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Brian
Posts:4644
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| 05/02/2008 10:00 AM |
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First I should link to a related thread on knife catching at the Egyptian.
http://www.sdlookup.com/Forums/General/tabid/57/forumid/270/postid/19731/view/topic/Default.aspx
Now let's look are some other distressed properties at Egyptian:
#514 is "stealth" inventory that won't show up on the MLS for at least another 6 months. To the un-educated, this condo would like a "solid" residence that is not on the market because "everyone wants to live here."
http://www.sdlookup.com/Property-82835E37-3812_Park_Blvd_514_San_Diego_CA_92103#20868
#504 is selling below purchase price. How long can they go? And how long can they hold on?
http://www.sdlookup.com/Property-C08517D0-3812_Park_Blvd_504_San_Diego_CA_92103#20865
Can #304 really hope to get the same price at #504 (which is a superior unit)?
http://www.sdlookup.com/Property-0AFDD92B-3812_Park_Blvd_304_San_Diego_CA_92103
The confluence of distress will make the dominos fall at the Egyptian.
Of course, you have Purr who purchased #205 for $510,000. (#405 above is selling for $475,000). She said that #405 listed at the same price when she purchased so she chose the best unit (because of decor). Had she done some research she would have realized that #405 is owned by a small business owner whose sales are dependent upon real estate downtown. Or should her Realtor have warned her?
But Purr claims to have been very well informed when she made the recent decision to buy (just before the spring bounce). Well, there goes any possibily of deflecting the blame off of herself...... After all, she bought because the loved the decor and the upgraded applicances, all worth $20,000. That's why she chose a unit 2 floors below the same unit that is selling for $35,000 LESS than she paid. Time will tell what #405 sells for.
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djrobsd
Posts:59
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| 05/02/2008 11:15 AM |
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Brian, I don't know where you live, or what your incentive for posting about the Egyptian in here is ( I saw your other responses to the other thread too, btw), but what's the point? Everyone has their reasons for buying, and whether or not Purr is justified in her purchase is a moot point.
You're missing another key unit in the inventory of the Egyptian, #401. This unit was short saled at $359k after no buyers at the original price levels. There is an offer pending acceptance from the bank, and no one knows what that offer is, or whether the bank will accept it, but it will probably be an REO if the bank doesn't take the offer.
I happen to be a renter in the building, and I'm very happy living there. Unfortunately, it sucks renting because I will never know how long I can stay. If I had a choice I would stay forever, but my guess is my landloard is eventually going to feel the same crunch everyone else is since I'm only paying him half of what his carrying costs on the property are.
The Egyptian is a fabulous building, but the prices are way too high, especially given the HOA fees. There are NO AMENITIES and yet people are paying between $400-500 a month for their dues. I can't imagine where all that money is going?! If I owned a unit there, I would be damanding a full audit of the expendetures and looking at ways the HOA could reduce them. Maybe a change in management companies and a full audit of all the vendors to make sure the HOA is getting the best deal. Something tells me the current vendors are "preferred" vendors of the management company and are probably not giving the HOA the best deal.
I know it costs money to maintain and keep the building looking nice. There are 2 full service elevators, and 1 parking garage elevator. There's a boiler room for the hot water, and the HOA pays the gas bill for the entire building, including the gas cook top in every unit's kitchen. Plus there is a part time (20hr/wk) maintenance guy, and a janitorial staff that works 6 days a week to keep the hallways clean and the sidewalks outside neat and tidy.
What I don't get is why CityMark didn't put a pool in the courtyard! There aren't even chairs to sit and lounge in, or a shared BBQ grill, it's just a courtyard with a bunch of giant drought tolerant plants that are lit up at night. Such a waste of space, which could have been better used for a pool, or at least a hot tub... But I can understand, maybe noise concerns since so many units face the courtyard they would have to hear the noise, or having to charge another 100-200 a month HOA dues? Whatever the reason is, I'm sure that is one of the biggest resale value killers, people see the HOA dues and ask where the pool and workout room are, and run for the exits when their realtor tells them they don't exist. ;)
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djrobsd
Posts:59
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| 05/02/2008 11:28 AM |
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One last thing I forgot to mention....regarding the debate of Purr's purchase in the "other" post about the Egyptian...People don't always buy on their financial bottom line, why do you think we're in the mess we have today? It's all about emotion for some people, which is obviously why she picked the place she did, there was an emotional connection with the decor and the appliances, the kitchen, etc. I had a similar experience when I sold my place in January, I had a full on emotional connection to my buyer, and he paid me the same price for my home as I paid in 2004 for it! So, you could say I lucked out, because now there are 2 more units in the complex for sale for almost 100k less... I got out just in time, but only because I decorated and remodeled the place perfectly the way a buyer like the guy who bought it would get excited about! ;)
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Brian
Posts:4644
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| 05/02/2008 12:12 PM |
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djrobsd, the point is:
1) I focus on Egyptian because people claim that's it the "premier" building in 92103. They said that buy a "quality" building and you can't go wrong.... I'm proving that the opposite is true. Timing is everything.
2) People make stupid decisions based on emotions. As you say, that's why we're in the mess we're in.
3) People don't know why they do things but come up with all kinds of reasons to justify their actions.
4) Buying without doing research is stupid. People deserve what they get because they did not heed the warnings that are staring them in the face.
5) Real estate is the largest investment most people make. Most spend less time on their purchase decisions than they do shopping at the mall, or reading the sports pages.
6) Real estate agents claim to know the market and be advisers but the in reality they don't know s*it. Or they won't tell you what they do know. They are focused on maximizing their own incomes. So you'd better do your own research. Your friends are focused on affirming their own hair-brained ideas so they also give you bad advice.
7) Again, people act on emotions, but they claim to have long-term goals.... Yeah, right.. most will get divorced or break up, or lose their jobs, or have some other raging hysterical issues then they have to sell at a loss... People were lucky that in the past 5 years they could easily sell at a profit. That will no longer hold true.
8) As you said, it's 1/2 the cost of renting... so why not rent and save the difference? You're enjoying a great place thanks to the owner's generosity.
9) I bet that Purr is financially secure enough to get past overpaying for her place. But it's money she could have used/saved to improve her standard of living, now or in the future.
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jam
Posts:21
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| 05/02/2008 1:49 PM |
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What do you find appealing about the apartment and building? and the neighborhood? I'm from the west coast but have been living back east for a zillion years. As condos in downtown SD and Hillcrest become more attainable I'm interested in learning more about the neighborhoods and would ultimately like to own something. I love the look of most of the Citymark buildings.....(i'm NOT a realtor, nor do I work for them!)
Appreciate any info/opinions and have learned much from reading these posts.
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Brian
Posts:4644
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| 05/02/2008 2:31 PM |
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Here's #104 mentioned by djrobsd above.
http://www.sdlookup.com/Property-6935D2C1-3812_Park_Blvd_401_San_Diego_CA_92103#20914
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I personally like Downtown San Diego better, because Hillcrest is too suburban for me (but so is all of San Diego). Downtown also has the trolley which Hillcrest lacks.
But I go to Hillcrest once in a while. Hillcrest is more for local folks whereas Downtown is a tourist trap.
Hillcrest has urban grunge and a yuppie vibe at the same time. All kinds of people. Lots of gays in Hillcrest which is the center or gay life in San Diego. I personally like gays better before they turned into Alan Nevin and Martha Stewart combined, as a result of this real estate craze. Gays in Hillcrest used to be more socially aware and intellectually honest folks. They've turned into real estate flippers looking for the next FBs.
Egyptian is a nice solid concrete and steel building. I hate Tuscan stucco boxes, so modern buildings like Egyptian are my types.
Location is most important. Overall, think that Bankers' Hill and the places along the park are nicer but they are also more pricey.
The corner of Park and University is very busy, traffic wise. The Starbucks on the ground floor is dead and I don't think that they'll make it. The sidewalk is too narrow for anyone to be willing to sit on the sidewalk sipping latte while breathing exhaust fumes.
I wouldn't mind renting at Egyptian one of these days. But right now, downtown has great rental deals because of the greater supply of new buildings. Hillcrest has a lot of old conversions but downtown is almost all new.
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jam
Posts:21
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| 05/02/2008 7:13 PM |
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Brian--
Thanks for the feedback re: Downtown versus Hillcrest.
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djrobsd
Posts:59
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| 05/07/2008 10:49 PM |
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Brian, we have to meet at Starbucks for a coffee sometime! You obviously frequent there, or you wouldn't know that it's dead. I wouldn't say it's completely dead, it just depends on the time and day that you go there, but honestly I've never had to wait more then 3 minutes for my coffee there if that tells you either a) they are very efficient, or b) they're dead. ;)
I love the Egyptian because it feels solid. When you walk on your floors there are no creeking sounds from the plywood subfloor underneith your standard wooden box building that they build around here. It's quiet, even with a loud party going on downstairs, if I close all my windows and turn on some music at a reasonable volume, I can't hear a peep, but even with the music off, it's not near as bad as it would be if the floors weren't concrete! I also LOVE the sunsets, if you buy or rent the right unit, you will love the sunsets, and it's much quieter in the courtyard facing units then it is the ones that face park or university. I can still hear the busses and the fire engines, but you're going to hear those pretty much anywhere in Hillcrest, and with the windows shut the bus sounds pretty much go away.
The elevators work great in this building, they are fast and you rarely have to wait. If it's one problem I've seen with mid and high rise buildings it's the elevators. The plumbing works beautiful in this building too, there is ALWAYS hot water, and the HOA pays for it. The electrical is solid, there are probably 25 circuit breakers for this 1 bedroom unit I live in, and I've never blown one, another great plus.
Parking wise, the underground parking is secure, convenient, and I have 2 spaces so my boyfriend can park when he comes to visit, a HUGE PLUS if you ask me in a place where parking is rare. Most units come with the tandom parking spaces. ;) Although, on the downside, there is NO storage! The walk in closets make up for it a little bit, even Madonna could get her wardrobe in there!
The cleaning staff does a great job of keeping the hallways and the main entry area clean. It always smells good, and the carpets are frequently cleaned/vacuumed. The only problem is the trash chute sometimes gets overfilled and blocks up. The dumpsters downstairs in the trash room fill up on the weekend and it's been an ongoing complaint with people here.
Location-wise, this place is on the boundary of beautiful hillcrest, and sketchy North Park. There aren't too many restaurants in the immediate vacinity, but if you walk down a few more blocks there are plenty of awesome places to eat. Henry's is only 3 blocks away, Blockbuster is 3 blocks, etc... Very convenient. The park, and the Zoo are walking distance. I love Hillcrest because I'm gay and I like to be around other gays. I also love all the trendy little restaurants and of course the fun places like Baja Betty's and Urban Mo's. The problem I see with Hillcrest is that a bunch of wealthier business people have tried to invade the neighborhood (think BITE, Club Universal, etc) and they are driving up the rents so a lot of the well established businesses have closed up shop or moved to North Park. These trendy places are way overpriced, and too fancy for the neighborhood, but I fear that there will be many more of them to come.
This building feels like a ghost town at times. I think a lot of the units are going into foreclosure/REO, or many of the units are 2nd homes/investor owned properties that are vacant or rarely lived in. There's also a lot of rentals in the complex obviously.
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chevy
Posts:17
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| 05/08/2008 8:55 AM |
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| I rent at the Egyptian too. Although I enjoy the location for shopping and bus lines, I think the building is overrated. It's solid, but unspectacular. HOAs are high for no amenities. Rents are not low, but are much cheaper than owning. I will stay until something changes. |
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stella
Posts:501
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| 05/08/2008 10:21 AM |
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| I'm a huge fan of Citimark properties. I think the HOAs are relatively high since their projects are not super dense so you can't distribute the overhead of an HOA manager accross a lot of units. |
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djrobsd
Posts:59
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| 05/15/2008 10:39 AM |
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You hit it spot on right there, Stella. The HOA manager is probably bleeding the HOA dry of all it's money. It's ridiculous, the maintenance guy is there TWENTY HOURS a week. For what, to maintain a boiler room and a few elevators, lights, and other things? Does a 80 unit building really take that kind of labor to maintain? In addition, there's 2 janitors on staff 20-30 hours a week, and of course a landscaping company to maintain what very little landscaping the property actually has.
So, the Egyptian HOA is paying a bunch of workers to keep the building maintained, but probably more so paying the property management company. Again, if I were the board, I'd want to do a full oversight of all the vendors and all the spending and make sure the HOA is truly getting the best bang for the buck.
Or, maybe they are a smart HOA and they are putting 20% or more of the monthly assessments away in reserves to pay for a new paint job, new roof, etc when the building needs it... Who knows.
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djrobsd
Posts:59
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| 05/15/2008 10:53 AM |
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You hit it spot on right there, Stella. The HOA manager is probably bleeding the HOA dry of all it's money. It's ridiculous, the maintenance guy is there TWENTY HOURS a week. For what, to maintain a boiler room and a few elevators, lights, and other things? Does a 80 unit building really take that kind of labor to maintain? In addition, there's 2 janitors on staff 20-30 hours a week, and of course a landscaping company to maintain what very little landscaping the property actually has.
So, the Egyptian HOA is paying a bunch of workers to keep the building maintained, but probably more so paying the property management company. Again, if I were the board, I'd want to do a full oversight of all the vendors and all the spending and make sure the HOA is truly getting the best bang for the buck.
Or, maybe they are a smart HOA and they are putting 20% or more of the monthly assessments away in reserves to pay for a new paint job, new roof, etc when the building needs it... Who knows.
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Brian
Posts:4644
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jt
Posts:52
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| 07/14/2008 5:15 PM |
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I saw that drop too...my first thought was it's a typo and we'll see it listed for $520K tomorrow. Either that or they're looking to start a bidding war.
Though I like the building, for me the $500/mo HOA fees would be a deal-breaker at just about any price.
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Brian
Posts:4644
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| 07/23/2008 10:35 PM |
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Not this this is bad per se, but it turns out that the Egyptian is a low-building with some low-income unit for rent.
But considering that's the case, that hardly qualifies The Egyptian a "luxury" building. Prices just have to be commensurate with other rental buildings.
http://www.sdhc.net/giaffordhousingnews1a.shtml
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Brian
Posts:4644
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| 08/16/2008 7:13 PM |
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Posted By jt on 07/14/2008 5:15 PM
I saw that drop too...my first thought was it's a typo and we'll see it listed for $520K tomorrow. Either that or they're looking to start a bidding war.
Though I like the building, for me the $500/mo HOA fees would be a deal-breaker at just about any price.
Still listed at $420,000.
No typo and no bidding war.
3812_Park_Blvd_314_San_Diego_CA_92103
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airplanedad
Posts:133
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| 08/16/2008 10:16 PM |
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| Anyone know why the HOA are so much? Are owners subsidizing the subsidized low income rental units? |
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Brian
Posts:4644
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| 08/28/2008 9:50 AM |
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Update time.
- #514 is still stealth.
- #304 is still stealth.
- #504 is now reduced to $378,500
purchase price was $509,231 07/20/2005
Over 3 years of mortgage payments "thrown away" and more.
- #314 is also a distressed unit
- #401 is also a distressed unit
3812_Park_Blvd_314_San_Diego_CA_92103
3812_Park_Blvd_401_San_Diego_CA_92103
100% of listings at Egyptian are units in distress + there's distressed stealth inventory still to torpedo future values.
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Brian
Posts:4644
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| 09/18/2008 1:18 PM |
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#405 is now listed at $370,000.
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onlooker
Posts:1
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| 09/18/2008 1:46 PM |
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| 405 |
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