newby
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| 01/19/2009 6:59 PM |
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| It seems that the sales history doesn't go further back than 2002 for a couple of units and there is no sales history on others. Does anyone care to estimate how much I should pay for one of those condos? |
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jpinpb
Posts:4537
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| 01/19/2009 8:59 PM |
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I don't know very much about the complex itself. Did you check w/the HOA? Old complex. Are they solvent? Have they been maintaining the property? Done termiting?
4015 CP P3 is listed at 270k, below 2002 pricing. Not bad for top floor. "sold as is" So be sure and do proper inspection. Seems like a pretty good deal, barring anything extraordinarily wrong w/it. Wouldn't be surprised to even see some bidding going on. |
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jpinpb
Posts:4537
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| 01/19/2009 9:10 PM |
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4015 CP P3 seems to be a much better deal than 4015 CP 202 listed at 329k, smaller place and I don't think a top floor. P3 is 394 psf and #202 is 488 psf. #202 has been on the market since July and not moving. Couldn't tempt a summer shopper.
4015 CP 304 is listed at 359k, 523 psf since September. Don't know what they're thinking.
Should be interesting to see at what P3 ends up closing. |
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newby
Posts:5
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| 01/19/2009 9:31 PM |
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Thanks for your reply. I have been waiting for a long time for a chance to buy my own place but I am very afraid of getting into a situation that so many others are in right now. I appreciate your thoughts.
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wilson
Posts:1706
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| 01/19/2009 9:54 PM |
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At $394/sf, that is still a premium price that reflects the view & location. HOA is more reasonable that downtown properties.
I wouldn't expect it to sell for too much less without some units in the complex showing more price weakness.
MY guess is that most would tell you to wait more, but compare to cost of rent and pull the trigger if it makes sense for you. |
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wilson
Posts:1706
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| 01/19/2009 9:58 PM |
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| IF you do make on offer, I would suggest starting 10% under lst and see if they counter back. |
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jpinpb
Posts:4537
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| 01/25/2009 3:15 PM |
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4015 CR 106
Price: $449,995 to $469,995
MLS#: 090004491
Beds/Baths: 2 / 2
Square Feet: 973 sf
PPSF: $462
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ElPato
Posts:573
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| 01/25/2009 6:42 PM |
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The location of Crown Point Villas is excellent. It was converted to condos in 2002. I would carefully examine the HOA paperwork. There was a huge fraud perpetuated by a financial advisor, and there may still be lawsuits pending. More info here.
If you do your homework, and the finances pencil out, then I'd say go for it. Crown Point is one of my favorite areas in San Diego. |
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ElPato
Posts:573
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jpinpb
Posts:4537
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| 01/25/2009 7:05 PM |
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| Thanks for the info, Pato! |
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ElPato
Posts:573
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| 01/26/2009 11:20 PM |
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| you are welcome jpinpb. hopefully newby checks back :) |
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jpinpb
Posts:4537
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newby
Posts:5
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| 02/01/2009 7:55 PM |
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This is newby checking back. I have been in the place and I like it. The building I went into seems clean and inviting. The parking spaces are wide and level. Every time I have been there I easily found on-street parking. The unit I saw had a lot of natural light and a really nice view. It did not have in-unit laundry but there was a laundry room just down the hall in addition to the one by the pool. There is also a garbage shoot just down the hall. I thought that was pretty awesome since I have a cat with a litter box to scoop every day.
The HOA president seems to be a bit of a pittbull but I guess you want someone like that to protect the place.
Is this the check back you were looking for? |
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jpinpb
Posts:4537
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ElPato
Posts:573
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| 02/25/2009 9:58 PM |
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>>Is this the check back you were looking for?
Hi Newby, that is the sort of check back I was looking for. Before you buy, know that lawsuits from the past can come back and hit you in the HOA bill. So I'd ask specifically about any pending lawsuits, as well as the current HOA financial state, and empty foreclosures.
You will like Crown Point. I do :) |
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jpinpb
Posts:4537
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| 03/12/2009 11:30 AM |
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| MW emailed me this. I'm posting the information here for those that are unaware of this. CP lawsuit |
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jpinpb
Posts:4537
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| 03/13/2009 11:22 AM |
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4015 CP 309 listed for
List Price: $279,900
MLS#: 090015472
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MWtoSD
Posts:1085
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| 03/13/2009 9:34 PM |
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Here is another article with even more personal story about what the developer allegedly did.
Fraud? Or just risk?
I know the articles are dated, but does anyone have any update on the outcome? Can any of this truly lead to charges against the HOA? Is that even a possibility? |
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MWtoSD
Posts:1085
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jpinpb
Posts:4537
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| 03/13/2009 9:43 PM |
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| Thanks for the info, MW. Good to know. I would think anyone buying would be informed if there is HOA litigation. Wouldn't a seller need to disclose that? |
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