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| 08/08/2007 10:14 PM |
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To Smart Corner owners: Congrats on your "Smart" Purchase. Very few people can say at their closing that they have negative equity. You probably paid over $500 / sq ft yet the market does not dictate that price. There are many units in better neighborhoods with better upgrades currently selling in the $400 / per square foot range. Let's not even talk about where the market is going to bottom out.
I would assume you also have a copy of the CCR's and have read through it thoroughly prior to making this purchase. Check the part of the document that talks about the resale of the unit. Surprise! |
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Smart Corner
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| 08/09/2007 8:48 AM |
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Is there a survey option in this forum....I would like to see the percentage time a Smart Corner owner gets mugged as they walk into the Smart Corner building. I'm guessing it is somewhere around 1 out 10 times times they go home. Let's set the over/under at 10%...I just may take the over. |
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far out donny
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| 08/09/2007 10:43 AM |
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| This place is great. 80% of the opinions are so one-sided you can only laugh. Keep the barbs coming. |
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Jon
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| 08/09/2007 11:45 AM |
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far out, no one is stopping the other side from expressing opinions in support of smart corner.
Personally, i belive that everything has a price. Smart Corner is nice enough but way too expensive. It comes down to value for the money. And, right now, there's no value for the money at smart corner.
Let's see how that building fills ups (or doesn't) by this time next year. Lower the price enough and people will come.
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Jimbo
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| 08/09/2007 1:27 PM |
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| The other side: People who bought units at this project at an inflated price. They are spending all their time trying to figure out how to cancel their contract without losing their deposit. No time to post. |
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Anon5
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| 08/09/2007 1:54 PM |
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I believe that due to the way Downtown San Diego sits bordered by Balboa Park and the Interstate 5 that within 10 years (maybe 15) that there will not be the typical really crime ridden area. There just doesn't seem to be the space.
I agree with what everyone says about the prices at Smart Corner considering the location, but I just don't think that East Village is as bad as some make it out to be. I've never felt unsafe at night. |
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arraya
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| 08/09/2007 3:17 PM |
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| Yes, please let us know why you think it is a "smart" investment... |
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Anonymous
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| 08/09/2007 6:05 PM |
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I'd rather have money in my savings account than"balls" living in an overpriced condo in a bad neighborhood.
Yes, you've got ball. Good for you.
PS: I'd live at Smart Corner too but only at the right price. But I'm not stupid enough to pay steak dinner price to get a hamburger meal.
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Anonymous
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Jimbo
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| 08/09/2007 9:53 PM |
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| These are listings by the developers sales team. No units have closed at SC as of 08/09/07. |
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Downtown fan
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| 08/10/2007 2:25 PM |
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Prediction: Developer will hire a management company and Smart Corner will be 60% rental units by this time next year.
Of the other remaining owned units, 100% will be underwater (or already are underwater), with half of them showing up as foreclosures by 2009. |
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Anonymous
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| 08/10/2007 3:19 PM |
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| Does anyone have information or when the building we be ready for occupancy and how many of the total units are under contract?
The units under contract may not close but it would interesting to see how many buyers are now kicking themselves for a bad decision. |
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BuyerSC
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| 08/11/2007 12:05 PM |
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Posted By n/a on 08/08/2007 10:14 PM
To Smart Corner owners: Congrats on your "Smart" Purchase. Very few people can say at their closing that they have negative equity. You probably paid over $500 / sq ft yet the market does not dictate that price. There are many units in better neighborhoods with better upgrades currently selling in the $400 / per square foot range. Let's not even talk about where the market is going to bottom out.
I would assume you also have a copy of the CCR's and have read through it thoroughly prior to making this purchase. Check the part of the document that talks about the resale of the unit. Surprise! $400/sf. Your full of dog dung dude.......where do you get your info????? Please Post.......I would love to see this!!
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Guest
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| 08/11/2007 12:07 PM |
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I would talk to Urban Housing Real Estate to find out the number of units under contract. They are the sales team for the developer. I would bet they skew the numbers to make it look good such as including reservations as being sold in addition to those units in escrow.
DT Fan brings up a good point. Is there any legal reason as to why the developer could not just rent out all the unsold units? If they begin renting the unsold units, that would destroy this project and the value on the units already sold. |
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BuyerSC
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| 08/11/2007 12:20 PM |
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| What building do you live in?.......wouldn't it be great if they just started renting out all the remaining units in your building:)?? Jackass!!! |
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Jimbo
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| 08/11/2007 12:51 PM |
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What do you think of Treo? Very short walking distance to Little Italy. Trolley stop and Amtrack near by. Two brand new luxury condo developments going up across the street: Sapphire Tower and Bosa's newest tower. The bay just minutes from your doorstep.
http://www.sdlookup.com/MLS-076040414-1240_India_St_104_San_Diego_CA_92101
This unit is bank owned and is $403/ sq ft. There is no doubt in my mind that you could get this in the upper $300/ sq ft without a problem.
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Anonymous
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| 08/11/2007 12:58 PM |
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| SCbuyer, just ignore the negative remarks. If you feel that you've made a good purchase, then so be it.
But seriously, how are you doing equity wise? Do you think that the market is holding up above your purchase price?
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BuyerSC
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| 08/11/2007 2:14 PM |
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this website suks......it's been 3 times now that I have freakin typed a long post.......and didn't show up.....sukk!!! And no.....I'm not using profanity:)
Anyway good find Jimbo....my friend lives in Treo....very nice indeed......except it is still $400K and is on the first floor. The larger units will always have a lower ppsf...because of overall cost.
I'm an entry level buyer......therefore I can only afford something in the mid-200's range......and I prefer 10th floor or above...which I now have.......I've yet to find a comparable that is nicer for equal price.....and yes it's only 500 s.f......but I'm fine with that.
Equity is not an issue at this point.
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Guest
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| 08/11/2007 2:28 PM |
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One of the developers, Canyon Johnson Urban Funds, has deep pockets. They have the funds to hold this project until it sells out. Heck Magic Johnson could probably finance this thing himself.
SC Buyer: When you go to the Smart Corner Grand Opening party tonight 08/11, try to find someone who is employed by the developer to ask them some questions. Make sure you don't talk to their sales team because you won't get a straight answer. Ask them how sales are progressing and how many units are going to close when they get their final permits. Then ask them how long before the building will be sold out. Ask them if they have discussed renting any of the units or if they plan on doing anything similar to that. A previous post indicated they might rent the units out. Finally check to see if you have to pay any type of fee to CCDC when you sell your unit in the future. I heard the fee is 1% of the sale price.
Please post the answers. Let's stop this stupid speculation about this building. The only way to do that is to get answers from the developer.
We are counting on you. |
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Anonymous
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| 08/11/2007 2:31 PM |
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buyersc, why don't you rent a unit that is on the 10th floor or above?
My brother was going to buy downtown, but he did the calculations and with HOA property taxes and interest payments and insurance, he found that he was better off renting. |
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