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Subject: Rent or Buy in Discovery

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Brian
Posts:2667

05/30/2008 4:37 PM	Alert
>>>>Factor in the tax benefits of ownership and this is actually a decent deal. Not if you have to move in the next 5 years and have to sell in a down market. You're looking at $16,000 out of pocket to just pay the sales commissions. Why not save the money, rent a similar unit and take a nice exotic vacation at the end of year with the savings (or add to a downpayment for a place you will live in long term)? How many people do you know who want to live in a 1 bedroom apartment forever?

Brian
Posts:2667

07/31/2008 3:19 PM	Alert
Here is a huge loss at Discovery. 850_Beech_St_1706_San_Diego_CA_92101

Brian
Posts:2667

08/21/2008 2:57 PM	Alert
Posted By Brian on 04/14/2008 1:14 PM Looks at these Discovery units at or below original developer prices. People used to say that those prices were the absolute floor. You need to have connections or be lucky to get one of those "once in a lifetime opportunities" . People were saying 10% decline from the peak, max. I said 50% and was called a lunatic. I hope buyers who bought on assurances of "instant equity" from their brokers have saved all of their e-mail and voice-mail messages. Brokers have insurance and perhaps "instant equity" of their own. You know what I mean. ;) http://www.sdlookup.com/Property-4F45D330-850_Beech_St_105_San_Diego_CA_92101 http://www.sdlookup.com/Property-9477548C-850_Beech_St_1903_San_Diego_CA_92101 #105's Trustee's Sale is scheduled 9/3/08

jackjack
Posts:159

08/21/2008 10:56 PM	Alert
This is actually a very nice building. Brian, do you know what the scoop is for unit 615? I know this has been listed as a short sale forever. I assume the bank has foreclosed or is near foreclosing on the property. Also, any predictions as to the price of unit 105? Does anybody want to be on the ground floor of a condo?

bl92101
Posts:33

08/28/2008 8:27 AM	Alert
#105 is right near the main entrance. I looked at it very closely before buying another unit in the building; great building, amenities, people, etc., but #105 is probably just a tad too noisy and hectic to warrant the $439K. If it's a fire sale at the trustee sale, perhaps a different story.

Brian
Posts:2667

11/05/2008 11:32 PM	Alert
Is that what an "engineered" 2007 transaction looks like? Close to 1/2 million loss. 850_Beech_St_2201_San_Diego_CA_92101

Brian
Posts:2667

11/17/2008 3:11 PM	Alert
Wouldn't you say that 50% off of peak is likely at Discovery? 850_Beech_St_703_San_Diego_CA_92101

Brian
Posts:2667

11/24/2008 1:23 PM	Alert
More 50%+++ discounts at Discovery. 850_Beech_St_214_San_Diego_CA_92101

Brian
Posts:2667

12/10/2008 1:14 PM	Alert
Posted By Brian on 11/05/2008 11:32 PM Is that what an "engineered" 2007 transaction looks like? Close to 1/2 million loss. 850_Beech_St_2201_San_Diego_CA_92101 Reduced to $806k

Brian
Posts:2667

12/10/2008 1:19 PM	Alert
50% off of peak. I'm still expecting year 2000 prices. 850_Beech_St_203_San_Diego_CA_92101

Brian
Posts:2667

01/05/2009 8:16 PM	Alert
Considering that this is below 2002 prices, and whereas buyers had to sign up in advance to buy from the developer, this unit looks close to, but not quite at my prediction. Who said that 50% drops were not possible in "nice" buildings (concrete and steel, not wood)? 850_Beech_St_416_San_Diego_CA_92101

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