ScottSD
Posts:162
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| 06/29/2008 10:45 PM |
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i'm renting from some guy. my wife and i got a 2 bedroom unit on the 11th floor. we're not totally set yet, but i can try to answer any questions anyone has about this building.
so far i love it. it feels very solid and high quality. it's not super luxury, but it's definitely a cut above the vast majority of downtown buildings. i'd put the quality on par with what i saw at the legend and electra. but i have way more square feet (1300+) and a way more interesting floor plan. bedrooms are a little on the small side, but definitely useable. the kitchen/dining room/living room area is enormous. the bathrooms are large and very nice. good sized balcony, too.
my only gripe is that i feel like i'm living in the middle of the sahara since the unit is all windows and faces south/west. i can't escape the sun. normally i love the sun, but wow it wears on you after a full weekend of moving furniture and whatnot. luckily the owner had window coverings installed.
anyway, let me know if you have any questions and i'll try my best to answer them.
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rentingman
Posts:455
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| 06/30/2008 12:45 PM |
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| How much is the rent? Do you know how much the owner paid? Oh yeah and in a condo also make sure you face North. |
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ScottSD
Posts:162
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| 06/30/2008 2:02 PM |
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property manager claims that the owner paid more than $1 M for it. current prices put it more in the $700-800k range. we pay $2795 a month for it.
yeah, i can see how facing north would be a good move. something to know for the future. we'll see if it still bothers me after i get home from a full day in the office. |
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Brian
Posts:2649
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| 06/30/2008 2:11 PM |
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Posted By ScottSD on 06/30/2008 2:02 PM
property manager claims that the owner paid more than $1 M for it. current prices put it more in the $700-800k range. we pay $2795 a month for it.
Good job, ScottSD! I'm proud of you!
I'm assuming that $2795 includes HOA. Hey, why not enjoy the lifestyle with the help of the landlord? :) Like buyers keep on repeating, "why not use other people's money" to improve your own standard of living? ;)
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ScottSD
Posts:162
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| 06/30/2008 2:19 PM |
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| yeah. the HOAs are included. it's a great building with a luxury feel to it. and it's very quiet. being easy walking distance to the gaslamp, little italy, and balboa park and not having to worry about excessive noise is great. |
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djrobsd
Posts:22
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| 06/30/2008 2:24 PM |
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ScottSD, congrats on the move! I feel your pain with the sunlight, I live in the Egyptian and my unit faces West, and runs about 85 degrees with all the windows open in the afternoon! I pretty much have to close the blinds and run the A/C until the sun starts setting. It will probably stay that way through the summer unfortunately, so get used to keeping the blinds closed and running the A/C, I think come October or so, it will cool off enough to not have to run the A/C. Fortunately, in the egyptian their A/C system runs on a cooling tower, so it's very energy efficient and cheap to run. I'm sure Aria's is probably the same since it's a large building.
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rentingman
Posts:455
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| 06/30/2008 3:37 PM |
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Quick math. If the interest rate is 7% on $800K that is $4,667/month. I imagine HOA is $600 per month. Taxes are about $1,000/month. Total costs is over $6,000. In addition to losing their downpayment they are losing $40K per year. Of course they might be rent skimming, keep track of foreclosures.
I left my south facing windows open during the day. When I closed them at 8PM I would watch the temp in theunit rise a degree or more every ten minutes until I put on the A/C. Even in the winter the walls would radiate the heat. Maybe it is a little different if the walls are all glass. |
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ScottSD
Posts:162
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| 06/30/2008 4:10 PM |
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| i really haven't run into THAT much trouble with the heat. yesterday i ran the AC for maybe a total of 45 minutes. the AC system can cool the place from 80 to 72 or so within 20 minutes. and it takes a while to get back up to 80. leaving the doors and windows open also creates a great flow of air. i can't complain too much. yet. |
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jam
Posts:19
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| 06/30/2008 5:42 PM |
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| are the amenities nice? pool? gym? bbq's & decking? more details please! |
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stella
Posts:361
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| 06/30/2008 6:18 PM |
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If you notice buildings downtown most of the west view units end up with their shades down a lot. I've lived in a view unit before and found the constant struggle with the heat to be one of the worst aspects of the unit. The views are awesome though. I tend to be the very warm so situations like this make it hard.
This is a great building, even though the pool probably doesn't get a ton of sun it sure seems like a cool place to hang out.
This place is on my "buy" list as I like it that much.
How is the street noise from 163/Ash? |
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ScottSD
Posts:162
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| 06/30/2008 6:33 PM |
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they have a lap pool and a hot tub. i haven't been in the pool, but i walked down there at about 1:30 and it was partially in the shade of the building. but it looks like earlier in the morning and later in the afternoon it would be in the sun. there's an amenities room with a huge tv, a bar area with a little fridge, microwave, sink, etc, tables, and a pool table. no grills that i noticed. there's an exercise room that's a pretty decent size. 2 tread mills, an elliptical, a stair climber, and i think 3 different weight machines. may have been something else like a bike too. they all have individual tv screens, which is cool. we also have a concierge but i haven't figured out what to do with her yet. she tells me she can get my dry cleaning, arrange travel, or order food for me. but she's only here from 8-5 so i can't figure out how that's useful.
the noise from 163/ash is pretty minimal. i'm sitting here with all of my windows and doors open and get a basic traffic hum. when i close the windows and doors it's pretty silent. just a very faint white noise from traffic. i don't even notice it.
i overheard a sales person saying that 9 people closed in june and another 9 or 10 are closing in july. we have a next door neighbor and someone directly above us (i haven't heard anything) that have moved in within the last week or two. |
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punstress
Posts:140
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| 07/01/2008 8:55 AM |
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Are you concerned about being "foreclosed" out? I certainly would be. I imagine your security deposit was a nice chunk of change; would hate to lose it. Did you check the county records to make sure property tax is up to date and all that? What do you know about the owner?
Otherwise, it sounds like you're really happy there, so congrats! |
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ScottSD
Posts:162
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| 07/01/2008 9:33 AM |
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the property management company claims the guy is wealthy and owns many other properties downtown. but i still put a clause in to the rental contract that if the owner gets an NoD, misses a property tax payment, or puts the condo on the market to sell, we have the option to make our lease month to month. so we can hopefully find a new place if that happens. the contract states pretty clearly what the security deposit can be used for. so i'm not worried about the guy taking off with it.
now i just need to figure out where to look to find out if the guy gets an NoD. |
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Waiting
Posts:46
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| 07/01/2008 10:08 AM |
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Posted By punstress on 07/01/2008 8:55 AM
Are you concerned about being "foreclosed" out? I certainly would be. I imagine your security deposit was a nice chunk of change; would hate to lose it. Did you check the county records to make sure property tax is up to date and all that? What do you know about the owner?
Otherwise, it sounds like you're really happy there, so congrats! Good point punstress. I too would be worried about renting anything that has a negative cash flow for the owner. Even if due diligence has been performed, and the owner is current with the mortgage payments and HOA fees, there's no guarantee that when prices continue to decline, as many expect, that the owner may choose or be forced to walk some day. Not too many people have deep enough pockets where they can afford to lose a couple grand each month on a property whose value is expected to continue declining. One day the well WILL go dry, its just a question of when. The fact that the owner owns and rents several properties would worry me even more, since that may magnify the situation. Those that choose to rent such a property (over-renting) may be guilty of the same plight that now plagues buyers who over-bought. One day, and it may be soon, reality sets in.
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rentingman
Posts:455
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| 07/01/2008 10:20 AM |
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| I also warned about the owner rent skimming and falling behind on payments. In some ways it is over exaggerated. I read you went through a property manager, which means the owner should not have access to your deposit (very safe). If they stopped paying immediately it would probably take a year before the bank showed up and paid you to move out quickly. How long are you planning on staying there? |
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ScottSD
Posts:162
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| 07/01/2008 10:56 AM |
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| we signed a 1 year lease. if all goes according to plan, i wouldn't mind staying longer. i'm in a weird situation in that my wife is in the navy. she's currently working at the navy hospital at balboa, but it's 100% guaranteed that she'll be moved in 3 years. that will be 2 years once our lease expires. and it doesn't make any sense to buy when we know we'll be leaving in 2 years. |
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Brian
Posts:2649
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| 07/01/2008 11:50 AM |
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Posted By punstress on 07/01/2008 8:55 AM
Are you concerned about being "foreclosed" out? I certainly would be.div>
I would not be concerned in the least.
If my landlord, gets an NOD, I'm withholding payment until the judge tells me to pay or orders me out.
At that point, it's pretty guaranteed that the landland won't be able to afford unlawful detainer action; so in the end, I might end up with free rent.
If the landlord, is not paying his mortgage, I don't see why I would pay him rent. I know that the contract is between me and landlord, but let the court ajudicate that.
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Waiting
Posts:46
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| 07/01/2008 12:24 PM |
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Brian says - "I would not be concerned in the least. If my landlord, gets an NOD, I'm withholding payment until the judge tells me to pay or orders me out. At that point, it's pretty guaranteed that the landland won't be able to afford unlawful detainer action; so in the end, I might end up with free rent. If the landlord, is not paying his mortgage, I don't see why I would pay him rent. I know that the contract is between me and landlord, but let the court ajudicate that".
How is this thought process any better than owners who are now facing foreclosure, their actions so railed and vilified in this forum by posters who arrogantly claim that they themselves knew better than to get into the same plight and decry any bailout proposed by the feds? (hindsight is always 20/20) Because your thought process is pre-meditated, I find it even more disturbing than the owners who might have been a victim of their own greed, but had no intention of walking away from their debt when they signed the loan papers. VERY telling of the hypocrisy often found on this forum. |
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Brian
Posts:2649
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| 07/01/2008 12:33 PM |
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Posted By Waiting on 07/01/2008 12:24 PM
How is this thought process any better than owners who are now facing foreclosure
Live by the sword, die by the sword. Sorry, I don't believe in turning the other cheek.
At least, I'll have the money to pay the rent if the judge so decides.
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Joke4Today
Posts:65
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| 07/01/2008 3:42 PM |
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| Greed comes in all sizes, and on both sides of the coin as well |
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