SDLookup.com > 750 Island Ct

ElPato 5/30/2008 2:01:12 PM

List Price: $1,045,000
MLS#: 086006536
Price Reduced: 05/30/2008 from $1,150,000 to $1,045,000

ElPato 6/26/2008 5:28:19 PM

List Price: $1,045,000 to $995,000
MLS#: 086006536

ElPato 9/6/2008 7:44:04 AM

Price Reduced: 09/05/2008 from $938,875 to $899,500
Price Reduced: 06/26/2008 from $1,045,000 to $995,000
Price Reduced: 05/30/2008 from $1,150,000 to $1,045,000

ElPato 9/29/2008 9:12:14 PM

Status: Sale Pending
Price: $899,500
Assoc. Fee: $175 Monthly

jpinpb 10/6/2008 6:42:27 PM

Relisted Price: $899,500

" New price reflects "rock bottom" price! "

ElPato 10/6/2008 9:51:25 PM

$681/sf is not rock bottom on Island ct. It is so noisy there you will never get any sleep.

jpinpb 10/6/2008 10:31:18 PM

I found it amusing also.

SD_Coastal 10/7/2008 9:18:39 AM

I agree Island Court is really one of the less desirable areas of MB (along with Jamaica, etc., anything close to the roller coaster is deemed undesirable IMHO).

So, what areas of MB are desirable (i.e. quiet enough to get a decent nights sleep)?

I've received all kinds of opinions:

South Mission is quiet.
Stay away from South Mission because of the park on the Jetty.

North Mission is good, not so many bars.
Stay away from North Mission it's too close to PB proper.

The Bay side is better, the Ocean side is better (Obviously the Bay side is going to be more quiet).

What's your opinion?

jpinpb 10/24/2008 7:33:37 PM

Personally, as much as I enjoy skating on the boardwalk in the summer, I can say honestly, I wouldn't do Mission Beach period. I monitor MB b/c it affects the 92109 zip code. I'd rather be in PB. Mission Beach, many parts of it, is affected by the rains, the high tide coming over the wall, flooding (mold in your place) There's no privacy. Noise, etc. Parking and traffic suck.

I recommend anyone who wants to buy there to rent there for a year and get a real feel for it. Then ask yourself if it's worth the million plus price tag. Though this one has a new "rock bottom" price. That said, the beauty of this country, everyone is different and some people love Mission Beach. I'd like to say that's true since many properties sell, unfortunately many sell to investors who rent them out and don't even live there.

jpinpb 11/14/2008 9:23:43 AM

Decreasing inventory (very temporarily)
MLS#: 086006536
Status: Not Active
Price: $775,000
Listed: 01/18/2008

RELISTED.

List Price: $775,000
MLS#: 080077195

jpinpb 11/14/2008 9:24:30 AM

"all the precision & expertise of an armstrong built masterpiece."

jpinpb 11/14/2008 9:27:26 AM

I remember reading/hearing that Armstrong gives cash back to buyers.

So this was sold in 2004 for 775k. Built in 2008.

jpinpb 11/14/2008 9:27:45 AM

Assoc. Fee: $175 Monthly

2 units here?

jpinpb 11/14/2008 9:29:11 AM

Answered my own question 752 Island

Buy for 775k. Build 2 units.

jakob 11/14/2008 9:46:18 AM

Another deal where long permit and construction time screwed the pooch. I remember Tom Armstrong's post on piggington complaining about the very long Coastal Commission approval times. This is likely already in short sale territory against the construction loans just like the Ocean Pacific properties.

jpinpb 11/14/2008 10:50:43 AM

Both companies had a really good run. Unfortunately, they should have foreseen the slowdown and planned accordingly, not build as much. But yet they continue.

BigTrace 11/14/2008 10:52:15 AM

These are starting to become a good buy. 752 is a better deal than this one. He'll be lucky to get out alive on these. The color is horrible and the MB location will make it loud and obnoxious.

jakob 11/14/2008 11:08:43 AM

Someone one here said "builders keep building until they go bankrupt". That is so spot on. It's practically impossible to know when to stop because that requires seeing 4 years out.

These projects were started in 2004. You have got to have an amazingly good crystal ball to know when to stop and count your winnings, with development timelines of nearly 4 years! The natural tendency is to double down at exactly the wrong time.

jpinpb 11/14/2008 11:20:35 AM

Weren't there some condo projects that were stopped in their tracks? They pulled out the heavy equipment and just shelved it.

You pull permits in 2004 and wait for approval. By 2006, the writing is on the wall. Why go forward? Sell what you got. Sit and wait.

OPP's luxury overpriced places have been on the market for 2 years, yet they're still building. Makes little sense to me.

jakob 11/14/2008 11:33:08 AM

Yeah, looks like he did finally call it quits around 2007... From your post on piggington, Armstrong is now trying to sell property he bought in 2006 on Reed.

If you own the construction company, you're getting paid to build it too. You have the loan, might as well spend it, on yourself and your employees. And when it's done and you can't sell, the lender is now taking the further hit after your 20% that was long gone already. There's another benefit of completing it: It appears that OPP uses their properties as vacation rentals while they string the lenders along.

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