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newbie
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| 09/17/2007 9:40 PM |
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| I'm a homeowner at La Boheme and, like may other homeowners I know here, we bought pre-construction and scored some pretty amazing deals, less than the "previous sale prices" listed on the auction site and, I predict, not too far off from what the bidders in the auction will end up paying. I know a few neighbors who have refinanced all or part of their original loans and had their places appraised in the last couple months for several thousand more than they paid for them. So not a lot of remorse about "losing equity" among those I know here. Might be a different story among those who bought at the peak, but I don't know too many who did that. I can also tell you that a lot of us are actually looking forward to the winning bidders and new homeowners or renters coming in, because that will mean more HOA fees coming in and better upkeep and facility improvements for all of us. If some of us residents seemed a little grumpy, it was more likely because of the spectacle of 20-30 people tramping through our halls at once. How would you feel? But such intense interest in the place only reinforces our own reasons for buying here when the getting was good. For those of you bidding, good luck, and we look forward to welcoming our new neighbors soon. |
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Smith
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| 09/17/2007 9:43 PM |
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I am a huge advocate of filling up these condo projects with people be it owners or renters, doesn't matter, it's not a community if it's empty. Lots of people also helps the little neighborhood businesses start and thrive which makes everything more enjoyable.
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Anonymous
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| 09/17/2007 9:51 PM |
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Newbie,
Would DR Horton be paying the HOA fees for the unsold unit? Do you have any sort of board position? I actually have a question about one of the units that's up for "auction".
The unit in question is the large two bedroom that has a downward spiral staircase that has a bedroom (office) at the street level right off the court yard. The unit was probably used as a sales office by DR Horton as they had some gear in the office. My question is does the HOA or city for that matter disallow usage of that unit in a life work capacity? Using the lower space as an office with an occaisional visitor is of interest. Not sure if you know or not but I see some value if that's the case. |
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anon
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| 09/18/2007 2:47 PM |
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Posted By n/a on 09/17/2007 8:32 AM
Do not be a sucker and attend these phoney auctions the starting prices are still way to high.Plus the owners are going to be planting their own shills at these auctions to keep the prices high.Better to wait it out and let DR Horton eat their shorts and then be forced into slashing there prices and giving away some true discounts.
Perfectly put. These auctions are total B.S. If you enjoy these kinds of things, I have a great poker game you can attend. It's a small gathering - just me and my four best best friends. We've been close all our lives. And you're just a total stranger. But I promise we'll play a fair game. We certainly won't lure you into bets, throw signs across the table, stack the deck.
Call me. |
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newbie
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| 09/18/2007 7:43 PM |
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OK call me biased since I live and love it here, but I was glancing at the latest edition of the North Park News and came across these on the front page:
"Eveoke Is Latest Company To Step Into North Park Dance Scene: From Ballet to Hip Hop, after 13 years Downtown, dance theater hoofs into former bicycle shop on University Ave."
"Planning Begins On Park Behind Theater: Planning has begun on the estimated $1.25 million park for the parking lot behind the refurbished North park Theater...which also could entail a pedestrian promenade among other streetscape improvements..."
Yeah, I guess this is a pretty sucky neighborhood with no upward momentum or exciting development going on, like several posters here have insinuated. lol
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Smith
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| 09/18/2007 7:54 PM |
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| Personally I like North Park, South Park and Bankers Hill quite a lot. I love seeing the new development that's taking place. I'm downtown but find myself at The Linkery, Olympic Cafe and Bluefoot fairly often. I wouldn't mind seeing more density and new places to spend time at. |
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Jimmy
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| 09/18/2007 8:00 PM |
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| When I first moved to SD 4 years ago I moved to NP. I live in HC now, but have watched the progress. I'ts nice to see it moving along so nicely. Hopefully the housing downturn will not slow the progress to much. Unfortunatley that will not stop price declines but probably will stop them from falling into the ocean... |
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Anonymous
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| 09/19/2007 8:20 AM |
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Attached is the pricing info I have on La Boheme
http://www.redchomeauction.com/auction_details.php?auctionID=D-003
The first page shows ranges of prices as of January 2007. They look lower than what is listed as values in the catalog. The more interesting piece is the price list dated 7/31/07 - less than 60 days. Presumably some of the last list prices before DR Horton turned the units over to REDC for sale via auction.
You can do your own analysis but here are some examples:
Lot 1326 was being marketed by Horton at $288,990 but is listed by REDC as previously valued to $309,990
Unit 222 was being marketed by Horton at $349,990 but is listed by REDC as previously valued to $419,990
Unit 1411 was being marketed by Horton at $329,990 but is listed by REDC as previously valued to $392,900
Unit 1305 was being marketed by Horton at $397,990 but is listed by REDC as previously valued to $439,990
I think there is some misrepresentation in the words "previously valued to" in the REDC literature. Previously valued when? In 2005-2006 when the market was at the peak? Based on the price list dated 7/31/07 DR Horton clearly believed the units were valued less than that. I wonder why these prices aren't used. I guess they would be "last marketed" prices by the developer.
So the previously valued does not equal current market price. And I think there is some deception in that because the average person doesn't have current or recent market price info (like I do). However the auction company uses the highest possible price to set "starting bid" and the market value of the units.
So it is not really a liquidation strategy but a carefully crafted sales strategy if the units move at or above Horton's last prices.
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Attachment: Bohemeprices.pdf
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Anonymous
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| 09/19/2007 9:25 PM |
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| Talked to DR Horton today - not really giving me much information. I don't think they are deceiving people. It is probably more that this is very clever and sophisticated marketing. Buyer beware! My guess is that if you can pick up a unit for 25-30% below DR Horton's last list prices it starts to look interesting |
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CYB
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| 09/20/2007 12:11 PM |
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| At this point, there are no true auctions taking place. Few sellers, let alone buyers, realize the potential losses that are inbound. These auctions are all sales strategies. Consider the shills, the high starting bids, the unstated minimums. You'll know distress when you see it. |
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Johnny Alpha
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| 09/20/2007 11:22 PM |
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| This is indeed not a true auction there is too much behind the scenes stage management going on.It will be interesting to see how many people show up and how many units get auctioned off and actually complete escrow. |
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guest
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| 09/22/2007 3:08 PM |
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| This is just a marketing gimmick. The reserve price is unpublished. If the bids don't meet the reserve price. They won't sell them that day. What they will do is wait a few days then follow up with everyone who pre-qualed and try to make a deal. DRH is maybe the largest publicly traded housing companies and they have to report to stock holders. I think the want to make thier end of year reports a bright as possible. |
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LB Owner
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| 09/29/2007 11:36 AM |
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| As an owner, I agree with the post welcoming new neighbors. We have a proactive board that will help assure the homes remain "homes" whether they are leased or owner occupied. Once the builder gets off the board and it is run by owners, La Boheme will be maintained in a responsible and attractive manner. We also have a good management company that is always helpful and on the ball. The neighborhood has some crime issues, but not any worse than other areas. Mission Valley condos are scary at night. I've lived there. I love being able to walk to dinner, the store, etc. I have no regrets. Any way, once the auction is over I think all of the fear swirling around it will go away. One last thing. I think some of the units have more sound issues than others. I have neighbors above me and very rarely here anything, but I've talked to others that have terrible problems. No community is going to be perfect. |
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Amy
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| 09/29/2007 12:01 PM |
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The Voice of San Diego has an article on the efforts to combat the high crime in North Park. They said drug addicts, muggers, and prostititues hang out in the alley behind La Boheme. Not sure that's what I want to look out on from my condo window.
http://www.voiceofsandiego.org/articles/2007/09/29/government/653northpark092807.txt
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Anonymous
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| 09/29/2007 12:08 PM |
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How is the parking situation at La Bohome?
I own a car and a motorcycle so living in a apartment has always been problematic for me. I'm happier with a private garage. I don't want my car broken into or my bike stolen.
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Joe
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| 09/29/2007 1:10 PM |
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"I think some of the units have more sound issues than others. I have neighbors above me and very rarely here anything, but I've talked to others that have terrible problems."
LB Owner, these wood cracker boxes all have terrible sound problems. You are lucky to have a quiet neighbor above you. |
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anon
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| 09/29/2007 2:13 PM |
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| gee, aren't you clever. NOT |
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CYB
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| 09/29/2007 2:48 PM |
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Wow.
It's nice to read such an honest real-estate-negative article within the county limits. I can't believe they call out La B directly. |
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Anonymous
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| 09/29/2007 4:08 PM |
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| Hahaha. La Boheme deserves its name after all :) |
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Realist
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| 09/29/2007 4:49 PM |
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| Anytime a poster starts quoting tax laws for home ownership, they're in the business and I just tune them out. This market will continue to fall because of too many people who had no business buying got in at the top. |
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