LittleItalian
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| 12/23/2006 5:38 PM |
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I like the way this building is coming together, the neighborhood is still pretty rough though.
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Anonymous
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| 12/23/2006 7:58 PM |
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I like Smart Corner too, some people don't:
www.smartcornersucks.com
Not sure what the prices are like as I'm commenting solely on the design of the building. |
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Anonymous
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| 12/27/2006 3:16 PM |
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The San Diego Housing Commission will be in that building. With the trolley stop right there also, there'll a lot of transcient people loitering around. That wouldn't be a negative in itself if the prices were right. I wouldn't want to pay luxury prices to live in a prolitariat building.
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Smith
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| 12/27/2006 7:12 PM |
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The trolley is still not an asset for downtown, the C Street corridor which SmartCorner sits on is almost as bad as it was five years ago. I ride the trolley from time to time, sometimes the crowd is decent othertimes I could not imagine my girlfriend riding on it alone.
I do think that the planners are on track by trying to do projects like SmartCorner, I'd live there for the right price although I am fully aware of the problems that the trolley brings as I was halfway mugged a few years back on C Street.
The trolley offificals should make it easy to buy a recurring "Downtown Pass" for $5 a month or so that let's you get on and off anytime within the downtown area. This would help get regular people on the trolley more often which would help make it safer. |
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Asher
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| 12/27/2006 8:29 PM |
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| I like the downtown pass concept. Unless you're by yourself it's cheaper (and faster) to catch a cab from one point downtown to another, and I can see how downtown residents would primarily need access to the downtown area; which allows for a convenient, reasonably priced option, and not run the risk of cannibalizing your higher cost long-range suburban rides. |
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scobot
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| 04/23/2007 6:21 PM |
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In theory, Smartcorner's location is ideal...very close to the freeway entrances, right at a trolley stop, close to Balboa park, etc. In reality:
1) the neighborhood is scary...I wouldn't feel comfortable walking in any direction from there.
2) the trolley is worthless...I can walk faster.
3) the building is priced as if the neighborhood has already turned the corner. Given the current market conditions, this may not happen for a while...if ever.
Still, the rooftop is very cool. If this project was in Little Italy/Cortez Hill, I wouldn't hesitate. It's location makes it a much riskier investment than some other properties.
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Firesale
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| 05/09/2007 4:14 PM |
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| I heard this building has subsidized units in it. Is that true? How would that type of housing effect property values for the other buyers? And also, what type of security will be in place in the bulding to keep out vagrants, after game drunks, and beggars from taking over the lobby? |
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Anon
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| 05/09/2007 4:20 PM |
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There is a lot of a retail going into this building including what is said to be San Diego's largest Starbucks. One hope would be that this will help pay for security for the condos.
I would be concerned about the bad elements that are on the trolley causing problems for the building. I personally would live in SmartCorner but I'd also be concerned about my girlfriend coming or going after dark. It is that bad in the area. |
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Anonymous
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| 05/09/2007 6:25 PM |
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| Interesting that there are no units listed on MLS for this building? |
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sm
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| 05/10/2007 1:11 PM |
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-There are subsidized units but they are only offering studios and you need to be a public servant (ie, police, fire, government, city worker, etc.)
-there is nothing on the MLS as there are rarely new builds on the MLS, that way with walk-ins they builder keeps the full 6% as apposed to having to share that with a buyer's broker. But if you use a broker smartcorner will give the 3% and you 7% as an incentive. |
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hiya
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| 05/12/2007 2:48 PM |
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There is special pricing on lower floor studios in Smart Corner through CCDC. You don't need to be a public servant but you do need to meet specific qualifications. The number of studios are limited, though, and the process entails a lot of paperwork. Do-able if you like the price and units but you have to be willing to go thru the application process.
http://www.smartcorner.net/press/Affordable%20Housing%20Press%20Release.pdf |
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Anonymous
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| 05/12/2007 4:31 PM |
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I believe that you have to go through the San Diego Housing Commission for that. There are equity sharing equirements as well as other requirements to keep the units "affordable." If you qualify, you'll get a place to live, but not an equity windfall.
http://www.sdhc.net/hafirstimebuyer1.shtml
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smartwannabe
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| 06/05/2007 1:07 PM |
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I found a mls listing (076037947) for smart corner on yahoo real estate. They want 460,900 for a 2 bedroom on the fifth floor. Is this a reasonable price? Do any current buyers want to disclose what they paid?
Thanks |
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Anonymous
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| 06/07/2007 11:29 AM |
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| 913sf is quite small for a 2br. I'd make sure you're comfortable that you're not going to get sick of such a confined space after living there for awhile. The picture of the hot tub on this listing is awesome. |
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Anonymous
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| 06/07/2007 12:50 PM |
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$505/sf is too much for the location in my opinion. It's sorta like the frontier of Downtown.
Do they not have pool at Smart Corner? I wonder if people will find dates hanging out on the rooftop.
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guest
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| 06/12/2007 2:29 PM |
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check out this craigslist ad for a smartcorner condo. Why doesn't he just sell it and collect the "equity" himself??
----SEE BELOW----
In August 2004 my wife had an idea to purchase a studio condo at Smart Corner for my 22-year-old daughter. Our intent was to get her started in the San Diego real estate market generating up-front equity. We were able to get in on the earlier phases when it was limited to first time buyers only, with many other restrictions. Smart Corner wanted to eliminate investors that would rent out the units or re-sale the units in a short period of time for a profit.
Smart Corner studio condo description:
- Apprx 480 sq. ft.
- Walk out balcony
- 12th floor facing north over looking Balboa Park
- Award winning design for Urban Living
- Underground parking
- East Village, across the street from SD City College
- The trolley runs through the building connecting you to the ballpark and downtown
- Our purchased price $258,000 (at earlier phases)
- My current down payment is $7,760 held within escrow
- Estimated escrow close summer/ fall 07 (building is still under construction)
- Monthly HOA fee of will include
o Loaded Cable TV
o High speed internet
o All utilities
o Insurance
o Security
o Top floor pool / spa recreation
o Garbage / water/ sewer
o All you pay for is the land line phone (if you choose to have one)
Since then:
- Wife left the marriage, un-announced July, 05
- I lost my job August, 06
- My daughter married Jan. 07 and moved to LA
- First time buyer’s are not a requirement any longer
- Possible first time buyer’s qualify for free interest on $80,000 loan for the first 5 years
- The unit can now be rented out from the owner
This same unit (12th floor and higher) in current phases is selling for $288,00 - $310,00 depending on the floor level. This gives the buyer of my daughter’s unit built-in (up-front) equity. Even in today’s market. Due to my current un-employment status, I am willing to release this unit simply by transferring the contract for the current down payment of $7,760. You maintain the equity gain to-date. Smart Corner Management has approved this contract release and transfer option.
Sincerely, Randy H. Riecken: 3381 Ecochee Avenue – San Diego, CA 92117-4512
Home / Fax (858) 272-2760, Cell (858) 449-2760, E-Mail Address rriecken@san.rr.com
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Smith
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| 06/12/2007 3:17 PM |
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| That's too much for such a small apartment. I have seen these units and they are as well laid out as possible. Still quite small though. |
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Brad
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| 06/12/2007 9:44 PM |
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| As to why he doesn't sell it himself, the answer is pretty obvious. He would have to pay up to 6% to the real estate agents not to mention carrying costs in the interim.
Actually, I think his strategy is sound, if he can find a buyer. There probably is a bit of equity built in to his price for the buyer,at this moment in time. It's a small unit, but the view from the 12th floor should be decentand the fact that utilities, cable and internet are included in the HOA are major selling points, in my opinion. |
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Mr_Brightside
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| 06/12/2007 9:53 PM |
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He also can't get a mortgage since he's unemployed and divorced so there is no income. In the past a stated income loan might have been used to try the flip but the market no longer allows that type of financing.
Since all he wants is his money back and has permission from the sales office to trade the contract at his cost let's assume that he simply tried to cancel the deal and the sales office didn't want the unit back. In other words their inferred analysis of the situation is that the unit isn't equity rich at the contract price. That or they sense a chance to keep the deposit but again if there was material equity the sales office would let him out of the deal. Another scenario is some sort of legal issue that doesn't let them select who gets out of deals and who doesn't and there are some other people who are worse off that they wouldn't want to accommodate.
The unit overlooks Balboa which means the trolley should be on the other side. You don't want to listen to the trolley all day. I do think these studios are as well laid out as they can get. |
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Jon
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| 06/12/2007 11:29 PM |
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Good explanation, Brad and Mr. B.
I agree, smith, it's too expensive for a small unit.
Does anyone live in a building where the HOA includes cable and Internet? I guess a full or fractional T3 could serve the whole building and divided by all the units it would be cost effective.
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