jpinpb
Posts:4538
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| 01/01/2009 6:12 PM |
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| I had a thread about The Plaza and the losses happening there. Maybe it's not such a great location and it's a little run down. But this complex is in North PB. Many have ocean views. It's a newly re-done complex. I've started to notice some NODs and foreclosures, so I'm going to post them for anyone who is interested. |
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jpinpb
Posts:4538
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| 01/01/2009 6:16 PM |
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860 Turquoise 134 Last sold 01/13/2005 for 390k. Was listed for 285k. Went pending, but has not closed yet. Has a NOD filed.
860 Turquoise 131 has a NOD filed. Last sold 05/06/2005 for 390k.
860 Turquoise 337 Last sold 06/03/2005 for 544k. Has a NOD and is scheduled for foreclosure 1-7-09
840 Turquoise 203 Last sold 05/31/2005 for 295k. Countrywide special. Has a NOD filed.
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jpinpb
Posts:4538
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| 01/01/2009 6:16 PM |
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840 Turquoise 316 Was sold 04/04/2005 for 295k. Now listed for 249k. A NOD was filed.
860 Turquoise 125 Last sold 02/11/2005 for 390k. Listed for 259k.
860 Turquoise 329 Last sold 06/03/2005 for 316k. Listed for 225k. NOD was filed in May. Foreclosure was scheduled in August.
860 Turquoise 137 Last sold 06/09/2005 for 510k. Listed for 389k (pending) |
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jpinpb
Posts:4538
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jpinpb
Posts:4538
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| 01/01/2009 6:25 PM |
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| There are about 16 places that have sold in the past 2 years that are perfectly set up for losses. |
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jpinpb
Posts:4538
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| 01/01/2009 6:35 PM |
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These are places that were at one time listed that have not sold, what I consider stealth and that I would not be surprised to see listed down the road again:
860 Turquoise 220 was listed in April for 555k.
860 Turquoise 132 Last sold 08/31/2005 for 280k. Was listed in May for 240k.
840 Turquoise 106 was listed in June for 235k.
840 Turquoise 301 last sold 03/10/2005 for 535k. Was listed in July for 540k.
840 Turquoise 119 lat sold 06/28/2005 for 496k. Was listed in June for 515k, then in October for 450k. |
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waterboy
Posts:64
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| 01/02/2009 7:53 AM |
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All these units were first purchased at the peak and only a handful have changed hands at more reasonable prices so I don't even think the location to ocean will save this development. I remember going to the "grand opening" of Pacific Shores and it was funny to see how the lottery worked and people fighting over what were considered the top units. They wouldn't even allow you to view the unit that you put the deposit on and couldn't tell how many parking spots came with each. I don't believe they sold out that day but did sell many units and ended up selling out the development before the market took a hit.
Apartment conversion, tiny units, low % owner occ. and noisy location are going to bring these down to reality. Good rental location so investors might start to come in once they can get good positive cash flow. |
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jpinpb
Posts:4538
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jpinpb
Posts:4538
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jpinpb
Posts:4538
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jpinpb
Posts:4538
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jpinpb
Posts:4538
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MWtoSD
Posts:1085
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jpinpb
Posts:4538
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jpinpb
Posts:4538
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jpinpb
Posts:4538
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jpinpb
Posts:4538
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jpinpb
Posts:4538
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jpinpb
Posts:4538
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CoastalDweller
Posts:61
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| 05/23/2009 1:07 PM |
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| The opening of a medical marijuana dispensary practically across the street (929 Turquoise) won't help. I've lived in the area about 20 years, and that stretch is beginning to resemble parts of Garnet Ave. |
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