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Electra
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| 12/20/2007 2:58 PM |
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| The legend prices seem about right. 550 sf lower floors no view to 1000 sf upper floors and a view of the ball park. Over all downtown prices have risen 5% in the last year, with larger quality units with water views rising more and lower floor lower quality units dropping some. The new Multi Billiion dollar water front project will only increase interest in Downtown. Inventory will dry up by 2009 as many projects have been taken off the table...why build when you can't sell for a profit (construction costs have risen 30% in the last couple years). To build a new quality high rise downtown you have to average over 800 dollars a square foot (1000 on bosa's new lot in the Marina District). The current market is below those price points, hence developement has stopped. Still, more and more people move downtown, check the CCDC for stats. As for Electra, those buying early there should do OK, maybe even make a nice profit (one unit already priced is over 40% above what they paid for it). Those buying later in less desirable units will lose 10-20% on the deal when they flip. I expect prices to be similar to the Grande when all is said and done. As for recovery of deposits, I had my real estate lawyer look it over before signing one a few years back and he said don't expect me to bail you out of this one if it doesn't work out. They have all their T's crossed. |
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anon
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| 12/20/2007 9:35 PM |
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Electra, what kool aid bowl are you drinking out of? All the buildings around legend are going for 300-400psf with no view and even some awesome view units can be had starting at even less than 500psf. Did you see parkloft 1102? That blows away anything at legend and it went for just over 500psf. I hate to say it cause i own property downtown and its taking a major beating, but anyone paying anything close to 1000 psf for downtown condos is drinking the same koolaid as you.
As for the unit you mention in Electra, care to give more specifics? I doubt any unit in that building has sold for 40% more than what an original buyer paid for it unless everybody is drinking this stuff, in which case, where can i get some? By "priced" do you mean list price? If so, come on, list prices are meaningless and especially so in this market.
Are a Bosa schill? |
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Don't Drink the Kool Aid
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| 12/20/2007 10:10 PM |
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Posted By coolbreezesd5555 on 10/27/2007 5:05 PM
4. The Legend is close to 70% sold out (of the entire 178 units)
haha, don't make me laugh. The County Recorder is showing 86 sales for 325 7th Ave. That's only 48%.
According to SDLookup.com, only 1 sale closed since November 1 (wow that shows strong activity, hahaha) . If Bosa can close 1 condo per month, it'll take another 7 1/2 years to close out this building.
Look at the CLOSED sales activity in order to determine how well the building is doing. Don't listen to the sales shills.
Oliver McMillian is having to rent out their new buildings. I'm seing downward pressure on rents. Prices will continue to tumble at least through 2008. Check out the incentives at 677 seventh.
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dakst54
Posts:10
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| 04/05/2008 7:10 PM |
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| Anyways, 20 active listings and not a single closing in the past four months? Why are these units still priced so high? |
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dakst54
Posts:10
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| 04/09/2008 11:42 AM |
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Seriously, what on earth is Bosa thinking? If the post on 12/20 is accurate, the building is still only 46% sold, with no substantial price reductions and no closings in five months. Something has to give and I don't think it will be the buyers out there.
Has Bosa done this with other properties? It's almost as if they assign a value to the units and even if that value does not reflect current market conditions, they refuse to sell below that value. |
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Brian
Posts:2210
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| 04/09/2008 12:31 PM |
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Bosa has no choice. He has other buildings to sell. If one building drops, the others will be the next dominos to fall.
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Brian
Posts:2210
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| 04/09/2008 12:56 PM |
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Posted By n/a on 10/28/2007 8:47 AM
I was talking with a sales person at the Bayside office and Bosa had a couple buyers pass away during the 3 years it took to build Electra. So there are a few units available at Electra. Hope that helps.
According to that post in October, 2007, back then, you had to wait for someone to pass-away in order to have the "privilege" of buying "a few units" at Electra.
Looks at all the available units now. Wow, it happened so suddenly that nobody could have known!!!
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Brian
Posts:2210
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stella
Posts:360
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| 04/28/2008 12:54 PM |
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I doubt an HOA can trump by property rights in the area of creating an multiple ownership property that happens to have rules about who can do what. It's not that much different than having roommates. Short term rentals would seem like an easier item to restrict by a tenants in common or other shared ownership structure is really a basic property right.
I'm no expert at this and I'd also not do anything like this except with friends and family. I do know some people that have done this type of thing on a Hard Rock unit. BTW the Hard Rock is an awesome property. |
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dakst54
Posts:10
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| 04/28/2008 9:00 PM |
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Brian, I've seen you post in a couple forums as to when a notice of default was sent out, tax payments were delinquent, etc., on a particular property. Where can I find that information on specific properties if I were inclined to try and look that up?
Thanks |
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Brian
Posts:2210
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| 04/28/2008 9:17 PM |
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You have to subscribe to a service such as foreclosure.com to see NOD & NOT. I don't subscribe because I don't want to waste my money since I have no intentions of buying for another two years (I will be signing a two-year lease). But if you're good at it, you can use the free service to figure out which unit is in foreclosure.
For taxes, check the County Tax Collector at:
https://www.sdctreastax.com/ebpp3/
As far I've seen, a tax default leads to an NOD down the line, pretty much without fail.
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Brian
Posts:2210
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| 04/29/2008 1:31 PM |
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Here are the latest Bosa promotions at the Legend. If you have to resort to low initial rates, then you can afford the condo.
I attached a larger pdf also in case you can't read the jpg.
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Attachment: The Legend.pdf
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tom92103
Posts:43
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| 04/29/2008 4:35 PM |
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| I happened across The Legend today and took a look around the 11th floor. It's well done on a level rare for developers, and it even had that solid feel that's obviously missing in wood buildings. If this is what goes for $500/sq ft, then most buildings belong at $150. (I have no stake in real estate, or cheerleading for it.) Now if it only it weren't surrounded by empty lots ripe for building. |
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Brian
Posts:2210
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ElPato
Posts:348
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| 04/30/2008 9:14 PM |
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The special financing assumes 20% down, according to the fine print in the PDF flyer.
Got cash? |
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Brian
Posts:2210
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Brian
Posts:2210
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Brian
Posts:2210
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| 05/25/2008 10:46 AM |
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When I thought, I'd seen everything already, I see another Realtor shenanigan.
This property actually has TWO listings. But they have yet to reel in any FB.
Listing #1: $89,000
Listing #2: $850,000
325_7th_1803_San_Diego_CA_92101
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Brian
Posts:2210
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| 06/23/2008 4:31 PM |
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#802 at the Legend now below Bosa price.
The flipper was really smart to close on her contract to protect the 15% deposit, huh? But, of course, the owner is a "Loan Officer/ Real Estate Agent" and beleived her own Kool-Aid.
325_7th_802_San_Diego_CA_92101
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lonnyzone
Posts:56
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| 06/29/2008 11:00 PM |
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| So, what about the townhouses at the Legend? I am thinking about buying one. |
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