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Anonymous
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| 09/06/2007 4:34 PM |
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Posted By n/a on 09/06/2007 3:11 PM
I'm watching Smart Corner with bated breath.. SC is ground central of the real estate crash downtown.
I actually think Vantage Pointe is going to be the biggest bust. They're going to be last to the finish line, it has the most units, and they've wasted millions on construction delays and redesigns. The entire project is a mess.
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sandiegodweller
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| 09/07/2007 10:00 PM |
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| I was standing near to Sherm Harmer, one of the developers for Smart Corner at the recent pre-conference for the City Hall redevelopment. He was telling someone that they have 60 escrows ready to close but the lenders can't get them funded. |
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Anonymous
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| 09/07/2007 10:19 PM |
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| I would suggest that the SmartCorner people take back second mortgages as a means of getting their deals closed. |
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WTF
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| 09/07/2007 10:30 PM |
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| That is interesting. I wonder if it is tightening lending standards, excuses or a combination of both |
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Jimbo
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| 09/08/2007 9:56 AM |
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I would say the lenders have finally realized a 400 sq ft studio in San Diego for $250K with no money down by the buyer is not a good investment.
Why should the SmartCorner people take back second mortgages to get the deal done? If we had proper lending practices for the last seven years, we would not have unaffordable home prices. Prior to this "housing boom" most lenders required 15%-20% of the purchase price as downpayment. This to a degree kept the house prices reasonable. If one has to finance their entire purchase price, maybe they are not ready to be home buyers. Until you make people have a financial interest in the home they are purchasing, this market will never be able to correct to the proper level. If I have no money in a house, what do I care if I can't make payments in 1-2 years. Make me put 20% cash into this transaction and I will take a harder look to see if I can afford this home.
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Anonymous
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| 09/08/2007 10:53 AM |
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Jimbo, I think that market will crash hard because it got so far out of whack.
But I don't think that will go back to 20% downpayment because, as a society, we're addicted to credit. The people with downpayments will have better rates, and the people without will just have to pay higher interest rates. The bank will build in the cost of default into their pricing.
Remember the car business? People used to save and pay cash. Now everyone is on a lease. That means they need to keep on paying forever. To them x amount per month goes to the cost of transportation.
The new business model is the subscription model where consumers are expected to keep on paying a portion of their income each month for cable, telephone, car, houses, etc... The interest rates become irrelevant. What's important is ability to service the debt.
I think that it's terrible for society; but as an individual, you'll do very well if you can unchain yourself. Except for a house, I don't buy anything unless I can pay cash for it. I may even pay cash for a condo when the time is right. I'm not into the "lifestyle." I'd rather live modestly, have cash in savings and financial freedom. It's a great feeling.
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ConcernedBuyer
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| 09/09/2007 11:26 PM |
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| Well it looks like people have started to move in. Here comes the wild ride. Make sure to hold on . . . for 5 . . . or maybe 10 years :-) |
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elcortez
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| 09/10/2007 12:21 AM |
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| is it true SC is offering new incentives to buyers? have heard of free meals for one year at the soup kitchen next door.great way to meet the neighbors too! |
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Smack
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| 09/10/2007 11:11 AM |
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Free cans BuyerSC? That's nothing special as they are actually opening cans, cooking, and serving what is in those cans at the soup kitchen.
BTW, you sound so perfect for this building! |
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Downtown Bum
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| 09/11/2007 8:48 AM |
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| Anybody know the opening hours of the new Smart-Corner soup kitchen and what flavor soups are on offer? |
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Frenchy
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| 09/11/2007 9:11 AM |
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| I heard you get free soup for a year as part of SC incentives. |
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Smart Alec
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| 09/12/2007 7:45 AM |
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| Who cares about the soup kitchen?I am more interested in the Smart Corner buyers who will be living on a diet of sour grapes and bitter fruits. |
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Anonymous
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| 09/12/2007 8:21 AM |
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| Will the sour grapes and bitter fruits make them thin and beautiful? It might be a good trade off if it works. |
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Anonymous
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| 09/12/2007 8:22 AM |
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| Actually, they'll need to be thin to fit in the tiny apartments. |
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S.C.Dweller
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| 09/13/2007 1:31 PM |
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| I am broke and starving at the end of each month.MMMMMMMM! I can hardly wait for my first hot bowl of free SmartCorner gruel. |
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Brian
Posts:2649
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| 09/25/2008 10:08 PM |
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Posted By n/a on 08/25/2007 12:50 PM
rental apps.......you wish jimba........I have inside info.....stating this will never happen PERIOD!!
So shut it already!!
Wrong.
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Brian
Posts:2649
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| 09/25/2008 10:10 PM |
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Posted By Downtown fan on 08/10/2007 2:25 PM
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.
Hat tip to downtown fan for making a accurate prediction. ;-)
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