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Brian
Posts:2270
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| 07/18/2008 3:52 PM |
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BigTrace, why do you want to retire in PB as opposed to other coastal areas?
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jpinpb
Posts:1477
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| 07/18/2008 3:57 PM |
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| I think he wants to invest there. I have reasons for wanting to be there, all sports related, skating, biking, jogging, surfing. Can do most others elsewhere, but for blading, that is the best place, plus I still like the small community feel, like OB, except there's no real good, long boardwalk or bay to skate there. |
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lajolla27
Posts:3
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| 07/18/2008 4:41 PM |
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FWIW- I like the idea of a thread devoted to the PB MB area that covers general news and updates.
There's already a lot of good info here.
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BigTrace
Posts:194
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| 07/19/2008 10:10 AM |
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Brian,
I'm not looking to retire there, just looking at a beach condo there. My wife has a want in life to live by the beach and be able to shop by walking to it rather than driving. She's always liked the PB area and frankly, after looking at downtown, PB doesn't look too bad. If I could find a place that works for her, and can become a vacation rental of sorts, we may be in good shape. I'll purchase something small now and leapfrog it into something nicer when I really want to retire. I'm only 40, so I do have some time, but if were going to get that deal up in La jolla, we've got to start somewhere.
To me, PB has a lot of upside. I think the drinking ban is starting to have a positive affect and the place will end up cleaned up. Bring the families back to the neighborhood and sink some money into schools and redevelopment and it's a recipe for becoming a nice beach community and if your well positioned, you can make a mint. I can see some (not all) of the current RE valuations doubling (if not more) in 10 years. It will take a few years though to get things cleaned up, but if you look carefully down there now, it is starting to happen. |
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punstress
Posts:132
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| 07/19/2008 11:35 AM |
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I noticed that much of Google's street view for San Diego has been reshot -- and using much worse quality. In fact, I hypothesize that that's why they did it. Before, you could zoom in and read the house numbers very clearly. Compared to the street views in other cities, ours was far superior. I think somebody complained or sued or whatever and they reshot it in lower resolution.
That is pure conjecture on my part, but think about how much time and money it takes to shoot a city. There are still large parts of San Diego that haven't been touched yet at all, but they reshot parts that were already shot? Why would they do that? I realize the images were woefully out of date -- Petco Park was still a hole in the ground (!), but first things first.
I'm quite perturbed by it, actually, because for one thing the addresses are always off so when I'm trying to find a house by its address, I have no idea which is which. |
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BigTrace
Posts:194
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| 07/19/2008 9:02 PM |
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As An Update,
Armstrong Construction has released their condos at 2025 Grand. Looks like 3 of them came up today as new listings. They can't even sell the ones on Felspar so I'm not sure how these will do.
As a side note, my friend (who is also a agent/broker) represents Tom Armstrong (to my surprise). Says he's in Hawaii trying to sell a property right now. He says Mr. Armstrong DOES have issues with cash flow right now (of course, nothings selling and he is pricing it to high) which lends further credence to the NOD filings that JP has mentioned. It may be a matter of time before some of his units start going on "Sale". I would look for some "sale" pricing right after summer is over on one of these developments.
I've been through a few of his homes and I must say they are quality built with lots of details unlike lots of the "box" type places I've seen. The floorplans take advantage of the sq.ft. very well so they don't seem small. Even the multi-attached units on Felspar and Grand have lots of amenities with great floorplans
If anyones interested, they have homes on (Prices are approx.)
1275 Felspar (3 units listed) - 675k - 725k
2025 Grand (3 Units listed) - 599 - 699k
on Dover Ct. and Devon Ct. (12 units being developed, not sure how many are sold) 950k +
Coronado Ct. (2units) - 950k
Island Ct. (2 units) - 950k
Brighton Ct. (2 Units) - 1M +
With this many units still unsold, NOD's will be comin out quickly and the banks are squeezing hard so keep an eye out! |
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cubbie1
Posts:56
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| 07/20/2008 1:22 PM |
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| Regarding Armstrong Construction...Ok this is scary. I'm out of state and working with local realtor and have a visit scheduled to look at many of the listing of this builder yet my realtor has not mentioned any cash flow issue rumors. I assume my realtor should know this but is there a way for me to research of any other new construction builder I'm considering is also having issues? My horror wouuld be buying one of these and having a fire sale a few months later lessening the value of what I just bought. Are most of the builders building in Mission Beach / PB having similar issues? Are there any others you all are aware of? Many thanks |
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jpinpb
Posts:1477
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| 07/20/2008 2:03 PM |
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Big - Is your friend Kathy E?
cubbie - some realtors may not do their homework and know about the NODs and others want to keep it on the downlow.
My concern is if one of these builders files B/K and you've got some problems w/construction. No recourse. Some construction defects aren't discovered immediately. |
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BigTrace
Posts:194
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| 07/20/2008 2:05 PM |
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The fourth condo on Grand is up today also an REO on Haines that would be nice as a fixer, but needs some work.
Cubbie - The info I've provided on Armstrong is simply "hearsay" so I wouldn't stake my life on it for sure, but it does support JB's posting of Armstrongs NOD's. I don't think their will be a complete "firesale", but I do, as most here also believe, there is room for PB property in general to decrease in value, especially once the summer months are over. Most realtors don't know this information because they are not looking at NOD's. I only got a whiff as I am friends with a broker who works directly with Armstrong. I've looked at lots of his property and it is very nice, but overall, the market around it is decreasing which will ultimately decrease his properties as well. I am not aware of other builders in PB having difficulties, but I would imagine that ANY builder right now is having issues, especially the small builders which Armstrong is. In basic words, the property will only devalue to its compartives with these properties being worth more simply because of there newness. For example, if his property is being sold for 950k and the property just down the street is 750k but older, you have to decide (and ultimately the bank will decide with you) if the newness is worth 200k or whatever premium your willing to pay. Armstrongs cost may only be 700k for the unit, so he will not "firesale" to a point where he loses and he won't devalue his other properties around the same area so he cuts his own throat on everything. He may, though, put certain units on "sale" as loss leaders to feed his cash flow and wait out his most profitable units. The more his cash flow is hurting and the more the banks (or his investment partners) are squeezing him, the more units that start to go on sale. I wouldn't visit anytime soon, as I think property prices will decrease into the winter months which may be the better time to buy. FWIW |
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BigTrace
Posts:194
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| 07/20/2008 2:23 PM |
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JP, no my realtor is not Kathy E but it is someone who works more high level deals and in commercial for the most part. Apparently he and Tom have done business together so they must stay in contact. Just don't want to mention names here for obvious reasons but he is very well connected.
Yes I would be concerned about construction defects too, but I don't think B/K is in Armstrongs future (at least I hope not). I'd definitely get a home warranty to cover most stuff and have a PB expert home inspector do a full report before closing (especially if the units have any flat deck surfaces, exposed metal or anything else that is unfriendly to ocean environments. You might even be able to have an full independant inspection thrown in during escrow as it is in the builders best interest. |
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cubbie1
Posts:56
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| 07/20/2008 2:28 PM |
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Thanks. This is our 2nd trip in and is already scheduled for Saturday. I agree with you on timeframe. My purpose of this trip is to identify 4-5 properties of interest and rather than buy now during the peak summer season to wait until the fall and see what happens while monitoring these properties. As a cash buyer with no contingencies I have time on my side. It is a buyers market even though the coastal areas not impacted as much as rest of San Diego. It's still location location..location.
How can I or my realtor monitor NODs? Would it be prudent do you think to structure any deal with a small builder to set aside some funds , say for a year,,in case there is a b/k that could be used for defects or other home warranty claims typical with new contruction?
thanks |
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jpinpb
Posts:1477
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| 07/20/2008 2:29 PM |
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| I know Kathy E does a lot of selling of new condos in PB, I think even his, if I'm not mistaken. I agree w/Big, especially the conods on Grand. That is the busiest street in PB and as far as I'm concerned, those condos are GROSSLY overpriced. That's not to say there won't be people buying. Just not me at that price - and I can afford it - but I just can't bring myself to do it. |
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cubbie1
Posts:56
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| 07/20/2008 2:38 PM |
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You guys are great...Let me ask you this. One property that I'm most interested in and is new construction is:
1161 Oliver
San Diego, CA 92109
mls:080048572
There are 4 total with one in escrow.
Do you guys have any feedback/knowledge of the builder and how this appears to be priced for area. Any feedback appreciated
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jpinpb
Posts:1477
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| 07/20/2008 2:47 PM |
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| I know these. There were 2 spanish-style cottages on the two lots and the devloper bought them, mowed down the houses and put these up. Nice places, but quite a price tag. Poor timing. These are 2006 prices, JMO. |
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cubbie1
Posts:56
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| 07/20/2008 3:02 PM |
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| your right about price tag...my realtor considers these to be best 'value' for the money. I will see them Saturday. Maybe value relates to their commission. lol |
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cubbie1
Posts:56
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| 07/20/2008 4:10 PM |
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| the price per sq/ft is $534 which isnt bad and its a 4 br in a good location and brand new. Looking at pending sales and actual sales. this isnt bad. The one in escrow closed for $1,050,000. There are 3 left I'm going to look at. These are not considered Condos so no HOA. If i get this close to water, I'm thinking aboout renting it out in summer until I can spend more time there. This is a 2nd home. |
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cubbie1
Posts:56
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| 07/20/2008 5:17 PM |
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| JP: can you confirn which Armstrong properties there are NOD's on? Was that Felspar one of them or just Grand? thanks |
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cubbie1
Posts:56
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| 07/20/2008 5:17 PM |
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| JP: can you confirn which Armstrong properties there are NOD's on? Was that Felspar one of them or just Grand? thanks |
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cubbie1
Posts:56
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| 07/20/2008 5:30 PM |
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| Also JP....There is a resinstate date and amount in your post...does that mean they are no longer in default? please explain. thanks |
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cabo3
Posts:4
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| 07/20/2008 8:19 PM |
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| I heard the properties on Oliver are single family homes on individual lots, therefore no HOA. Apparently the same developer that did the ones on the 1100 block of Opal and on the 700 block of Saphire. Do not know his name, but I know its not Armstrong. |
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