jpinpb
Posts:4537
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| 10/11/2008 11:44 PM |
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| I've noticed many NODs and foreclosures and price decrease in this complex, so I thought I'd post information here. |
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jpinpb
Posts:4537
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jpinpb
Posts:4537
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jpinpb
Posts:4537
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jpinpb
Posts:4537
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| 10/15/2008 4:35 PM |
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7445 Charmant 1713 Bank owned. Relisted 220k. Last sold 09/09/2005 for $339k.
Beds/Baths: 1 / 1
Square Feet: 796 sf
PPSF: $276
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Brian
Posts:4662
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| 10/15/2008 5:01 PM |
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Thanks for posting.
And some said that UTC would never fall because of UCSD and proximity to employment. |
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jpinpb
Posts:4537
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Brian
Posts:4662
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| 10/16/2008 1:29 PM |
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jpinpb, I did look at Verano with someone who wanted to "invest" when they were converting. Are they sold out?
I remember that back then some units were sold "as is" and not redone with granite and such. This unit was redone, so it will set new comps at the complex much to the chagrin of the investors.
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jpinpb
Posts:4537
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| 10/16/2008 1:49 PM |
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| Brian - I think they are sold out, at least as far as the developer selling them. Not a shortage of them for re-sale, some w/NODs and foreclosures, obviously, and certainly selling for far less than what the developer was selling them at. |
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Eugene
Posts:747
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| 10/17/2008 12:59 AM |
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I lived across the street from Verano when they were converting. I was paying 1000-1100/month for a 1-bedroom with awesome views of the Mormon Temple. Verano was slightly more upscale, but not much. I think that they had washers/dryers inside the apartments and I had to use the laundry room.
The idea of paying 350 thousand for a condo very similar to the one that I was renting for 1000/month seemed very strange to me. Good thing that I didn't have any realtor friends to tell me how we were running out of land.
And the fact that complex owners were willing to convert and sell off rather than keep renting was, for me, the prime indicator that we were in a housing bubble and that prices would soon go down.
Those were the days ... |
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sdbri
Posts:594
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| 10/22/2008 11:23 PM |
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I was offered the "opportunity" to buy the condo I was renting, at 10% above the inflated prices they ended up selling them at. I have to admit the place is nicer overall today, but the fundamental flaws are unchanged - underground parking, college central, and now more yapping dogs than ever. The walls and floors could use some sound insulation, but I've seen worse.
It would make a decent investment to rent out to college students at the right price. I'm not sure you're going to keep it rented out at much higher than $1750 though. Factor in 1 month a year vacancy. |
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jpinpb
Posts:4537
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| 10/26/2008 11:13 PM |
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It's limbo time folks. How low will it go? 7565 Charmant 515
List Price: $165,000 to $195,000
MLS#: 080073055
Beds/Baths: 1 / 2
Square Feet: 704 sf
PPSF: $234
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lurknomore
Posts:271
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| 10/27/2008 9:12 AM |
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| sdbri--You wrote, ". . . the fundamental flaws are unchanged - underground parking . . . " Can you explain why you consider underground parking to be a flaw? Isn't it more secure? protected from the sun? |
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sdbri
Posts:594
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| 10/27/2008 6:09 PM |
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lurknomore,
Definitely if you had to choose underground vs. over-ground only, choose underground. It is better than under the sun, but for a condo you really want an attached garage especially in this area. You don't want to park a decent car here, and unfortunately UTC especially near Verano has a vandalism and petty theft problem. I got my car vandalized, and they had constant problems with people breaking into cars. It's actually a very nice area excepting this problem, and very low violent crime besides vandalism and theft.
I put it this way to a friend. How much would you pay not to have your car damaged/broken into and suffering $1,500 of damage? If you've had this happen, you know you'd pay more than $1,500 just to avoid $1,500 of damage because you just can't trust leaving your car there anymore. Maybe it's just me, but I'd pay a whole lot more than $1500 after incidents at La Cima and the next apartment I lived in.
The good thing about Verano is they at least put normal spacing between parking spots. Places like La Scala (apartment only) won't even give you enough space to open your door if you park normally.
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jpinpb
Posts:4537
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| 10/27/2008 7:14 PM |
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lurk - this is something I can address for you. I've done ride-alongs and have been to the police station to see the charts they post about car thefts and burglaries in Northern Division. The underground parking will protect your car from the sun. THAT'S ALL. Might as well have a carport. The security it alleges is misleading. There is NO "secure" underground parking. I have rented in the area of UTC for the past 4 to 5 years and besides the police department verifying it, I have experienced it myself. One time I saw a car sitting on blocks. The wheels were gone. Cars get broken into ALL THE TIME. It is a normal occurrence. Not enough police to patrol the "secure" underground parking. You'd almost be better off parking on the street in plain view. Someone might come by or drive by while they're trying to put your car up on blocks. Stereos, any item of value left in the car, boost controller, fuel controller, will be gone.
For me that was the one major drawback to renting. I LOVED living in Rennaissance, but I HATED the nightly burglaries. Our complex even hired their own security to patrol. It was futile. I finally moved and am renting a condo w/a garage. One sunny day after weeks of bad weather and not taking the Vespa out, I decide to go for a ride. I go to unlock my chain. Mind you, I have a twisted, braided chain that was about at least an inch and a half thick cable. I put a mega lock on it, too. Well, the morning I go to lift the chain and pull it through the wheel/fork. It was half sawed through. I couldn't believe it. Someone took the time to try to saw through it or clip/cut through each individual braided strand. They must have been working on it for quite some time. I was really pissed and that did it.
I made sure there was never anything visible in the car and was lucky no one ever broke into it, but I had a feeling it was just a matter of time. So after that incident, I found a place w/a garage. I think the gated underground parking is deceiving and maybe even facilitates robberies. |
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Brian
Posts:4662
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| 10/27/2008 7:25 PM |
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A friend of mine lives in the UTC area of La Jolla (92037) in a townhouse w/ a 2 car garage. But they have a truck that they park on the street. The truck was stolen twice. The policerecovered the truck once and the second time the truck was stolen, my friends decided not to replace it. It was never found again. Park at your own risk in UTC.
The monetary loss is one thing, but losing your computer, wallet, paperwork, cell phone, etc.. can be a major hassle.
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sdbri
Posts:594
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| 10/27/2008 11:47 PM |
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I loved Renaissance too, and security was at least much better than La Cima. In La Cima you didn't even need a key to access the garage as a pedestrian. You'll find a garage opener in every car of course, so that solves the problem for car thieves.
The problem with Renaissance was partly that doors would be left ajar or gates kept open. But it's still solidly above par for UTC. Plus the pool and rooms were awesome, and I only left because the rent spiked $250 in a year after 2 years of stable renting. I'd still recommend it if money's not an issue - they can charge it simply because a lot of their competition like Crossroads is a whole different story.
Some vandalism is just for kicks, and I've seen the aftermath of owners of nice cars showing the damage done overnight. It's telling that a beat up car rarely gets any attention, so again this applies more to above average cars. That said, east UTC is still way better than west UTC around UCSD. Call security if you hear drunken troublemakers from outside at midnight, it makes a difference over time. |
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jpinpb
Posts:4537
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| 10/31/2008 12:16 PM |
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7405 Charmant 1902
Pending
Price: $280,000
MLS#: 080068834
Listed: 09/26/2008
Beds/Baths: 2 / 2
Square Feet: 976 sf
PPSF: $287
Sales History
Date Price Held Return Annual
08/23/2005 $466,000
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jpinpb
Posts:4537
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jpinpb
Posts:4537
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