Brian
Posts:4665
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| 05/30/2008 3:18 PM |
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Look at the only 2008 sales at Cairo. In two years, there's been a $124,000 loss of equity for the previous model match.
And prices still have a long way to drop.
Parcel Number: 452-200-69-08
Property Location: 3788#08 PARK BLVD
Purchase Price: $365000
Living Area: 958
Bedrooms:
Bathrooms: 1
Document Date: 4-15-2008
PPSF: $381
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Parcel Number: 452-200-69-09
Property Location: 3788#09 PARK BLVD
Purchase Price: $489000
Living Area: 958
Bedrooms:
Bathrooms: 1
Document Date: 5-17-2006
PPSF: $520
3788_Park_Blvd_9_San_Diego_CA_92103
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fsq
Posts:2
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| 02/14/2009 3:40 PM |
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Hi Brian,
I am interested in another unit at Cairo, MLS #080082223
I have been reading your post on SD Lookup and find it very informative, and I would very much appreciate your opinion on the unit/condo. Is it still over priced? since you mentioned that prices still have a long way to drop. |
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delmarbus
Posts:13
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| 02/14/2009 4:26 PM |
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| Make sure you inquire about any litigation involving the building. |
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wilson
Posts:1712
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| 02/14/2009 5:08 PM |
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| $300/sf is probably close to what this unit will sellf for. Other units in the building may sell for less in the future, but this unit liikely will sell before then. Live/work units appeal to a relatively small market segment. |
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Brian
Posts:4665
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| 02/14/2009 11:15 PM |
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I agree w/ delmarbus and wilson.
1) litigation and the health of the HOA is critical. How many owners are underwater? My guess is all of them. How many owners defaulted on HOA? Property taxes? If I were you, I would get HOA and property taxes on every single unit.
How many are owner occupied? How many are "principal" residences (you can see assume it's a principal residence if it has the $7000 HO's exemption). Owner occupied would have more wherewithal. And principal residence owners are less likely to walk on their upside-down homes.
2) If you absolutely love unit #4, then you might lose out, because as Wilson indicated, some "naive" individual will likely buy it around $300sf. But if you wait you will see lower prices in that building.
3) If i were you I would hold out for a unit in a concrete building rather than a wood building.
if you want, you can email me at briansd1 (at) live.com |
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wilson
Posts:1712
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| 02/15/2009 10:59 AM |
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| If you think the Egyptian is a comparable, that building have had 3 closings $275-$290/sf and a listin that just went pending. So the Cairo might be able to be had for 10% below list (about $275/sf). |
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fsq
Posts:2
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| 02/16/2009 12:47 AM |
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Thank you for all the input. Sounds like it hasn't hit bottom yet. I think I'll just wait a bit more.
Is it right that this kind of Live/Work unit would also be harder to sell?
Really appreciate your opinions and insights :) |
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wilson
Posts:1712
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| 02/16/2009 1:35 AM |
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My guess live/work unit would be harder to sell. Live/work unit is usually on ground level with good amount of glass for retail/office use close to sidewalk. Not a lot of privacy. Imagine all the people walking by and looking in. Most condo owners are looking for more privacy.
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MWtoSD
Posts:1085
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| 06/04/2009 5:25 AM |
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Just trying to keep the info together since the Cairo community link does not allow comments for some reason.
Some good info on the Cairo posted by DowntownDude 06/04/2009 1:39 AM
Area around the Egyptian, Cairo |
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MWtoSD
Posts:1085
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| 07/18/2009 8:21 PM |
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3788 Park #7
Status: Sale Pending
Price: $415,000
Assoc. Fee: $439 Monthly
Year Built: 2007
Area: Hillcrest & Mission Hills Real Estate
Community: Cairo
Listing
MLS#: 090031447
Days on Market: Not active
Listed: 06/02/2009
Beds/Baths: 2 / 2
Square Feet: 1,550 sf
PPSF: $268
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MWtoSD
Posts:1085
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| 07/18/2009 8:23 PM |
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Since we can not put comments for the community under the community page, just to keep track of units sales and when and if they come on and off the market, etc.
3788 Park Blvd #15
Price: $595,000
Status: Active
Assoc. Fee: $418 Monthly
Year Built: 2007
Area: Hillcrest & Mission Hills Homes for Sale
Community: Cairo
Listing
MLS#: 090039314
Days on Market: 8
Listed: 07/10/2009
Beds/Baths: 2 / 2
Square Feet: 1,514 sf
PPSF: $393
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MWtoSD
Posts:1085
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| 07/23/2009 9:33 PM |
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3788 Park #4
Status: Sold
Sold Price: $440,000
Sale Date: 07/22/2009
Assoc. Fee: $433 Monthly
Year Built: 2007
Area: Hillcrest & Mission Hills Homes for Sale
Community: Cairo
Listing
MLS#: 080082223
Days on Market: Not active
Listed: 12/11/2008
Beds/Baths: 2 / 2
Square Feet: 1,550 sf
PPSF: $284
Wow- seller wants this sold- incredible value for 1500+ sqft! Uniquely zoned for live/work. Work in commercial zoned space at street level with great frontage; for lunch go through your inner door to your private residence and sanctuary. Sizzling elegance. Two bedrooms plus large office space-. All appliances/including washer/dryer /flooring convey- great opportunity for owner/work/live space!
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MWtoSD
Posts:1085
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MWtoSD
Posts:1085
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| 08/08/2009 7:02 AM |
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3788 Park #7
Status: Sold
Sold Price: $402,500
Price Reduced: 07/09/2009 from $429,900 to $415,000
Price Reduced: 06/15/2009 from $440,000 to $429,900 |
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MWtoSD
Posts:1085
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| 08/08/2009 7:03 AM |
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forgot to add the follow for 3788 Park #7 - it was a live work place.
Description
What an incredible opportunity for 1500+ sqft-uniquely zoned for live/work. Work in approx 18x17 commercial zoned space at street level with great frontage; for lunch go through your inner door to your private residence and sanctuary. Sizzling elegance. Two bedrooms plus large office space-. All appliances/including washer/dryer /flooring convey-
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MWtoSD
Posts:1085
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| 08/23/2009 8:14 PM |
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3788 Park Blvd #15
Price Reduced: 08/23/2009 from $595,000 to $579,900
Listed: 07/10/2009
PPSF: $383 |
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MWtoSD
Posts:1085
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MWtoSD
Posts:1085
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| 10/21/2009 7:40 PM |
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3788 Park Blvd #15
Wow pending at that price
Status: Sale Pending
Price: $574,900
Assoc. Fee: $418 Monthly
MLS#: 090039314
Days on Market: Not active
Listed: 07/10/2009
PPSF: $380
Two closings this year
08/07/2009 #7 2/2 1,550 $402,500 $259
07/22/2009 #4 2/2 1,550 $440,000 $283 |
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MWtoSD
Posts:1085
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| 10/24/2009 9:16 PM |
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Looks like deal fell thru, must have realized how much they were going to overpay.
3788 Park Blvd #15
Price: $574,900
Status: Active
MLS#: 090039314
Days on Market: 106
Listed: 07/10/2009 |
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MWtoSD
Posts:1085
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