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jpinpb
Posts:1475
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| 07/20/2008 8:28 PM |
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There are no HOAs on Oliver. They're row homes.
It's possible Felspar got redeemed. He defaulted in July 2007. Was supposed to reinstate by 9/2007. But nowadays, that means nothing. He can skate like everyone else has been. Banks are not acting. He can even just make a partial payment and they'll let it go on indefinitely. Banks are dragging their feet on foreclosing and any good faith effort will delay the process.
You can try calling the number and getting more info.
Here's the info on Grand.
Loan File No: 201232
Date Recorded: 05/14/2008
File No: 0246947
Trustee No: 708233
Loan Date: 03/23/2006
Loan No:
Trustor : Armstrong Custom Homes L L C 755 Turquoise St, Pacific Beach Ca 92109
Trustee : Max Dflt Serv 619/465-8200
Beneficary : First Pacific Bank c/o 43180 Business Park Dr #A103, Temecula, CA 92590
Original Loan : $1,175,200.00
Default In.. : P&I 01/01/2008
Reinstate Date: 05/07/2008
Reinstate Amount: $1,206,914.00
Land Value: $1,428,000.00
Improvment Value: $70,380.00
Parcel No: 423-182-09-00
Legal Code: Lots 1 Thru 3 Blk 25
Site Address: 1403 Grand Ave 5, Pacific Beach Ca 92109
TMap: 1247-j6
Deed No: 0
SqFt: 3680
No Bedrooms: 8.0
No Baths: 8.0
Zone: R-3
Year Built: 1951
Name: Armstrong Custom Homes L L C
Address: 755 Turquoise St Pacific Beach Ca 92109
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jpinpb
Posts:1475
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| 07/20/2008 8:39 PM |
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| IMHO, there are a lot of condos, new and resale, in PB/MB. For developers, that's a lot of luggage to carry. Some of these were commenced last year and a little late in the game. Again, JMO, w/the way the economy is and rates and lending standards, most everyone is agreeing that no improvements is expected any time soon, certainly not this year. If condos on Felspar are not selling, the only thing that would compel a sale on Garnet is a major price reduction. |
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BigTrace
Posts:194
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| 07/21/2008 8:15 AM |
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Cubbie,
The Oliver properties are nice, but as a vacation rental, just not sure. My realtor says to get maximum rental exposure, you need to be along the "strip of gold" as he puts it which is basically Mission Blvd. south of Pacific Beach Drive down to South Mission. JB can probably give you better details regarding that, but FWIW, that's what we've been told. If youre an all cash buyer for one of these at 1M, you opportunity cost is over 50k per year, meaning you could actually earn 50k if you had the money in your pocket vice buying a property which is a lot to think about too. 50k buys a lot of time in a nicely furnished hotel room suite without the worry of damage. Trust me, I've been contemplating the same thing so it is a personal choice for sure. |
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jpinpb
Posts:1475
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| 07/21/2008 9:54 AM |
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I have seen people buy in PB as a vacation rental. But not successfully. You pretty much have to be on the bay or ocean front for vacation rentals. Regardless of the ban on the beach - which is only for a year and still not known if it will continue - kids are partying at their house and then going to the beach, or sneaking drinks there. The beach itself is clean, but more house parties.
I don't think places off the "strip" are ideal or suitable for vacation rentals. You will get year-long rentals, but pales in comparison to what you can get for vacation rentals. This only reinforces my opinion the places are Oliver, though exceptionally nice, are not the best location for vacation rentals, and therefore priced high.
Take a look at the map and see all the places for sale on the "strip." I'm no expert, but that's quite a few places. I skate often along the boardwalk and I can tell you many have been on the market for years. Some have sold and now up for sale again. Some just trying to get out. I don't have all the answers, but since that's one of the areas I'm looking to buy in, I'm doing my homework carefully. There's been times that there were 500+ places for sale in PB during the boom, BUT they were not on the market for a long time. That's the difference. There is supply and less demand. Regardless of the DOM on the MLS, I know different from watching the address. |
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cubbie1
Posts:56
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| 07/21/2008 9:57 AM |
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yes bigtrace I think about that every day too...you could also look at it as paying for your house in 20 years and having a nice piece of property at or near bottom of mkt when your done. I'd only rent it out until we could spend more time there. Your right though...1 mil pays for alot of nights at hotel Del.
Where can i get info on viability of a property as a rental? any idea? |
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cubbie1
Posts:56
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| 07/21/2008 10:05 AM |
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| regarding location for rental 2 blocks from bay 4 blocks from ocean can't be too bad. I think alot of people would love to be in a quieter spot yet close. Also a 4br sounds attractive as a rental doesnt it? I'm talking about Oliver property |
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cubbie1
Posts:56
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| 07/21/2008 10:10 AM |
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another thought look how many of those on your map are way over a million (some over 2 and 3 mi) and those that are not are dated. so that is another consideration |
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jpinpb
Posts:1475
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| 07/21/2008 10:27 AM |
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I'm just telling you what I notice. If you think you can get vacation rentals out of it (Oliver), give it a try. We'll even welcome you back to cry about it if it doesn't work :)
Those places that are over a million and close to 2 million have been sitting for a long time for a buyer. There will be downward pressure in price the longer they sit. JMO.
ALSO, that strip is prone to flooding. Take a walk down the boardwalk and look very carefully at that sea wall. In the winter, the surf comes over that wall. Plenty of times in the winter I have had to jog and not skate b/c of the amount of sand, seaweed, etc on the boardwalk. People don't pay attention to that in the summer, especially tourists who only come in the summer. Many shops and bars along Mission Boulevard have sand bags out and readily available to keep the water from entering the premises.
Find some older place that's closed up and get a whiff of the place. There's a lot of mold and mildew in those places. You can throw up some shiny, new places, but that doesn't mean they won't get water damage down the road of life. Once the water gets in the drywall and insulation, it's perfect breeding ground. If you have allergies, don't know if it's something you'd want to deal with. Don't want to discourage. The strip is great for tourists and vacation rentals and they garner nice money. Some of the places have been on the market for a while and I just think if they were priced right, they would sell quickly, so to me, they're priced to high.
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cubbie1
Posts:56
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| 07/21/2008 10:31 AM |
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| ok deal...lol....but im 2-3 blocks away. is there flooding there too? Of course I do have to consider global warming and melting of north pole too. |
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jpinpb
Posts:1475
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| 07/21/2008 10:44 AM |
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Just talking about the present. Reed and Mission had flooding. Guy kayaking across the intersection. Wish I had the photo. Southern California does not have the best infrastructure. Never was like the East Coast to begin with and rains/winters is a problem. Sewage and water mains breaking are common and add all of that together w/high surf in the winter coming over the wall. I haven't seen flooding in that block of Oliver, so you're safe for now :) - Can't guarantee that if the north pole melts some more - or if we have an earthquake and all of PB falls in the ocean, either ;) - besides which, I think we'll just break off and be an island ;)
All kidding aside, sharing my experience and knowledge and observations. If it helps anyone, great. I have nothing to gain or lose. If I had a million dollars (close, but not quite) to spend on a house, I'd pick somewhere closer to LJ, if I could. That's just me. Everyone is different. You are much closer to the bay and beach and action - and trouble. I've lived here long enough and maybe there's certain things in the pro and con list that make my decisions different from others. People are still buying some of these places and there will always be appeal. The question now is price.
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cubbie1
Posts:56
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| 07/21/2008 10:47 AM |
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| I do appreciate your input. If by LJ you mean LaJolla...yes looking there too. |
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jpinpb
Posts:1475
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| 07/21/2008 10:48 AM |
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| If the price is lowered along the strip (prime location) then - I don't know - I'll throw it out, crazy as it may sound - then places in PB will be reduced also, no? |
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jpinpb
Posts:1475
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| 07/21/2008 10:48 AM |
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| LJ - La Jolla, yes. |
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jpinpb
Posts:1475
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| 07/21/2008 11:13 AM |
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Tried to find the UT article w/photo, but all I could come up w/was:
" IT'S NO CAR POOL -- Steve Haase of Pacific Beach paddled a kayak across a flooded Mission Boulevard at Pacific Beach Drive yesterday" |
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BigTrace
Posts:194
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| 07/21/2008 11:38 AM |
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Posted By cubbie1 on 07/21/2008 10:05 AM
regarding location for rental 2 blocks from bay 4 blocks from ocean can't be too bad. I think alot of people would love to be in a quieter spot yet close. Also a 4br sounds attractive as a rental doesnt it? I'm talking about Oliver property
Hi Cubbie,
Well yes, they "could be ok" especially if you rented them yourself, but again, if you plan on living far away, your probably going to have a company take care of that for you. My realtor has said "prepare yourself for 20-40% fees". A 1 million 2br, 2ba condo, 1300 feet a few houses in from the beach rents for around 3,000 to 3,500 per week. The beach front will fetch $5000 a week but also cost 3 million +. In a 3 month span (prime rental season,), you're talking 36,000, but maybe only 20,000 the rest of the year. Now, if it is being managed by a company, you've paid them between 10 and 20k just to do so and paid for all the repairs. A home like on Oliver would fetch less, believe it or not, because it again is not on the beach in the "strip" area. The other thing to look at is whether you want to use it at any time between the middle of May and the middle of September. If so, you've killed off some of your prime rental time. If you want to use it during the offseason, you might not be able to if you have a 6 or 9 month renter in there.
The only reason I would consider it is that I could do everything myself because I have a company that rents commercial property now. I can also write my losses off against some of my gains but even in my shoes, its not really a smart decision at these prices.
Best suggestion when your here is to rent a bike and ride the whole area. You'll see TONS of vacation rental signs everywhere, but note where they are. Then, ride your bike around the Oliver address and see how many vacation rental signs are in that area, you'll probably see less. Also note how many are EMPTY!! Yes, I've noticed lots and lots of these places are EMPTY right now and we are in PRIME season. Economy is definitely having an affect.
I looked at a condo the other day "on the strip" for around 1 million. It was about 3 homes back from the ocean side. Brand New, 2008 built 3br, 3ba over on Jamaica street. Looked like it rented for $3800/wkk on the companies website (they're still renting it while they're trying to sell it). Anyhow, my wife and I spoke with the renters as we were passing by. They were from Scotland. They were around 25 or so. They had 15 people crammed in there. Yep, I said 15!! for a 3br, 3ba condo only 1300+ feet. That's what I'm thinking about too. |
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BigTrace
Posts:194
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| 07/21/2008 11:42 AM |
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Posted By cubbie1 on 07/21/2008 10:31 AM
ok deal...lol....but im 2-3 blocks away. is there flooding there too? Of course I do have to consider global warming and melting of north pole too.
Probably not because it is closer to the bay side. The Ocean side definitely has the flooding. You can tell just driving the alleys on that side of the street. Ocean side I think rents better, but Bayside is a safer bet IMO. |
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cubbie1
Posts:56
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| 07/21/2008 11:51 AM |
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lol....actually that Jamaica property is another one of my favorites we will be looking closely at. So no illegal immigrant drop houses on my property! I hate to caclulate how many bottles of booze those 15 have absorbed so far.
Ive been coming to San Diego every year for last 25 yrs so I know the area well and I have seen the signs. I dont live too far away but you aree right about the management fees. I started this search a few months ago hoping to find a good valuation in a down market. What I have found is that the coastal areas have not been hit nearly as hard as inland. Location location location still rules. I have time on my hands and in no big hurry. I think in fall and winter prices will be even more favorable. I appreciate all your comments..man with a kayak in my driveway not withstanding. C |
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BigTrace
Posts:194
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| 07/21/2008 11:58 AM |
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| I am like you, just looking at a down market waiting for the next shoe to drop. It will too, especially when interest rates rise and more REO's go out on the market. There are lots of places close to the strip and/or on the strip that are REO's I'm sure, just not available yet as the banks keep sitting on them. The real people making money right now are those that boutght places back in the 80's for 300-400k right on the water. They get their rental money just like everyone else does even with the 80's home. |
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cubbie1
Posts:56
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| 07/21/2008 12:01 PM |
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| There are few foreclosures in this area and price range correct? Seems people that have money either are not selling because they dont have to. |
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jpinpb
Posts:1475
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| 07/21/2008 12:06 PM |
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Posted By cubbie1 on 07/21/2008 11:51 AM
What I have found is that the coastal areas have not been hit nearly as hard as inland. Location location location still rules. . C
yet See land tsunami.
Some tempting prices out there, but we are not at bottom yet. |
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