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GThatch
Posts:37
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| 08/07/2008 1:14 PM |
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Brian -
Did you see my question as to how you find out the owner of a property over the internet? Is this a proprietary secret? :-)
Or do you call the recorder's office all day and bother the people that work there?
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Brian
Posts:2647
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Brian
Posts:2647
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| 08/08/2008 1:43 PM |
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Posted By Brian on 06/19/2008 12:51 PM Update on #3703 " Priced to reflect seller's motivation" I guess that 2004 Bosa price for the few and the proud was not so amazing after all. Will this unit become an REO? Time will tell. list: $1,185,000 Minimum Loss: $44,900 + 4 years of opportunity lost on 15% deposit + transaction costs + carrying costs = Pride of ownership + bragging rights to a losing investment..... And you don't even get to live in it.
http://www.sdlookup.com/MLS-080041087-700_W_E_St_3703_San_Diego_Ca_92101Parcel Number: 533-532-12-33 Property Location: 700- E ST WEST #3703 Purchase Price: $1229900 Living Area: 1389 Bedrooms: 2 Bathrooms: 2 Document Date: 2-29-2008
Reduced $1,130,000
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jakob
Posts:550
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| 08/08/2008 1:52 PM |
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| Brian, I think you mentioned you're renting at Electra? I'd be curious what you're sensing is the mood among owners. I imagine it must be somewhat ominous... |
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Brian
Posts:2647
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| 08/12/2008 9:37 AM |
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#1904 giving up just to break-even (not counting carrying costs) at the height of the summer selling season.
Let's see how long this seller can hold out.
MLS-086008698-700_W_E_St_1904_San_Diego_Ca_92101
Listing Price Changes
Price Reduced: 08/12/2008 from $999,000-$1,019,000 to $939,000-$999,000
Price Increased: 06/19/2008 from $995,000-$999,000 to $999,000-$1,019,000
Price Reduced: 06/11/2008 from $1,025,000 to $999,000
Price Reduced: 05/07/2008 from $999,000-$1,069,000 to $995,000-$1,025,000
Price Increased: 02/08/2008 from $1,069,000 to $1,099,000
Parcel Number: 533-532-11-04
Property Location: 700- E ST WEST #1904
Purchase Price: $899500
Living Area: 1488
Bedrooms: 2
Bathrooms: 2
Document Date: 1-23-2008
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Goingup?
Posts:167
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| 08/12/2008 11:02 AM |
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There arre enough sales at Electra now to let current sellers know what the market will bare. Priced around 600 a square foot and they sell, with the SE corner going for around 700.
The Grande took about 6 months to work through all the resales when it came on line. Electra is now about 7 months into their closings, and only a few have sold and moved on.
Electra is a nice building, and the units wil sell, just not for the current asking prices. My thinking is most units will sell quickly for about 10% below what they orginially paid for them (excluding the SE corner where realtors got great early deals and first selection). Problem is most do not want to sell for that and choose to let the market play out.
I think the market will improve, but then Bayside and Saphire will be on line soon and offer additional competition (albeit at higher prices).
If I owned a unit there underwater I'd rent for two years, suck up the 50K in losses, then put it back on the market. By then the current glut of condos downtown will be gone, and with zero new high end coming on the market odds are prices will improve dramatically. Leaving it empty and for sale 10-20% above the current market is just plain throwing money away in my book. Empty and you go through 50K in a 6 months, instead of two years.
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Brian
Posts:2647
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Brian
Posts:2647
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| 08/12/2008 11:47 AM |
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Posted By Goingup? on 08/12/2008 11:02 AM
I'd rent for two years, suck up the 50K in losses, then put it back on the market.
...
Leaving it empty and for sale 10-20% above the current market is just plain throwing money away in my book. Empty and you go through 50K in a 6 months, instead of two years.
Goingup, did you rent your condo yet? I know you're not quite under water yet, but leaving it empty is losing you money every month.
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GThatch
Posts:37
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| 08/12/2008 3:10 PM |
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Brian - thanks for the link
"Priced around 600 a square foot and they sell, with the SE corner going for around 700." - that's if you're above the 25th floor, need to drop more the closer you get down to the ground
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Brian
Posts:2647
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| 08/22/2008 3:27 PM |
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Posted By Brian on 07/02/2008 11:46 AM #3701. I think that this fliipper is at the end of his rope. Previous asking price: $1,715,000 Current asking price: $1,499,000 Purchase price from Bosa: 1,426,000 on 1/28/2008. There will be no proifit if sold at current asking. + 4 years of opportunity lost on 15% deposit + transaction costs + carrying costs = Pride of ownership + bragging rights to a losing investment..... And you don't even get to live in it.
MLS-080046814-700_W_E_St_3701_San_Diego_Ca_92101
Reduced to $1,459,000
Let's what this gets reduced to in the fall.
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Brian
Posts:2647
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| 08/28/2008 12:54 PM |
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#2804
Now reduced to $1,250,000
Purchased $1,196,800 02/06/08
The little profit, if any, will barely pay for the transaction costs.
MLS-080060067-700_W_E_St_2804_San_Diego_Ca_92101
The owner of this unit is from the Middle East. Is he a rich Sheik who can afford to hold on "forever"?
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Brian
Posts:2647
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| 08/28/2008 1:25 PM |
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Posted By Goingup? on 05/24/2008 1:22 PM
Of course your logic is silly, and I don't think for a moment all the units at Park Place are now worth 80% above 2003 prices. But the premier units in the maria district continue to go up in price, and my guess this was/is a premier unit.
http://www.sdlookup.com/MLS-086035235-700_W_Harbor_Dr_1803_San_Diego_CA_92101
Goingup, HTML clipboard
#1803 at Parkplace sold earlier this year for $1,250,000 (1374sf or $946/sf).
Compare that to
#1801 now listed at $1,185,000. (1545sf or $767/sf).
Granted #1803 has better views, but square footage arguably makes #1801 more valuable.
In 2003 those were the sales prices:
5/29/2003 #1803 $750,000
6/03/2003 #1801 $825,000 (or 10% more than #1803)
If the proportional price gap between #1803 and #1801 were carried forward to 2008, the 2008 buyer of #1803 is clearly a "knife catcher".
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Goingup?
Posts:167
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| 08/28/2008 2:09 PM |
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"Goingup, did you rent your condo yet? I know you're not quite under water yet, but leaving it empty is losing you money every month."
If you own a second home and it's empty is it losing you money? Well, I guess it is, but I like having it. My problem is I don't have enough money to own a house and a condo.
I took my own advice andI rented it for 7K, even though you guys poked endless fun at me stating it would never rent for that. Since I own it for around 1M and the one a few floors above me sold for 3M recently I figure I got a little wiggle room left before being under water:).
Right now, I'm leaning towards selling it next year to raise money for my next hair brain get rich quick scheme (I hope you like pancakes).
I'm thinking Bosa's project on Island is the one to jump on. Hopefully he'll put it up for sale around late 2010 and finish it around late 2013. I'm expecting to pay upwards of 1000 a square foot, but I really believe prices will up 40% at least from 2009 to 2013. That's the last lot in the Marina District. It's all a risk of course, and current Electra buyers aren't real happy with how that played out, but in investing timing is everything. Owning a condo in the Marina District for three years with zero payments and no property taxes is worth the risk to me, especially with the way I see the downtown market playing out the next 5 to 10 years. The real risk is condo construction costs will shoot so high he'll have to get 1400 a square foot to make it work. While that's great for everyone that's already in, that's on the high side of the risk factor for me.
As for my CV house, you were right on the timing. I figure I'm down 10% and I've only lived here a few short months. Wife is happy though, so I got that going for me.
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punstress
Posts:140
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| 08/28/2008 10:46 PM |
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Posted By Goingup? on 08/28/2008 2:09 PM
Right now, I'm leaning towards selling it next year to raise money for my next hair brain get rich quick scheme (I hope you like pancakes).
I like pancakes.
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Brian
Posts:2647
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| 08/30/2008 10:26 AM |
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Posted By Goingup? on 08/28/2008 2:09 PM
but in investing timing is everything.
Goingup. you said it better than me. :)
I never said never to buy real estate. I'm saying have the right judgment to buy at the right time.
1) If you want to flip, then buy for that purpose and get out while you can still make money.
2) If you want to live in a residence, make sure you can afford it for at least 1 year of unemployment. If you not, you stand to lose everything.
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Brian
Posts:2647
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| 09/02/2008 12:21 PM |
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Posted By Brian on 06/19/2008 12:51 PM Update on #3703 " Priced to reflect seller's motivation" I guess that 2004 Bosa price for the few and the proud was not so amazing after all. Will this unit become an REO? Time will tell. list: $1,185,000 Minimum Loss: $44,900 + 4 years of opportunity lost on 15% deposit + transaction costs + carrying costs = Pride of ownership + bragging rights to a losing investment..... And you don't even get to live in it.
http://www.sdlookup.com/MLS-080041087-700_W_E_St_3703_San_Diego_Ca_92101Parcel Number: 533-532-12-33 Property Location: 700- E ST WEST #3703 Purchase Price: $1229900 Living Area: 1389 Bedrooms: 2 Bathrooms: 2 Document Date: 2-29-2008
Now reduced to $1,110,000.
$119,900 loss of value since 2/29/2008.
Seller will now prepay 6 months of HOA. Big deal!? Better to wait for the foreclosure.
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Brian
Posts:2647
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Brian
Posts:2647
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| 09/12/2008 1:25 PM |
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#1702. So much for holding for the long-term.
Lots of mortgage payments "throw-away"
MLS# 080063424
Price: $699,000
Purchased $ 832,900 01/15/08
MLS-080063424-700_W_E_St_1702_San_Diego_Ca_92101
Description
Not a typo! This exceptional, west-facing unit at electra is offered at over $130k below purchase price! And, upgrades are included. This split bedroom plan enjoys beautiful water views, luxurious amenities and a fabulous columbia district location. The balcony overlooking the bay is wonderful for entertaining or watching the boats glide by. Upgrades include leutron lighting system, plasma tv, surround sound, beautiful door casings and baseboards, smooth textured ceilings and full granite backsp
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Brian
Posts:2647
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| 09/12/2008 1:36 PM |
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Posted By Goingup? on 08/28/2008 2:09 PM
Right now, I'm leaning towards selling it next year to raise money for my next hair brain get rich quick scheme (I hope you like pancakes).
I like pancakes too. But I can't eat them, otherwise I'll get fat.
I hear that the most profitable restaurants are those that serve starchy dishes.
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Brian
Posts:2647
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| 09/24/2008 11:45 AM |
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Posted By Brian on 07/02/2008 11:46 AM #3701. I think that this fliipper is at the end of his rope. Previous asking price: $1,715,000 Current asking price: $1,499,000 Purchase price from Bosa: 1,426,000 on 1/28/2008. There will be no proifit if sold at current asking. + 4 years of opportunity lost on 15% deposit + transaction costs + carrying costs = Pride of ownership + bragging rights to a losing investment..... And you don't even get to live in it.
MLS-080046814-700_W_E_St_3701_San_Diego_Ca_92101
Price Reduced: $1,400,000
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