Anonymous
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Anon5
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| 08/21/2007 3:34 PM |
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| HOA = $719 per month! What does that HOA include? |
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Anonymous
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| 08/21/2007 9:02 PM |
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Do they even have a pool at Parkloft?
I've never been there so I don't know. |
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Smith
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| 08/21/2007 9:35 PM |
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No Pool
No Hottub
There might be a gym. There is probably full time security for that high of an HOA. |
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Anonymous
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| 08/21/2007 10:03 PM |
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Full time security? For HOD that high they should have full time escort services!
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Anonymous
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| 08/21/2007 10:32 PM |
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How about a doorman?
Shouldn't we have doormen in San Diego for a taste of Manhattan. Afterall, all good buildings have doormen.
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Brian
Posts:4665
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| 11/08/2007 10:17 AM |
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Another bank owned REO below 2003 price from builder. Surprise, surprise!!
List Price: $475,000
MLS#: 071087138
Description
Bank REO! Stunning loft which can easily be converted into a large one bedroom with extra square footage! Right near petco park! Hardwood flooring throughout. Updated tile finishes in both bathrooms. Master bathroom with double sinks and separate tub and shower. Balcony overlooks common court yard area and offers views.
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downtowner
Posts:28
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| 12/11/2007 9:49 PM |
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| Wow...this one is down to $322 / square foot. High HOAs are a killer in this complex, but it is a beautiful building in an irreplaceable location. Whoever buys it will have to do some digging to figure out the litigation. From the photos it looks like it needs some work (not surprising for an REO), but great bones, and southern exposure that's guaranteed not to have the sun blocked out by future development (Park at the Park one block south, and Petco south of that). For a luxury building, this should be a bargain at this price for someone willing to do the brain damage to figure it out and take it off the bank's hands. |
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Brian
Posts:4665
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| 12/11/2007 11:38 PM |
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List Price: $444,900
MLS#: 071087138
This listing sure sinks the other listings current for sale. |
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downtowner
Posts:28
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| 12/27/2007 1:42 PM |
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| Looks like this one went into escrow too... |
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Brian
Posts:4665
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| 02/02/2008 6:37 PM |
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| 02/01/2008 $419,000 or $322/sf. |
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Brian
Posts:4665
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| 02/02/2008 6:39 PM |
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And to think that a couple of years ago, people were laughing to my face when I said prices would drop. People were thinking that $400/sf would be the absolute floor.
Well, we now have affirmative comps to prove that prices do drop. |
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jspoto
Posts:249
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| 02/02/2008 7:30 PM |
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| I bought this unit and at $303/sf. I watched the prices drop and felt this would be close to the floor. I realize things can drop even further, but I have a long term outlook and 5 years from now, I believe things will be back to 400-500sq ft. Parkloft is a great quality building and when the litigation is over the HOA dues will drop and the prices should rise. |
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anon1
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| 02/02/2008 8:46 PM |
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Congratulations!!
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stella
Posts:503
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| 02/02/2008 9:25 PM |
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| I'm not a huge fan of lofts, if I were Park Loft would be very high on the list of where the value is if you're up for a little risk. |
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downtowner
Posts:28
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| 02/02/2008 10:17 PM |
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| jspoto...how did you get past the litigation? I suspect you got a great deal (it is a beautiful building), but the litigation would make me very nervous... |
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jspoto
Posts:249
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| 02/02/2008 11:10 PM |
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| The listing agent provided me with the documents from the attorneys representing park loft. they are the same attorneys that successfully sued the builder at city terrace. The litigation at parkloft is basically certain balconies and showers are leaking and need to be repaired. the HOA paid for about 10 units to be fixed but then decided to sue due to builder defect. They raised the HOA dues and then hired these attorneys. Not every unit is effected, and the one I bought had already been repaired. Since attorneys got involved, they added every little problem with the building into the suit, so the list of defects reads pretty badly. However, they believe that this suit can be won. If not, there will probably be a special assessment of 10k for every homeowner. that money will be used to fix the remaining units. So, in my opinion, the worst case scenario is an extra 10k. I believe that the real reason prices are so low at parkloft is because it is very hard to get a loan from a lender when there is this type of litigation. You would typically need at least 25% down. Since most people still don't have that much of a downpayment, buyers for the units are scarce. Once the litigation is settled, people can get better loans and prices should rise. This might take a couple of years to work out, however I have a long term view of real estate and believe that the market will rise again. With interest rates around 5.25% and the price you can buy at parkloft now, to me it was a no brainer. |
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