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Flint
Posts:37

06/29/2009 12:24 PM	Alert
What is the deal with Breeza? I hear they are only at 30% occupancy with slashed prices. I am looking at buying there but first wanted to see this forum's opinion. What do you think the average price per sq ft is in this building (no water view). What do you think is a reasonaly price for a 1 bedroom or a 2 bedroom in this building. Its tough to tell since there are so few on the secondary market, and the builders will not give a price list. Is there any chance if they sell half the building, can they rent out the other half as apartments? Its a great building in a great location.

Flint
Posts:37

06/30/2009 12:34 PM	Alert
Any input Brian??? Anybody? Bueller? Bueller?

coastrenter
Posts:105

06/30/2009 3:35 PM	Alert
Do not buy. Shadow inventory downtown is well over 1000 units plus the 600 on the MLS. Have you rented downtown first? I rented there for a while and decided I did not like it enough to pay more than 250/sf for a premium unit. We are about 2/3 of the way there, but not yet.

Flint
Posts:37

06/30/2009 4:57 PM	Alert
I am renting there now and love it. It is my favorite spot in San Diego. I am also with a few blocks of Breeza and love the neighborhood. I am thinking $425 - $475 /sf in Breeza is good price. I have been in almost every building, and this is one of my favorite. Just working on closing the deal and wanted some input before my decision is final. Is there any evidence to the 1,000 shadow inventory number? I'm not doubting it, I just have seen numbers all over the board, and this is the highest I have seen.

wmcjjohnny
Posts:470

07/01/2009 9:18 AM	Alert
Posted By Flint on 06/30/2009 4:57 PM I am renting there now and love it. It is my favorite spot in San Diego. I am also with a few blocks of Breeza and love the neighborhood. I am thinking $425 - $475 /sf in Breeza is good price. I have been in almost every building, and this is one of my favorite. Just working on closing the deal and wanted some input before my decision is final. Is there any evidence to the 1,000 shadow inventory number? I'm not doubting it, I just have seen numbers all over the board, and this is the highest I have seen. Flint, I agree with you on one thing.....I live downtown and love it too for many reasons. That having been said, what is the fixation with Breeza? I have been there and it is nice enough but definitely not the best property even in that area, it is undersold so HOA's will be a kick in the head for a long time, and the only recent activity on there according to SDL is a single closing three weeks ago with the rest being new listings, price reductions, or removed from market. What is the sense of urgency to buy there vice waiting or looking for a better deal alsewhere? They are tons of deals downtown already and it only gets better with every passing day? Do you want to only buy new? J

Flint
Posts:37

07/01/2009 9:55 AM	Alert
I have been shopping around downtown, and have put in many offers. I have been looking for about 2.5 years, and I think Breeza is the best deal in the neighborhood. There is no way I can find that deal in Bayside or Grande. Sapphire has cheaper units, but are smaller with no balcony and higher HOAs. And being a block from the water is a good long-term investment. What it comes down to is I've been in almost every building and have made numerous offers, and for the deal at Breeza for what I am getting, I cannot beat it anywhere else. Just trying to gauge some second opinions from this board, especially since the majority of the posters are bearish, so I want to see some worst case scenarios before I make the plunge. How does being undersold impact HOAs?

wmcjjohnny
Posts:470

07/01/2009 10:36 AM	Alert
Posted By Flint on 07/01/2009 9:55 AM I have been shopping around downtown, and have put in many offers. I have been looking for about 2.5 years, and I think Breeza is the best deal in the neighborhood. There is no way I can find that deal in Bayside or Grande. Sapphire has cheaper units, but are smaller with no balcony and higher HOAs. And being a block from the water is a good long-term investment. What it comes down to is I've been in almost every building and have made numerous offers, and for the deal at Breeza for what I am getting, I cannot beat it anywhere else. Just trying to gauge some second opinions from this board, especially since the majority of the posters are bearish, so I want to see some worst case scenarios before I make the plunge. How does being undersold impact HOAs? Flint, Not sure what the builder policy is for Breeza or what the HOA charter says but if units go unsold long enough there is opportunity for HOA default and/or deficit from various sources. These deficits get passed on to the others in the building in the form of increasing HOA fees. The problem with high rises in general is that HOA's always go up and/or amenities get eliminated. To be perfectly honest, as much as I love the downtown and Little Italy, I would only rent here because of the HOA issues and I think if I were to ever buy here in the next couple of years it will be in a smaller home in Mission Hills or Kensington. After renting DT, the smaller the yard the better....:) J

Brian
Posts:4648

07/01/2009 1:29 PM	Alert
Posted By wmcjjohnny on 07/01/2009 10:36 AM To be perfectly honest, as much as I love the downtown and Little Italy, I would only rent here because of the HOA issues and I think if I were to ever buy here in the next couple of years it will be in a smaller home in Mission Hills or Kensington. After renting DT, the smaller the yard the better....:) I tend to agree... .Me, I'm leaning more to a smaller house in Point Loma, Morena, Bay Park. Kensington is too far East for me. Mission Hills with a view would be cool. Problem with old houses is the old part. You have to spend money getting everything fixed up. Old houses look "lovely"; but when you stay in an old house then you realize that things are falling apart -- dust everywhere, smelly old carpets, etc... A downtown condo is new and clean and the A/C works. On hot humid days like we've had in last few days, you need it. I may still eventually end up buying downtown. Depends what I get for my money. Rent is great.

rentingman
Posts:713

07/02/2009 3:58 PM	Alert
Flint I think the one item you are forgetting and most people do as you are buying in the building and not just your unit (which might be a spectacular deal). This means you are buying into a nearly vacant complex. What happens if they convert the rest to rentals? You will not be able to sell and you might have neighbors who care nothing of peeing in the stairwells. What happens if the complex goes bankrupt prior to them selling the units. The existing owners will be responsible for all the insurance on the building. Do you realize how much it cost to insure that buildings. Do you know how much elevator maintenance cost? It is a block from the water (although inaccessible unless you have a boat slip) but on the train tracks. Lastly this builder built Treo. The price you quoted seems high relative to Treo. Remember many units in Treo were bought in 2002 and those owners can afford their HOA payments.

Flint
Posts:37

07/02/2009 5:55 PM	Alert
Rentingman, appreciate the feedback, but from your name I can tell you are a bear when it comes to the real estate market. That is fine. Everyone is different and I want to own. I have the same concerns about it not selling out and turning into apartments. But this isn't the typical place that would turn into apartments. These units will eventually sell. They are in the best location in downtown San Diego. The windows are triple pane, and the train is not loud. If you are on the west side, you can barely hear it. Also, I have put in several bids on Breeza units and have been outbid on all but 1. I am moving forward with that one. So I am seeing the best units slowly come back off the market. I also obtained the HOA bylaws to understand rate increases if the building stays vacant, it will not be an issue. Treo has major issues, numerous mistakes were made during its construction and sale. These mistakes were not repeated at Breeza. I was originally going to buy at Treo until all the issues came to the surface. Financing is very difficult at Treo, so basically it is all cash deals. All cash deals are advertised for less and usually do not sell, so the PPSF at Treo has been distorted. This developer also built La Vita and Alicante, which are 2 very well built buildings that will stand the test of time (both physically and financially). La Vita is not as nice as Breeza, further from the water in a not as nice part of town, and is still selling 1 bedrooms over $300k which are smaller than Breeza. I came close to buying in La Vita, but the pool was a terrible mistake. La Vita's pool is in a terrible location. They really seemed to fix all those mistakes when the built Breeza. I have a history of running into burning buildings. I invest when markets dip, and this is a great dip. Anywhere downtown there is a great bargain, but I have decided on Breeza. Thanks for your input. I have always enjoyed reading the comments in these boards. Its quite obvious (and humorous) who is trying to pump and who is a bear. I will be looking to buy a studio in East Village in the next year. You will hear from me again then.

rentingman
Posts:713

07/03/2009 4:06 AM	Alert
I am a current bear. I am also a former owner and have owned homes on both the east and west coasts. You seem pretty convinced on what you want to do. Here are a few more thoughts: ~Most people do not consider Breeza the best part of town, The Marina District is rated higher and a location nesltled between Pacfic Coast Highway and train tracks will scare people away. ~HOA by laws mean nothing if the developer or their special condo LLC goes bankrupt, If the choice is water or no water get ready to pay a steep assessment ~Bayside looks like a building that does not go rental, midrise Breeza looks like the definition of a rental to me ~Lower floor La Vita units have a hard time going for much more than $300/sq ft This dip is very different. It is not a stock market dip. Option ARM issues have still not exploded. Like Brian writes all the time you better have 10+ years of wherwithal with this dip. If you have to buy in Little Italy Aperture looks like a much nicer building to me.

cbr600f4i2
Posts:478

09/05/2009 8:47 PM	Alert
Did you close yet Flint?

rentingman
Posts:713

09/07/2009 7:13 AM	Alert
I think in another thread Flint said he closed. I look forward to hearing his stories about HOA assessments in a year.

Flint
Posts:37

09/07/2009 9:49 AM	Alert
cbr600f4i2, yes I moved in. Rentingman, I obtained all the financials for the HOA, and the bylaws they are governed by. The HOA is in excellent shape, and assessments are limited to how much they can increase by. The developer is still spending money that is not hitting the HOA budget yet. The developer just put in new plasmas in the gym, it did not hit the HOA budget. Rentingman, I understand you are a bear, and have an agenda to scare people from buying, but in this case you have no clue what you are talking about. I have all the details, you are just shouting scare tactics.

HighRiser
Posts:73

09/08/2009 9:21 AM	Alert
I heard that the developer was in danger of losing Breeza to the bank and that's from a reliable source. I looked around Breeza and find the units unremarkable. The fixtures are the same as at La Vita and Treo, which is the same developer. Treo has a gigantic lawsuit in process with the builder and La Vita is preparing one. This has got to be the worst spot for train noise in town, as I may have mentioned before. The wall of the bank across the track reflects sound straight into the three-sided courtyard and then back off the old brick building. Breeza is very close to the track which, due to the inverse square law of sound, makes the noise levels much more intense there. It is like living inside a loudspeaker. Go hang out there about 7:15pm when the BNSF train passes if you don't believe me.

Flint
Posts:37

09/08/2009 9:27 AM	Alert
Triple pane windows and a solid steel and concrete foundation offset the train. I live there, I know. As for losing Breeza to the bank, you understand its a publicly traded company. There is no news about this. If there was, they would have to file a SEC 8-K. More fear mongoring. Get your facts straight!

Flint
Posts:37

09/08/2009 9:29 AM	Alert
As for the publicly traded company, let me clarify, Lennar formed a joint venture with Intergulf, so news like this is governed by the SEC. As for the La Vita and Treo comment. Not even close. I've been in all 3, not even close.

DT.SD
Posts:318

09/08/2009 10:12 AM	Alert
Flint, don’t let the peanut gallery get you down. We all know they have an agenda and often spew unsubstantiated inflammatory statements to support it.

HighRiser
Posts:73

09/08/2009 3:28 PM	Alert
Living with the windows closed in SD isn't my idea of fun. The train is loud where I live, but at least I don't need to be behind triple pane glass before its bearable. It doesn't matter if the West side is quieter, because the whole complex needs to get sold to make it viable and with the current level of downtown inventory lots of people aren't putting up with poor locations anymore. I've been in all three places too. The trim, outlets, bathrooms, doors, door handles etc. are all the same, except there are a few units in Breeza, mostly on the west side, that have upgrades to a different spec. The designs are typical of Intergulf in that they put doors everywhere. The place has a suburban look to it and is just as much a 'B' building as Treo and La Vita. As far as going bankrupt - whatever. I am saying what a friend close to the project told me. I don't have an agenda. It's my opinion to which I am just as entitled as Flint. He bought there. Good luck with that.

HighRiser
Posts:73

09/08/2009 3:28 PM	Alert
And he did ask for the forum's opinion, so don't blame me if he gets what he asked for!

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