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Brian
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| 04/07/2008 2:17 PM |
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Posted By KnifeDodger on 04/07/2008 11:24 AM
#1505 sold for a slim profit of $16,000. A loss after transaction costs. Still a lot of flippers holding on to their wishing prices.
I was going to post this update as well. That slim $16,000 "profit" is true only if the condo closed at or above list price.
We'll find out when the actual closed price is available.
Remember, also that there might have been hidden concessions such as decoration allowance, cash-back, closing costs and HOA paid by seller, etc...
This is Bosa's "orderly departure" program. Orderly departure happens after you lose the war (for those who are not familiar with military euphamisms).
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Brian
Posts:2647
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| 04/08/2008 2:08 PM |
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| #1505 originally listed for $749,000. It closed at $620,000. Final price still to be confirmed. |
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Brian
Posts:2647
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| 04/08/2008 2:40 PM |
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Here's my latest updated Electra spreadsheet.
Does anyone want to help meet get the owners' names? I'm wondering if there are some obvious serial flippers in the building. You can email me that info privately or fax it to me if you want to remain anonymous. I won't post that information on SDlookup (they frown on that).
I'm thinking about starting a blog dedicated to tracking Electra -- something along of line of OCrenter's site but with tracking the history of every single unit (and the juicy details to come). With 240 units, it's not too much work. Honestly, I'd rather entertain myself on this than watch prime time TV. Once I get it started, it might take me 30 minutes everyday to update the info.
What do you guys think about that?
I believe that Electra will be the poster child of greed and fear for the Downtown market.
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Attachment: Electra.pdf
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jakob
Posts:550
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| 04/08/2008 3:18 PM |
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An Electra blog would be sweet. I agree, it's extremely fascinating watching how this develops...
Some of the Craiglist postings for rentals have unit numbers on them, so that's another interesting thing to track... And if there's a way to access MLS RENTAL listings, I'd bet there are some Electra units there as well. |
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jakob
Posts:550
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| 04/08/2008 3:29 PM |
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There are definitely plenty of Electra units for rent on the MLS. Need to find a better place to search these. Here are just 4 of them:
http://www.realtor.com/realestate/san+diego-ca-92101-1097272163/
http://www.realtor.com/realestate/san+diego-ca-92101-1094215430/
http://www.realtor.com/realestate/san+diego-ca-92101-1095868220/
http://www.realtor.com/realestate/san+diego-ca-92101-1097543453/ |
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Brian
Posts:2647
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| 04/08/2008 9:26 PM |
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Looks like this flip owned by a realty agent is pending.
Price Reduced: 03/08/2008 from $1,238,750 to $1,088,000.
I guess the price reduction worked in reeling in an FB. We shall see what the final closing price is.
MLS# 086013801
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700 W E St #1106
San Diego, CA 92101
Status: Sale Pending
Price: $1,088,000
Assoc. Fee: $779 Monthly
Year Built: 2008
Area: Downtown
Community: Electra
http://www.sdlookup.com/MLS-086013801-700_W_E_St_1106_San_Diego_CA_92101
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Goingup?
Posts:167
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| 04/08/2008 11:50 PM |
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Brian, nice job on the electra spread sheets, but dude, you have way too much time on your hands if your that far into this.
As for the last unit listed, it's on the SE corner and those were the "hot" units bought by Realtors before the public had a shot at them. Those units will all make money on the flip (the one you mentioned was bought for 907K and will be sold at least 150K above that),
It was Bosa's way of rewarding realtors for bringing him clients. I was told those units were sold on Friday to Bosa Employees only (a nice white lie).
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Brian
Posts:2647
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| 04/09/2008 8:55 AM |
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Yeah, I have too much time on my hands. But it only took me 1/2 hour to do the spreadsheet. I don't watch TV so this is my entertainment. ;) What a freak huh?!
Well, all I have to say is that people read Consumer Report charts and compare features when buying a camera, washer/dryer or a car. But they buy a house on emotions.
I believe the data will show that buying Electra at the top was a bad investment (if your intention was to live in the building and had no sweetheart deal).
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jakob
Posts:550
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| 04/09/2008 9:45 AM |
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| If I was an Electra owner I would be outraged at those insider deals to agents. Thanks for the info Goingup. Just goes to show, the surest way to profit in any sort of bubble is to be a facilitator. Agents and mortgage guys in a real estate bubble. Stock brokers in a stock bubble. Munitions makers in a war. |
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jpinpb
Posts:1697
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| 04/09/2008 10:04 AM |
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Brian - It's great that you do your homework. Very good analogy about buying cameras, cars, etc. Some people don't even do that, just buy what's on sale or sheeple buying what everyone else gets. Same thing w/houses. People don't do enough research.
I've said before, it's easy to buy on emotion. Plenty of places I loved and wanted to buy, but knew my limit and never went over. Painful to see something go, but funny when they come back for sale by upside down person who outbid you. Took 2 years, but it's happening. |
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Brian
Posts:2647
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| 04/09/2008 10:11 AM |
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Posted By Goingup? on 04/08/2008 11:50 PM
It was Bosa's way of rewarding realtors for bringing him clients. I was told those units were sold on Friday to Bosa Employees only (a nice white lie).
I don't know about this particular agent, but I've noticed that many Realtors were drinking their own Kool-Aid. There's a Bosa agent at Park Place trying to flip his condo. He's the lowest PPSF but an FB has yet to be found. With carrying costs mounting, he won't get out unscathed.
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Brian
Posts:2647
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| 04/09/2008 11:26 AM |
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Posted By jpinpb on 04/09/2008 10:04 AM
Brian - It's great that you do your homework.
JP, I think you're a smart guy/gal also.
I'm only doing what a good buyer's agent should be doing to earn his money. The sales shills want compensation but not accountability (see the Ummel lawsuit).
I'm counting on the Internet to change to business of real estate. If we share the data, we can all have a nice place to live at a decent price.
I'm not serious about buying at Electra. I can rent a perfectly nice place for $3000/mo. That puts my purchase budget at less than 450,000 for a principal residence.
If a 2/2 ocean view condo a Electra drops to that price, many would call it a "depression." If might happen if we have a Japan style stagnation.
But, I'm thinking about moving to Electra when my lease is up. Heck, why not? Let the owner pay for enjoyment. ;) It is a very nice building!
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jakob
Posts:550
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| 04/09/2008 11:54 AM |
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| Haha, don't forget to do a landlord credit check. |
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jakob
Posts:550
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| 04/14/2008 12:46 PM |
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Bosa listed 3 more units on Sunday.
One of them is #105, listed at $599k. Flippers in same-size units #103 and #104 can't be too happy. The flippers have been trying to get $699 and $695 for their identically sized units. From Brian's spreadsheet, they each paid $649k.
For these flippers it is time to perhaps weigh the dollar loss of a sale vs. the credit hit of walking away, and not wasting any more money carrying underwater units. |
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Brian
Posts:2647
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EtoW
Posts:4
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| 04/14/2008 4:12 PM |
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An Electra blog would be outstanding. There are enough units so you should have ample material, and it will be a great guide overall about Bosa and its expanding ambition in SD. Please make it happen and give your spreadsheets a home.
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KnifeDodger
Posts:7
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| 04/15/2008 3:52 PM |
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Some more info for the spreadsheet/blog:
Eletra Rentals on MLS:
700 WEST E ST. #3502 $4,600
700 WEST E ST. #3801 $4,600
700 WEST E STREET #3002 $4,500
700 WEST E #2501 $4,075
700 WEST E ST. #2101 $3,900
700 WEST E STREET #1806 $3,800
700 WEST E ST #3303 $3,500
700 WEST E STREET #2905 $3,250
700 WEST E #2706 $4,300
700 WEST E ST #104 $3,300
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KnifeDodger
Posts:7
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| 04/15/2008 3:59 PM |
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Notably, of these mls rentals, 4 are simultaneously for sale.
104, 1806, 2501, 3303
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Goingup?
Posts:167
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| 04/18/2008 9:49 PM |
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There is so much playing out at electra it's almost like a soap opera. It's amazing to me only 50% of the units have closed. I know for a fact this building was sold out except for a VERY few units.
Many of the buyers could have legitimate reasons for not closing yet, as loans have become much harder to get. But everyone has to have at least 15% down, since that was the deposit Bosa required (up from 10% from all of his previous projects....Bosa clearly knew the real estate market was reaching a saturation point (and probably had some insight into the Broadway developement project that would ultimately greatly impact W facing veiws).
But how these 50% play out is what interest me. Will Bosa hold/keep all their deposits? How many lawsuits are in the works right now to force him to return the money? How many have just walked away and wrote it off as an investment gone bad after so many successful flips? And when will Bosa put these units on the market, and at what price? How long will the lawsuits take to play out? What if someone fights for their deposit for two years, the market rebounds, then they tell Bosa ,OK, I'll close now. So many angles of interests. Too bad any money returned will surely be kept top secret by confidentiality agreements.
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livedowntown
Posts:20
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| 04/20/2008 5:54 PM |
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| I know of at least 15 Electra Buyers currently involved in litigation with Bosa at Electra. Shoddy construction, upgrades not done right, changed layout floorplan of unit, improper disclosures, improper earnest money paperwork. |
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