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| 06/18/2007 8:27 AM |
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| I walked by the Legend development yesterday. It looks great. I thought about getting a unit there. I then went back to look at the price sheet. It turned out that it costs about $/sqf. I understand that it is close to the ball park and all. Does it worth that much? $800/sqf. Does anyone have the prices for this development.
I dont know if anyone notices that there is a unit at Parkloft for sale at less than $400/sqf. But of course, it is a resale. The development itself is not that bad.
Just want to know what you guys think of the prices at the Legend. |
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Mr. C
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| 06/18/2007 12:39 PM |
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| Dude you need to talk with a Realtor, there are so many differences between these condos and each difference has a price associated with it, add them up and you get the price preimum, BOSA is not new or stupid. |
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Mike
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| 06/18/2007 2:57 PM |
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While I do agree that Bosa builds quality, let's not pretend that all other buildings in the area are inferior to the Legend. Parkloft happens to be very high quality according to everyone I have talked with. Mr C sounds biased and uninformed.
My opinion is that paying $800/sq ft for something you haven't had a chance to see yet is in fact STUPID. There are re-sale units (including finished, occupied Bosa buildings) where if decide to pay $800 / sq ft, you are going to get penthouse level with incredible water views and upgraded everything. Even better, you can walk around the unit and inspect the layout and veiws without having to purchase yet. What a concept!
I advise not to pay the prices being asked at Legend. If Bosa is able to sell these at those prices, they are simply selling to suckers like Mr. C who seem to have Bosa blinders on. Mr C is right on one thing, find a good realtor who will tell you that your money will get you a bigger place at the same quality and comparable or better location...not at the Legend. |
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Anonymous
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| 06/18/2007 3:04 PM |
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I really like the product that Bosa puts out but I also think they have an almost cult like following with many of their buyers owning units in multiple buildings. I don't think this is a good idea, cleary that approach has worked well but this may also be a reason Bosa has so much pricing power.
I also don't think the ballpark has the staying power that the bay does so in that sense I'd think the units at Legend should be less than Bayside. Not sure if that's the case or not... |
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Guest
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| 06/18/2007 10:12 PM |
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| I did not make myself clear about the pricing of the Legend. There are price differences within the Legend depending on the view and floor level. The price that I mentioned was for level 3-7 2 bedroom unit. If I am not wrong, that unit faces the ball park. Just in general, the prices for a two bedroom unit run about $800/sqf. I think that price is a bit excessive. |
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Mr. C
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| 06/18/2007 10:30 PM |
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| For those that want to be in the know should be made aware of the litigation going on at Parkloft between the developer and HOA (construction related), yes Parkloft is a very high quality product, but lofts do not appeal to as many high end buyers as does a product like the legend that is more traditional and has more amenities. The legend will get a preimum just because of its superior location over parkloft. ps litigtion always depresses a buildings sales prices because its much harder to get a loan when the litigation is in process. Hope that helps Mike. |
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Anonymous
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| 06/18/2007 11:54 PM |
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I only know one Bosa building -- The Grande. Low ceiling heights and textured (not smooth) ceiling surface. Poor quality cabinets and fake wood floors. Does that sound quality to any of you? OK if the price is right, but riduculous at a premium.
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Guest
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| 06/19/2007 9:43 AM |
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Guest 11:54PM.
You have a point there. I think, in general, Bosa products are better than most. Just my opinion. I have no scientific evidence to back it up. Like you said, the price at the Grande is riduculous. I agree. Is there any decent development in downtow that is not ridiculous in terms of price? Housing prices in southern CA is rediculous in general. |
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Anona
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| 09/03/2007 6:03 PM |
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| I thought the Legend is almost sold out. I saw an ad in the UT (yesterday) that there are 60 units remain at the Legend. It seems like that is lots for this development. I went by the sales office today to check out the price but it was closed for the holiday. Does anyone interested in getting a unit at the Legend. Also, anyone has the latest pricing for this development? |
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Jimbo
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| 09/03/2007 6:38 PM |
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| Most new developments coming online this year in downtown only 50% sold at best. |
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justlooking
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| 09/05/2007 6:21 PM |
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When the sales people tell you it's "80% sold out," ask them 80% of what is sold out. Chances are, it's not 80% of the building.
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Anon
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| 09/05/2007 8:33 PM |
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| I think that the Legend is only about 50% sold, which is not impressive considering the fact that there are not many units in this building. I visited the grand opening party today and while I appreciated the Champagne, I was frankly not impressed by this building. |
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downtownrenter
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| 09/06/2007 9:28 PM |
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| They only have 60 unreserved units left, or approximately 50% of the units. If you add in that in 2007 there is a close to 50% cancel rate when they go to closing the building is 30% to 40% sold at best. I recently read a quote from Bosa where they stated they deal with high end clients that wanted to live downtown. The builder of the Mark says the same. It should be interesting next summer when 50% of reservations cancel in Electra, and Bayside and the Legend are still unsold. When they are paying the HOA on all the unsold units will see at what price they sell. |
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Anonymous
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| 10/27/2007 1:34 PM |
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| I doubt that the developer is funding the HOA reserves while the building is empty. |
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Jimbo
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| 10/27/2007 2:12 PM |
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| The developer usually does not pay HOA fees on unsold units. They draw up an "agreement" with Home Owners association to pay the difference between the actual expenses for the month and what the Home Owners Association can pay with hoa fees paid by owners of the units. |
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Anon
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| 10/27/2007 2:26 PM |
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| That is not entirely true. The reserve account needs to be funded. The equipment and exterior of the building still need maintenance no matter how many people are living in it. The HOA needs to be funding this account every month. |
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Mr_Brightside
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| 10/27/2007 2:47 PM |
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What I've observed in this area is that the developer is very much involved in the building way past the last condo is sold. They typically will setup the HOA to have developer board membership for a number of the seats. I'm sure this is in order to help the building get started as if you've ever been a part of a new building opening there is a ton of activity, good and bad. Bosa to this day is working with the train station by The Grande to mitigate noise from the trains while they are fueling.
In terms of HOA funding the I'm not sure that matters too much as the building upkeep is really the developers problem until the units are conveyed to the new owners, even then as mentioned above (good) developers stay involved. I'm pretty sure the board seats move is in order to avoid lawsuits. While I'm sure this can backfire for the condo buyers I think avoiding a lot of litigation is good for everyone.
Net net having the developer stay close to a building is a big positive. This does cause some volatility for developers that aren't well funded or have other issues as a bankrupt developer would be a very bad thing for anyone that bought in one of their projects. |
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elcortez
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| 10/27/2007 3:59 PM |
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| totally agree,to me the bosa interiors look like retirement homes.they need to hire some designers.they are so used to puting up cookie cuter highrises in vancouver for decades.probably have one templet from where they rearrange balconies etc. but what do i know,people don't seem to care as they are paying 700.00 ppsf for this crapp |
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elcortez
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| 10/27/2007 4:03 PM |
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| oops,meant to reply to anon 9/18 11:54 pm |
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coolbreezesd5555
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| 10/27/2007 5:05 PM |
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Hi All. I thought I'd share some information with you, I have owned in many Bosa buildings in San Diego and Vancouver BC. I know the Legend and Bosa product as well as anyone.
1. The Legend Prices (available): 2 Bedrooms $589K-890K, 1 Bedrooms Low 500K's
2. All Bosa floors are real wood (they can be sanded 3 times) www.kahrs.com
3. Bosa pays for the HOA fees of units that are unsold.
4. The Legend is close to 70% sold out (of the entire 178 units)
5. The Grande ceiling heights are 9 feet
6. Check out their BaysideByBosa.com website if you want the really highend finishes... Snaidero Itailian Cabinetry, Viking Appliance, etc.
Yes, I'm a Bosa groupy and have bought in most of their SD buildings. Bosa bought all the best land. As an owner, I'm very happy with the product.
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