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Brian
Posts:2649
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| 09/24/2008 1:51 PM |
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So
#804 is asking "what are you waiting for?"
Answer: foreclosure.
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Price: $699,000
Listing Price Changes
Price Reduced: 09/24/2008 from $739,000 to $699,000
Price Reduced: 06/11/2008 from $879,000 to $849,000
Purchase from Bosa on 2/8/2008 $694,200 (reserved a "lifetime opportunity" years before).
Description
What are you waiting for? Huge price reduction - two (2) parking spaces = best priced 1,488 sf northeast corner unit with bay and city views! Unit 904 just closed for $855,000 w/ one (1) parking space. This is one of the best floor plans in one of the best building's in san diego. |
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92101Resident
Posts:141
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| 09/24/2008 3:53 PM |
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So how come SDlookup doesn't show the previous sales prices anymore
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Brian
Posts:2649
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| 09/26/2008 11:04 AM |
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Posted By Brian on 07/18/2008 12:18 PM Posted By Goingup? on 07/16/2008 3:55 PM downtown has all the demographics going for it. [/quote] The demographics are all flippers who now have nobody to sell to. Those same flippers are running low on wherewithal. Look at this one: #1603 Price $799,000 Purchase $891,900 01/16/08 Look at the data and deduce what you will from it.
MLS-080050582-700_W_E_St_1603_San_Diego_Ca_92101
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Brian
Posts:2649
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| 10/01/2008 2:39 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
Now $1,399,000
Didn't I say to anticipate the future a little?
Looks like the owner is an EVP w/ Wells Fargo Bank
http://fundrace.huffingtonpost.com/neighbors.php?type=name&lname=Arroyo&fname=Benjamin
His registered address is a single family house in San Diego that was purchased at the peak and is now tax defaulted.
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Brian
Posts:2649
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| 10/06/2008 2:23 PM |
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Posted By Brian on 08/28/2008 12:54 PM #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_92101The owner of this unit is from the Middle East. Is he a rich Sheik who can afford to hold on "forever"?
Now reduced to $1,150,000.
So much for holding on forever.
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Brian
Posts:2649
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| 10/06/2008 2:28 PM |
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Posted By Goingup? on 05/24/2008 1:22 PM
While Electra hasn't worked out so well for investor/flippers, I get a charge out of the fact you think losing a few grand is a big deal to those doing the flipping.
We are not talking a few grands here. We're talking big bucks.
Goingup, you said before something to the effect that it'd be a cold day in hell before there's a foreclosure at Electra.
I can smell desperation as we get into winter. Winter in San Diego will be a little unpleasant for those with large carrying costs.
People are having to adjust from "making money while living in San Diego" to "it costs a lot of money to live in San Diego".
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Brian
Posts:2649
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| 10/08/2008 12:35 PM |
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Posted By Brian on 09/12/2008 1:25 PM #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_92101Description 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
Pending then relisted again.
So much for buyers champing at the bit for "opportunities".
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Brian
Posts:2649
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| 10/25/2008 8:28 AM |
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Bosa throws his early buyers overboard.
#806 originally was listed at $989,000 by Bosa. It's now $849,000 or the same price as #606 was sold to a knifecatcher on 01/25/2008 (BTW #606 had to wait years for his "lifetime opportunity")
I can see #806 going lower, thus sinking #606's equity position. Both #806 and #606 are model matches.
MLS-076095002-700_W_E_St_806_San_Diego_Ca_92101
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wilson
Posts:674
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| 10/25/2008 10:56 AM |
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I don"t get it: DEvelopers are derided because they don't drop prices to meet the market and move their unsold inventory and then (at the same time and by the sam THey e people) derided for dropping their prices.
......on second thought I do get it: Developers, real estate agents, etc are all subhuman, nasty, evil people who must be ridiculed because they are fit to live. They are in a no-win situation. THey are the source of all housing problems. WE would not be in this mess without them. COnsequently, there would not be the opportunity in front of us. |
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Brian
Posts:2649
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| 10/25/2008 11:18 AM |
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Wilson, I'm not deriding Bosa. He has to do what's best for him. Developers will always do what is best for them.
Sales people will do what it takes to earn their commissions/mark-up. That's human nature. Even
Greenspan acknowledged so.
I am deriding the people who claimed that developer prices would be the floor through which prices would never drop.
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Brian
Posts:2649
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Goingup?
Posts:167
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| 10/28/2008 2:11 PM |
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Bosa has very deep pockets, I wouldn't worry about him. Bayside and Saphire should be fun to watch though , and will probably determine which way the markets will move over the next year.
As for the original prices at Electra, they were probably raised about 15% from the first buyers to the last ones over the weekend. So just because one unit dropped below their purchase price doesn't mean all units share a similar fate.
As for foreclosures, you may be right. But just like predicting housing prices would fall 4 years before they actually headed lower (wrong for four, right for three) means you could be wrong for another couple years before being right. I just don't see prices dropping in the 20% range, which is where prices would have to go for any forclosures to kick in (most buyers put at least that much down).
When I'm wrong it's usually not for all that long. I was only off by a few months (20%) on the oil top, and just need 10 more bucks to hit my number there. My latest prediction is the economy surprises everyone and grows 4% Q1 2009. I may be wrong for 1 quarter, but not for years like your predictions:).
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rentingman
Posts:455
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| 10/28/2008 2:41 PM |
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Posted By Goingup? on 05/24/2008 1:22 PM
While Electra hasn't worked out so well for investor/flippers, I get a charge out of the fact you think losing a few grand is a big deal to those doing the flipping.
You have to remember all those buyers given the privledge of buying there were previous Bosa buyers. Most probably profited to the tune of 50% on Horizons, Park Place and the Grand prior to hitting the wall on Electra. So
Let me understand your logic Goingup? Lets say someone previously purchased in Bosa, lets say a 2/2 in Horizons for $400K around 2002-03. You had the opportunity in 2004-05 to cash out for $800K
Instead you took out an $150K HELOC to place a downpayment at Electra on an $1MM unit.
Then over the course of four years you pay $50K in interest on the borrowed money.
Next you close on the unit
Next you list the unit for $1.25MM to make your easy flipping profit.
Then you realize there are no buyers and you list for the price you paid $1.00MM
If it sells, which it doesn't this mean you lose closing costs coming and going ($100K), the $50K in interest on the HELOC, and $50K in interest, taxes, and HOA during the six months you owned it?
In other words in this scenario the purchaser just lost $200,000. In your words "A few grand". If the person sells for $100K less than their purchase price a $300K loss.
Lastly their unit that was worth $800K at Horizons is now worth only $650K (See units 1005, 905, 1205, etc)
Remind how this privelaged person is better off financially for being part of the Bosa home ownership experience. |
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rentingman
Posts:455
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| 10/28/2008 3:10 PM |
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| Also if there purchase was at the Grand not Horizons they are underwater on both their Grand and Electra purchases. However, who cares, it is just a, "Few Grand", (also known as half a million dollars to the unprivelaged non owners) |
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Brian
Posts:2649
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| 10/28/2008 3:47 PM |
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Posted By Goingup? on 10/28/2008 2:11 PM
My latest prediction is the economy surprises everyone and grows 4% Q1 2009. I may be wrong for 1 quarter, but not for years like your predictions:).
I called the peak in 2006 and I've been right on the money.
I believe that Goingup bought at Horizons and leveraged up to Pinnacle. He then bought a SFR in Chula Vista after the inital price drops, but well before the financial markets started to implode.
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jakob
Posts:550
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| 11/04/2008 9:17 AM |
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| Unit 804 just sold for 725k. According to Brian's electra pdf it was bought for 694k. A slim profit if you don't count transaction and carrying costs. Accounted for, it's a sizeable loss. |
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Brian
Posts:2649
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| 11/06/2008 12:53 PM |
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Another domino to fall.
Parcel Number: 533-532-11-49
Property Location: 700- E ST WEST #2701
Purchase Price: $1170500
Living Area: 1465
Bedrooms: 2
Bathrooms: 2
Document Date: 2-15-2008
MLS-080075477-700_E_2701_San_Diego_Ca_92101
Now Listed at: Price: $1,190,000 |
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Brian
Posts:2649
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Brian
Posts:2649
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| 11/24/2008 1:08 PM |
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Bosa was trying to hold the line in the summer but now, I smell capitulation.
#3601 now $1,350,000
That quite unfortunate for #3501 who paid $1,495,000 back in February. #3501's downpayment is waving bye bye as we speak.
MLS-086027727-700_W_E_St_3601_San_Diego_Ca_92101
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Brian
Posts:2649
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| 12/04/2008 11:58 AM |
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Posted By Brian on 10/01/2008 2:39 PM 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[/quote]
Now $1,399,000 Didn't I say to anticipate the future a little? Looks like the owner is an EVP w/ Wells Fargo Bank
http://fundrace.huffingtonpost.com/neighbors.php?type=name&lname=Arroyo&fname=BenjaminHis registered address is a single family house in San Diego that was purchased at the peak and is now tax defaulted. now back again.
http://www.sdlookup.com/MLS-080080836-700_E_3701_San_Diego_Ca_92101I'm betting that on December 11th, we can check with the County and see plenty of defaulted property taxes.
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