller building making it more desirable, and more unlikely that it will turn into a rental property like Smart Corner. I believe that about 40% of the unit are either sold, in escrow or they had move-ins. The last couple times I have been to ARIA, I have seen more and more people inside the office and now it seems that you have to call in before going so you do not have to wait for a sales agent to finish showing to others. Frosted glass was in all the models I have seen, along with fisher and paykel appliances which are top end. I like the unique feel of luxury, in that the appliances and fixures stand above all other places I have seen. Its very modern.

Brian
Posts:2649

06/23/2008 10:28 AM	Alert
Sorry, mate. Fisher & Paykel are not top end appliances. Those fridges at Alta and Aria are small (18 cubic feet) and noisy. They look good because they are counter dept but they are not the built-in kinds. Fisher & Paykel is from New Zealand so the make sounds exotic. But, quality wise, they are not the best.

Cethis
Posts:13

06/23/2008 10:33 AM	Alert
I actually went to see the Fisher & Paykel at Home Depot, Lowes, and Home Depo Expo, and Fisher & Paykel was strongly recommended.

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