Smith
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| 02/24/2007 9:28 PM |
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ICON is having an open house this weekend.
I thought the building was okay to pretty nice, some of the units felt pretty functional, the corner units were somewhat disappointing as even the units overlooking the ballpark had large cement walls in the key viewpoint areas, namely the corner.
I really liked the bathrooms as they were very conscience of using all available space. This includes putting a closet/shelf space in the area behind the bathtub surround. A lot of people don't realize that this area is usually free space that most developers just wallboard over rather than take the time (expense) to make it available. Also the glass shelf over the bathroom sink is a great touch. That would keep all the bathroom counter clutter under control.
One of the kitchen cabinet doors I opened was loose and rubbed on the stove hood. This would be on my punch list if I were a buyer.
The top floor viewing area showed an awesome view, I'm a so so baseball fan so Petco was nice but the sweeping view of Coronado and the city was awesome, especially during the nice day that we had. As you can see the pictures I took were all view pictures. It's worth taking a look at this building if you're going for a walk tomorrow.
Also some sales stats provided by the ICON staff:
327 Units Total
250 Approximately under contract
125 Closed Escrows
77 Unsold Units
I have more pictures, if anyone is interested I'll post them... |
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Jon
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| 02/24/2007 10:48 PM |
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| What do you think about value-for-the-money as compared to other buildings downtown? |
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Smith
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| 02/24/2007 11:10 PM |
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ICON is better than Treo, La Vita perhaps on par with Discovery but below The Grande and Horizons.
I think the non-view units there are better than what's at some of the low rises around and seem to be priced close.
The HOAs are $500+ and there is no pool, hot tub or any other major amenities. Sounds like there is going to be 24 hour security which probably makes sense but also costs a lot. I heard someone talking about "Earthquake insurance is not included", not sure how much that is or if you can get your own when it would seem to be underwritten at the building level.
Net net I wouldn't pay a premium to live there. It's worth checking out. I do think they did some nice detail work inside the units that I haven't seen before. |
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Anonymous
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| 02/25/2007 11:14 PM |
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Smith, per your recommendation, I checked out this project and attended the Chinese festival at the same time. The complex of buildings feels like a community college / university dorm to me.
What nice details are you talking about? I've only seen the Grande and Icon so far but I'm watching the Downtown market closely. |
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Smith
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| 02/26/2007 1:40 AM |
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| I was thinking about the bathroom details like I mentioned before. I also thought the kitchen stove top was very nice, it's gas and high end. I've seen Aloft at Cortez Hill and the cheap electric models were indicative of the overall quality situation there. |
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Iconified
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| 12/21/2007 9:48 PM |
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Look at the sales activity at Icon. According to SDLookup, there's only 1 closed sale since October 1 (the earlier sales were pre-sales).
337 units total. The county recorder shows 160 sales for 321 10th Ave, and 110 sales for 350 11th Ave. The maybe a few double counts of the same units. But that's a grand total of 270 units. That leaves 67 units unsold. Let's be generous and say that Icon can sell 1 condo per month. That's more than 5.5 years of inventory!
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Newstat
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| 12/22/2007 11:23 PM |
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Iconified,
Nice report. It would be useful to periodically post the closed sales status on all recently opened projects such as the Mark, the Alta, and the Legend. How did you get the info on the closed sales from the county recorder? |
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Brian
Posts:2647
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| 04/09/2008 10:02 AM |
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Posted By n/a on 12/21/2007 9:48 PM
Look at the sales activity at Icon. According to SDLookup, there's only 1 closed sale since October 1 (the earlier sales were pre-sales).
337 units total. The county recorder shows 160 sales for 321 10th Ave, and 110 sales for 350 11th Ave. The maybe a few double counts of the same units. But that's a grand total of 270 units. That leaves 67 units unsold. Let's be generous and say that Icon can sell 1 condo per month. That's more than 5.5 years of inventory!
Only 2 more sold since December 2007. At this rate, it'll take much more than 5.5 years.
It's pretty safe to declare that all the original buyers at Icon are under water.
#904
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tom92103
Posts:44
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| 04/09/2008 8:19 PM |
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Smith, what detail work has real value?
I had a great happy hour with a big developer in DC a couple of years ago. He agreed (after many great cocktails on his black card) that finish barely accounts for 5% of the value of a unit. What's the big deal about a $10k Viking range or SubZero fridge in a $700k condo? Heated marble floors in the bathroom? $1000 v. the $500 for plain old tile. Berber carpet in the bedroom? $200. My pedestal bathroom sink here goes for $150 at Lowe's, and the gleaming kitchen cabinets can be had at IKEA for under $1000.
In short, finishes have no relation to value. It is, simply, location location location. The only thing I'd look at is windows (usually restricted on replacement and size) and soundproofing. The cosmetic stuff is dirt cheap.
PS: Earthquake insurance typically quadruples your homeowner's policy, and landslide insurance doesn't exist within practical means. |
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Brian
Posts:2647
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Brian
Posts:2647
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Brian
Posts:2647
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| 07/29/2008 1:39 PM |
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Here's a flip that turning to a flip.
Keep in mind that the purchase price was "pre-construction, amazing, once-in-a-lifetime price."
321_10th_1104_San_Diego_CA_92101
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Brian
Posts:2647
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| 08/04/2008 10:18 PM |
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An Icon unit in trouble.
Big loss if you count carrying cost and $100,000 in upgrades. Hard to believe that they spent that much because all I see is Costco furniture.
MLS-080046172-350_11th_1131_San_Diego_Ca_92101
Now listed at $769,000
Parcel Number: 535-362-27-23
Property Location: 350- 11TH AVE #1131
Purchase Price: $745000
Living Area: 1350
Bedrooms: 2
Bathrooms: 2
Document Date: 12-22-2006
Description
Stunning! Breathtaking! Spectacular! Panoramic! This is the one you have been seeking. Absolutely gorgeous northeast corner two storytownhome on top 2 floors of 11 story building with 17' ceilings, floor to ceiling windows. Beautiful north, east & south facing mountain, city & bay views. $100,000 in upgrades. This townhome will capture you from the moment you step inside. This is without question one of the finest units in the icon development located directly across the street from p |
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Brian
Posts:2647
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| 08/14/2008 11:46 AM |
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Another Icon buyer who bought at the peak and is about to go under.
Going on 2 years of carrying costs.
MLS#: 080046172
Days on Market: 45
Listed: 06/29/2008
Listing Price Changes
Price Reduced: 08/14/2008 from $769,000 to $759,000
Price Reduced: 08/04/2008 from $784,900 to $769,000
Parcel Number: 535-362-27-23
Property Location: 350- 11TH AVE #1131
Purchase Price: $745000
Living Area: 1350
Bedrooms: 2
Bathrooms: 2
Document Date: 12-22-2006
MLS-080046172-350_11th_1131_San_Diego_Ca_92101
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Brian
Posts:2647
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Brian
Posts:2647
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| 08/18/2008 1:00 PM |
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RE #341. I should add that units the "historic" carnation building facade are near the ground floor so they have no views. They are also noisy because they still retain the use of the old non-insulated windows.
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Brian
Posts:2647
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| 09/10/2008 1:57 PM |
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Posted By Brian on 08/04/2008 10:18 PM An Icon unit in trouble. Big loss if you count carrying cost and $100,000 in upgrades. Hard to believe that they spent that much because all I see is Costco furniture.
MLS-080046172-350_11th_1131_San_Diego_Ca_92101Now listed at $769,000 Parcel Number: 535-362-27-23 Property Location: 350- 11TH AVE #1131 Purchase Price: $745000 Living Area: 1350 Bedrooms: 2 Bathrooms: 2 Document Date: 12-22-2006 Description Stunning! Breathtaking! Spectacular! Panoramic! This is the one you have been seeking. Absolutely gorgeous northeast corner two storytownhome on top 2 floors of 11 story building with 17' ceilings, floor to ceiling windows. Beautiful north, east & south facing mountain, city & bay views. $100,000 in upgrades. This townhome will capture you from the moment you step inside. This is without question one of the finest units in the icon development located directly across the street from p
#1131 is now $729,000 solidly below purchase price.
What does that say about the seller's financial wherewithal and his will to hang on for the long term?
Can you anticipate a foreclosure?
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Brian
Posts:2647
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Brian
Posts:2647
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| 12/02/2008 8:11 AM |
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A monster price drop.
Will the bank approve the short sale? Or is this a Mikey Mouse listing that will end up in foreclosure?
321_10th_2304_San_Diego_CA_92101
One thing that I appreciate about short sales is that they reveal how much trouble there is brewing in those condo towers downtown.
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Aeneid
Posts:53
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| 12/02/2008 8:30 AM |
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| That is about 50% off. My God! |
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