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Cracks at Samuel Fox Lofts
Last Post 01 Jan 1900 12:00 AM by Anonymous. 16 Replies.
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Author Messages
Brian

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12 May 2008 01:15 PM
    There are some big cracks there.  
    We will see at lot of stealth inventory coming to light soon. 

    It's a cool historical building but the lofts have no balconies and some condos have no windows, only skylights (that would feel like living a prison). 

    http://www.sdlookup.com/Property-4A...2101#21907


    Lana

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    12 May 2008 05:07 PM
    http://www.sdlookup.com/MLS-0810144...o_CA_92101

    Price: $229,000 to $257,000
    Square Feet: 822 sf
    PPSF: $279

    Does this condo have windows? From the pictures it looks like there are no windows.
    Dave

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    12 May 2008 07:48 PM
    Yeah, no windows, only a skylight. This is a really cool building, but whoever paid almost $400K for a 800 square foot condo with no windows was an idiot. And the bank was equally stupid for giving him a loan. I say it sells for $125K. There are other units in this building though that are starting to look like good deals. They have windows.
    RHRIII

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    29 Sep 2008 10:24 PM
    Hi Brian, what do you mean by cracks, like in the actual structure? I like unit 542, Thanks.
    Dave

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    29 Sep 2008 10:59 PM
    If you could get this unit (#542) for $435K, it would be a deal. I'll bet it goes for over $450K.

    But I still say #547 (the no-windows hovel) goes for under $150K. It's currently listed for $359,900...what a joke!!!
    Brian

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    14 Jan 2009 08:00 PM
    1/2 off and still not selling.


    950_6th_Ave_322_San_Diego_CA_92101


    ken

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    14 Jan 2009 08:17 PM
    Actually #322 went pending and maybe buyer could not get financing. I tried to look at this unit a couple of weeks ago and they wouldn't let me see it, even though I said I was interested in making a backup offer. I'm not too hot on the building location but this is one of the historic buildings and two units I saw in the building were pretty nice. I think this will sell and likely the only reason it did not was buyer could not perform.

    In speaking to an owner, I got an evasive response to my question about health of HOA. The restaurant on the ground floor has stopped work on their work and looking for additional financing.
    Joel

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    15 Jan 2009 09:31 AM
    Common theme that is continues to occur. People who bid the higher prices cannot perform when it comes to closing. People who bid low and could perform are turned down. When the seller goes back to the previous low offer they have moved on.

    With regard to Samuel Fox lofts being a good building I would offer this advice. Many units have remained vacant perhaps distorting the condition the building will eventually move towards. It was developed by Champion who has a reputation for controlling the HOA and neglecting residents in order to maximize their retail revenue. Guess retail is not working out so well in this building. Is the parking partly public there?
    ken

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    15 Jan 2009 08:14 PM
    There was a lot of interest in this unit because of the large size and the low $268 ppsf. With that pricing someone will step in pretty quickly. How many othe condos downtown are less ppsf? Answer: very few. It is unreasonable to through out generalizations unsupported by any examples. The were so confident of the sale that they were not interested in backup offers or showing the unit after went pending. The nice thing about this unit is that no one screwed it up by "decorating" that woulod need to be undone.

    I'm not aware of many vacant units. Only three units for sale and I know at least one of those is rented and is not vacant.

    Parking has lower clearances. The building was originally I department store. There must be extra parking spaces because there is a sign indicating that there are spaces for rent. Too much parking is a negative? Huhhhhhhh?

    Yes, retail being occupied would definitely be a plus for the building. News flasH retail is in recession, you may not have heard there is a recession.

    Brian

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    15 Jan 2009 08:57 PM
    Posted By wilson on 01/15/2009 8:14 PM
     The nice thing about this unit is that no one screwed it up by "decorating" that woulod need to be undone.



    I completely agree with.  

    When I hear people claim that they put $50,000 or whatever in "upgrades"  I want to ask how much credit they are offering to undo the upgrades.  ;)


    Joel

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    16 Jan 2009 11:11 AM
    Seeing how the garage at GLCS had valets driving recklessly through the lot and parking in resident parking spots, yeah too much parking is bad if it is open to the public. Since this building is the same owner/developer I would be worried about the same issues. You might want to consider a more knowledgable realtor if this was not told to you.

    I would also add there are not many $268/ sq ft units building in DT yet. Really there is a recession? Have I ever posted about closing stores? Maybe the potential buyer could not perform cause he was a store manager at Circuit City.
    jonsd

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    05 Mar 2009 03:39 PM


    Can anyone shed more light on the cracks? Are they viewable from the facade of the building/interior/garage? I have not seen any replies to this question. Thanks!
    twocents

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    05 Mar 2009 04:24 PM
    if that's a joke it's funny

    if it's not a joke it's even funnier!!
    Dav

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    05 Mar 2009 05:21 PM
    Posted By jonsd on 03/05/2009 3:39 PM


    Can anyone shed more light on the cracks? Are they viewable from the facade of the building/interior/garage? I have not seen any replies to this question. Thanks!


    Jonsd, you are relatively new to the forums I see with just 2 posts. The cracks are not literal structural cracks. The cracks that are referred to in this post are cracks in the value of the units being sold. Many well below the previous purchase price, one is even at 50% off from the last time it was purchased.
    David

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    05 Mar 2009 05:28 PM
    Jonsd--The explanation provided by MWtoSD opens a slight crack to invite your entrance into the "in crowd" here at SDLookup. WARNING: FOR YOUR OWN HEALTH THE SURGEON GENERAL ADVISES YOU NOT TO ENTER!!
    ken

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    05 Mar 2009 07:27 PM
    maybe owners there are plumbesr.Plenty of butt cracks.
    twocents

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    16 Apr 2013 04:27 PM
    Ah, whatever happened to Brian and Wilson. I miss those guys!!!
    You are not authorized to post a reply.


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