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ConcernedBuyer
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| 09/03/2007 10:52 PM |
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From the REVISED addendum to the purchase contract
The Project is located between Park Boulevard, Eleventh Avenue, “C” Street and Broadway in the City of
San Diego, County of San Diego. To Seller’s actual knowledge, the information contained herein is
accurate as of the date this Disclosure Statement was prepare d. The Project consists of 301 residential
condominiums and 1 commercial condominium; and will be part of a larger mixed -use project as
described below. [b]There is no guarantee that Seller will market and sell the Project as planned. Unsold
units may be rented by Seller. [/b]
Bolding added by me. The last statement wasn't in the first contract I signed :-0
I think I should change my name from concernedbuyer to veryworriedbuyer |
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WTF
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| 09/03/2007 11:36 PM |
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| Dude, you're crazy for buying now.... If you have to loose your deposit it will be less of a loss than buying |
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Mr_Brightside
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| 09/03/2007 11:42 PM |
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| Do you have the dates for each version of the contract? This is very interesting but is also not all that unexpected either. You have to figure they will try to rent units out rather than fire sale them. CityFront Terrace was managed in this manner. |
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Anonymous
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| 09/04/2007 12:19 AM |
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| How much is your deposit? (what percent of contract price) |
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concerned buyer
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| 09/04/2007 12:40 AM |
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3% + upgrades = 5% of purchase price
Buying real estate now and living through a downturn is not a problem for me since I am planning on living there a long time (at least 5years). I just don't like the last minute amendments and the last minute notification of those amendments.
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Smith
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| 09/04/2007 7:33 AM |
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| I would try to negotiate something else to be thrown in, six months of HOA perhaps? |
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Downtown fan
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| 09/04/2007 8:38 AM |
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5% is nothing, my advice is to walk away from that at Smart Corner. This project is underwater for all buyers. There is more bad news every month here, desperate sales tactics, adding a soup kitchen, adding addendums to rent them out, it's just going to keep coming....although you should have seen this coming at this location. |
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Snorkler
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| 09/04/2007 9:32 AM |
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| If you are buying at SmartCorner Make sure that you are wearing you're diving suit as you will be underwater from the first day of your occupancy . |
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Anonymous
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| 09/04/2007 12:32 PM |
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5 years is not a long time. If you sell in 5 years, you might lose even more money plus all the ownership premium you paid over the years will not be recouped. That may end up to several hundred thousand dollars you would have in your savings account but won't. Whoever is thinking that 5 years will bring on a full recovery is dreaming.
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guest
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| 09/04/2007 6:21 PM |
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Posted By n/a on 09/03/2007 6:04 PM
I think the Starbucks is going into the San Diego Housing Commission building and Maui Waui coffee and smothie is going in the residential building. The place should be crawling with college students. Now what other store could open up there and do good business. Liquor store?
Jimbo, I don't believe a liquor store could be an option.....considering the 7-11 there doesn't sell alchohol.....smart move if you ask me:)
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guest
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| 09/04/2007 6:32 PM |
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Posted By n/a on 09/04/2007 12:40 AM
3% + upgrades = 5% of purchase price
Buying real estate now and living through a downturn is not a problem for me since I am planning on living there a long time (at least 5years). I just don't like the last minute amendments and the last minute notification of those amendments.
I agree with you completely........I'm in the same situation.......these sales ppl have been phonies from the begining.
I hope you got in early.......I did. |
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WTF
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| 09/04/2007 8:03 PM |
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| All the buyers in contract should get together and play hardball with the developer. I do don't give us such and such a price we all walk. Bet you it would get you something... |
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Jimbo
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| 09/05/2007 7:08 AM |
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| It would be in your best interest to walk away from this project. Playing hardball with the developer will not work. They obviously have contingency plans to rent the building. |
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guest
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| 09/05/2007 7:20 AM |
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Posted By n/a on 09/05/2007 7:08 AM
It would be in your best interest to walk away from this project. Playing hardball with the developer will not work. They obviously have contingency plans to rent the building.
There is a provision on the reciept for public report that states...."Provision is made in the sales agreement and escrow instructions for the return to you of the entire sum of money paid or advanced by you if you are dissatisfied with the final public report because of a material change.(See California Business and Professions Code Section 11012.)"
Does anyone see any reason why a buyer couldn't use this provision.....in this situation?? |
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Jimbo
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| 09/05/2007 8:11 PM |
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Correction of earlier post. Don't walk away from this project. RUN!!!
The developer adds this little revised addendum to the purchase contract - There is no guarantee that Seller will market and sell the Project as planned. Unsold
units may be rented by Seller.
This to me means the project may no longer be marketed and sold as a high end condo complex. Instead they may just rent the units. With affordable housing already in the building why not just rent to low income tenants. This is known as section 8 housing. The government pays the landlord upwards of 90% of the market rent on behalf of the tenant regardless if the tenant pays their share to the landlord. With the housing commission building across the street, it makes perfect sense for the developer. The housing commission can send them across the street to rent an apartment. The low income aspect is already in place with all the forms the developer had to submit to HUD to get the affordable units in there.
How would you like to own a $500,000 condo that shares a common wall with a section 8 tenant?
You might argue the developer would never do that to the owners. They would. All they care about is making a buck and if it comes at an owners expense, tough. |
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Oops
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| 09/05/2007 8:42 PM |
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| I hate to say it, but things are not looking good at Smart Corner. While I hate to lose money, unless I got an unbeatable deal, I'd probably walk. |
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Anonymous
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| 09/05/2007 10:08 PM |
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How can you get and unbeatable deal? Since you bought pre-construction, aren't you locked into a contract?
Are they renegotiating sales contracts? |
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Whale of a loss
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| 09/06/2007 1:33 PM |
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| Hope Smart Corner purchasers can hold their breath for about 10 years, because they are going to be underwater for at least that long if they don't swim away now. |
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Anonymous
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| 09/06/2007 3:11 PM |
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I'm watching Smart Corner with bated breath.. SC is ground central of the real estate crash downtown.
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WTF
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| 09/06/2007 3:28 PM |
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| They will end up either auctioning them off like they are doing @ La Boheme or renting them out. It will be interesting to watch..... |
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