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BigTrace
Posts:194
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| 07/21/2008 3:25 PM |
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Posted By cubbie1 on 07/21/2008 2:23 PM
Bigtrace, Are you looking by yourself or with a realtor? We seem to be looking at similar properties (i,e, Jamaica) Did you get to see it or just the outside? You have an advantage over me in that you are at least there. I can't just jump in a car and check things out...I have an advantage in that I have nothing to sell in order to buy. There are some decent properties out there (Oliver, Devon, Ensenada, Brighton Court etc.). We can only guess where valuations go. Do you have a good resource to monitor sales activity and see List price vs. Sell price ? If so can you share? The bottom will all be in the data.
Are you looking in LaJolla too?
C
On Jamaica, I got to go in. The Scottish guys were really friendly so they took us in and showed us around. I am working with a realtor but he is a friend of mine so I don't bother him if I don't have too. A lot of properties I like, I can do much of the preliminary work myself, then bug him if necessary. This site is great for 80% of what you need if not more. If you go down and take a look, that's the rest. Once you've seen an Armstrong property, you've pretty much seen them all so I don't have to bother too much. Sure, some will be slightly different, but they're all about the same. You can see all the list and sell prices right here on this site. New info every hour.
I'm in the same position as you, no house to sell with cash in the bank. Many of us are. Having said that, not one of us is jumping in yet as these properties in particular are going into 2, 3 and 4 month market times. When things move, you'll see it and that's when you start the process. Once you have your ducks in a row and know what you want, a phone call can wrap it up.. |
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BigTrace
Posts:194
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| 07/21/2008 3:31 PM |
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| We are still perceived as one of the worlds most priciest countries I believe. There are some asute investors out there who already have the money to buy whatever they want no matter what the price and they haven't gobbled it up either so everyones kind of just sitting back and waiting.. |
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jpinpb
Posts:1476
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| 07/21/2008 3:55 PM |
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Here's something that I think I would go for, if I were going to spend a million (so close, yet so far). This is something that is worth it, just for the zip alone. 7421 Draper. Been on the market since last year, MLS 076094487. Listed at $1,395,000, it is 3 units. I think considering it's LJ, if it were me, I'd get that over Oliver. Of course, I'd offer less and they may consider it b/c it's been on the market for a while. BUT considering the last sale was 04/10/2006 $995,000, they may not be in a position to reduce. And since it's for sale, they may need to sell, which means there may be a little distress, which means keep an eye. If no one gets it, the bank may, which means we may see it down the road at a much lower price.
So now, if you bought Oliver today for a million, and later, say, 6 months to a year, this LJ one comes up for, say, I don't know, 800k, would you be okay w/that? Especially since you can always live in one and rent the other 2 out. And LJ gets nice rents all year long.
That's why, though I look in PB and there are some tempting places, I resist. I look at other areas as well. LJ is out of my budget right now, but 800k is within reach :) |
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BigTrace
Posts:194
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| 07/21/2008 3:59 PM |
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| JP, I tried to look at that via the MLS number and couldn't get to it. Is it actually for sale?? |
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cubbie1
Posts:56
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| 07/21/2008 4:01 PM |
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| Could not find it by that MLS number or by address either. |
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jpinpb
Posts:1476
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| 07/21/2008 4:13 PM |
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| Well, unfortunately this site does not list multiple units and does not allow you to post links to other websites. But you have the MLS so you can check on your own using your own devices somewhere else or contact the realtor of this site w/the number. |
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BigTrace
Posts:194
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| 07/21/2008 4:19 PM |
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| Found it on another site. I don't think I'd do this at all. 1930's home, 1600 sqft. total and about 5k a month for a rental doesn't cover the mortgage necessary. The largest unit is 750sqft. and your main money maker. Not for me, but maybe someone else.. |
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cubbie1
Posts:56
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| 07/21/2008 4:19 PM |
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| You know....You can't look back...There will always be something that looks better for one reason or another. For me..I want to be near the beach and/or the Bay. Both nearby is ideal. Thats why I like Mission Beach. If I want to rent, I probably can until I can spend more time there in a few years. What about the condition of the unit? Oliver is new. I dont want to spend 800k for a remodel project. How many bedrooms? 2,3 or 4? What is view? What is parking? Are you near a busy street? What is the HOA? As a 2nd home I would not want resposnibility of taking on 2 more units. Too much hassle from afar. Those are the things I think about. |
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jpinpb
Posts:1476
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| 07/21/2008 4:26 PM |
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cubbie - You can't look back, true. That's why I say if you buy, make sure you'll like it well enough to be there 5 to 10 years and be okay if it depreciates. It sounds like your mind is made up for PB/MB. And it sounds like an emotional decision, which I totally understand. But if location is an issue, LJ is pretty much the jewel on the coast and I'd pick that any way over PB for the same price. That's just me. There are other considerations. If you want something turnkey, then you will pay the extra price for it and if you can afford it, then you should not hesitate to go for it.
Big - at 1.4 it won't work. BUT first note is probably much less and if it goes to the bank, as I said, I can see it going for 800k. Then it makes sense. |
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cubbie1
Posts:56
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| 07/21/2008 4:27 PM |
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| so Bigtrace...have you made your way into the Oliver row homes yourself? If so what did you think? Or anyone else can comment as well. |
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cubbie1
Posts:56
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| 07/21/2008 4:29 PM |
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| I prefer Mission beach but l am looking in LaJolla as well and one or 2 in Point Loma. |
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BigTrace
Posts:194
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| 07/21/2008 4:33 PM |
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Nope not yet, I'd like to see them though. PPSF is good considering where they are and with the market declining, these I think would slide down to less than 1M IMO. I was going to check them out maybe on may way home from work or maybe tomorrow just as a drive by. I'd like to see exactly how far they are from everything. I'll give you an update if I do..
JP, yeah, at 800k Draper would be a total rip down for me which would just cost me more $$$. I do like the income from it, but if it only left a 750sqft. place to live, then it wouldn't make sense. |
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cubbie1
Posts:56
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| 07/21/2008 4:35 PM |
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| Thanks. One is in escrow. Dont remember which. I think for 1.1 mil area |
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jpinpb
Posts:1476
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| 07/21/2008 6:05 PM |
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You guys want new and fancy w/all the bells and whistles? How about this 7245 Fay in LJ .
There is a NOD filed. If it goes to bank, probably the second will eat it. One loan on it is Original Loan : $960,000.00
Reinstate Amount: $33,555.00
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BigTrace
Posts:194
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| 07/21/2008 6:45 PM |
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Cubbie,
I checked out the Oliver properties and they are nice looking. They appear to be 3 story and less than 2 blocks to the bay but the beach walk is more like 5 blocks + because the street (Oliver) runs right into the back of a local hotel so you have to walk or ride your bike around it. Very close together. The one in escrow maybe has the best view to the bay, not sure. The others might not have much of a view, not sure. Very residential neighborhood, no facilities other than going toward mission. PB drive is one street over and is very busy. Everything around them is sub-700k to 800k so these are the creme of the crop. I'd be somewhat worried being the highest priced offering in a lower priced neighborhood. It is 4 blocks directly east of where the flooding happens if thats a concern. |
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cubbie1
Posts:56
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| 07/21/2008 8:27 PM |
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| Thanks BigTrace. That sure was fast.I will see these on weekend..That flooding was sewer problem right? Anytime you have a teardown you are going to be the most expensive on the block right? |
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cubbie1
Posts:56
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| 07/21/2008 8:33 PM |
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Update on alcohol free beach ordinance
Dear SafeBeaches Supporters,
Beach Alcohol Issue to be on November Ballot!
Please Attend this Important Press Conference!
Tuesday, July 22, 12:15 pm at the end of Reed Street in PB.
Council President Scott Peters, Councilmember Kevin Faulconer, and City Attorney Mike Aguirre will announce they are seeking to put the alcohol-free beach ordinance on the November ballot.
Since the alcohol-free beach ordinance went into effect, city officials have received overwhelmingly positive responses from lifeguards, police, residents, businesses and visitors.
Faulconer, Peters and Aguirre all believe the best course of action for making alcohol-free beaches permanent is to put it on the November ballot.
The SafeBeaches Crew agrees that this is the best course of action.
The citizens of San Diego have now seen firsthand how safe and enjoyable the beaches are without alcohol and we are sure they will want it to stay this way.
What You Can Do:
Come to the Press Conference and bring others with you! Come with positive signs indicating you like the beaches alcohol free.
Email or Phone all City Council members and the Mayor and ask them to put the alcohol-free beach ordinance on the November ballot (see email address list below).
Also, tell city officials about how alcohol-free beaches have positively affected you, your family or your business.
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BigTrace
Posts:194
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| 07/21/2008 9:28 PM |
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Posted By cubbie1 on 07/21/2008 8:27 PM
Thanks BigTrace. That sure was fast.I will see these on weekend..That flooding was sewer problem right? Anytime you have a teardown you are going to be the most expensive on the block right?
No, flooding is due to seawater getting past the seawall. Although I don't think this property would be affected, greatly, the smell is more of the problem. JP knows. The Burger king he refered to on Mission is pretty close by. There are several condo's that are right next door to the condos that I wouldn't touch with a 10' pole.
On the teardown, it depends on when the teardown happens. Yes, you should be the most expensive, but as time goes and others are built, they should take over that distinction. The only problem is when you're the first one and the rest don't follow suit for many years, which can be the case here. Eventually, it may happen, but it will be very spotty at best for awhile. Long story short, it will tend to decrease the value that is placed on the structures "newness" advantage as it ages and places around it are not being rebuilt. Just a bit of a gamble which people in new communities avoid because the comps are all of the same age. At least that's my opinion. Anyhow, I wish you luck and hope one of these eventually works out for you. Maybe you'll learn something that we all don't know and you can post it after you return.
Good Luck!! |
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cubbie1
Posts:56
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| 07/22/2008 5:39 PM |
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| The smell?? Burger smell or something else?? I think I know the Burger King ur talking about...There are some new condos, rather nice, right behind the BK. I dont want to be looking at a BK from my window....So I assume you only saw outside of Oliver row houses....So too many turn offs with location and such? |
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cubbie1
Posts:56
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| 07/22/2008 5:53 PM |
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| BigTrace I enjoy your unbiased perspective...In your travels have you seen the new ones just south of roller coaster on 826 Ensenada Ct. One is sold I believe and one is being rented. I heard this builder may have NOD's as well and prices are coming down. Any thoughts on these? Is that street too close to roller coaster? Maybe JP can find out as he is our NOD expert. C |
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