San Diego Housing Bubble News and Analysis

From what I understand, Ken, the young guy, married the older woman (yes, it's his wife, not his mom). Her father had a hotel in Vegas, which she inherited. They sold the hotel and started building in Mission Beach to make it the West Coast Miami. They made money off what they sold during the boom. I imagine that is what is keeping them afloat while they wait for suckers to buy what's built. I don't know how long they can ride it out.

This is hearsay. My sources are somewhat reliable.

Armstrong Construction is hurting. He has NODs on the condo development on Felspar behind Henry's and also on Grand. This is confirmed info.

What's up with KB builders in PB??? They are the builders who buy lots and put up 4 units of townhomes.....They are building all over PB like crazy and haven't slowed down....Does anyone know if they are selling and what this guy's deal is??? All his units look the same - stucco, view decks, etc..It is like he has a formula, but I can't see this contuing much longer.....

What's up with KB builders in PB??? They are the builders who buy lots and put up 4 units of townhomes.....They are building all over PB like crazy and haven't slowed down....Does anyone know if they are selling and what this guy's deal is??? All his units look the same - stucco, view decks, etc..It is like he has a formula, but I can't see this contuing much longer.....

My understanding of KB is that the land waa bought ahead of the boom but the permits took way longer than anticipated. Tom Armstrong is hurting but KB is hurting even worse. Tom Armstorng and owner of KB actually worked together before KB broke off to go at it on his own.

jpinpb thank you for that info. That makes what I see make some kind of sense.

Can anyone confirm?

It is too bad that you spend any time writing these negative comments. I have not met Ken's wife but understand her to be a very nice person. Ken is a nice guy and had a great idea. He will be fine. However he got funds to do what he has done should not be the issue.
As far as Tom Armstrong and this NOD. Tom is not the owner of 1269 Felspar so I find it hard to imagine how he could have an NOD. The owner is Kent Johnson family Trust. So you could not have confirmed.
Tom Armstrong designs and builds the best possible product in Pacific Beach, Mission Beach and La Jolla. Yes the market hit hard and money has been lost. The culprit for poor timing is many things but perhaps the largest cause is the city of San Diego's nearly ridiculous planning and permitting procedures. Regardless of who does the plans the process takes years to get through and then you have to contend with the process of getting maps through and signed.
In closing, Please refrain from spreading these bad rumors. It doesn't help anyone.

Loan File No: 201232
Date Recorded: 05/14/2008
File No: 0246947
Trustee No: 708233
Loan Date: 03/23/2006
Loan No:
Trustor : Armstrong Custom Homes L L C 755 Turquoise St, Pacific Beach Ca 92109
Trustee : Max Dflt Serv 619/465-8200
Beneficary : First Pacific Bank c/o 43180 Business Park Dr #A103, Temecula, CA 92590
Original Loan : $1,175,200.00
Default In.. : P&I 01/01/2008
Reinstate Date: 05/07/2008
Reinstate Amount: $1,206,914.00
Land Value: $1,428,000.00
Improvment Value: $70,380.00
Parcel No: 423-182-09-00
Legal Code: Lots 1 Thru 3 Blk 25
Site Address: 1403 Grand Ave 5, Pacific Beach Ca 92109
TMap: 1247-j6
Deed No: 0
SqFt: 3680
No Bedrooms: 8.0
No Baths: 8.0
Zone: R-3
Year Built: 1951

Name: Armstrong Custom Homes L L C
Address: 755 Turquoise St Pacific Beach Ca 92109

Loan File No: 616781
Date Recorded: 09/18/2007
File No: 0602339
Trustee No: 2007-2226
Loan Date: 07/21/2005
Loan No: 484003716401
Trustor : Felspar 2223 Llc 755 Turquoise St, San Diego Ca 92109
Trustee : SBS TD 818/991-4600
Beneficary : First Bank c/o 31194 La Baya Dr #106, Westlake Village, CA 91362
Original Loan : $1,605,200.00
Default In.. : P&I 07/11/2007
Reinstate Date: 09/12/2007
Reinstate Amount: $1,076,553.00
Land Value: $0.00
Improvment Value: $0.00
Parcel No: 416-563-07-03
Legal Code:
Site Address: 2225 Felspar St, San Diego Ca 92109-3752
TMap:
Deed No:
SqFt: 1510
No Bedrooms: 3.0
No Baths: 3.0
Zone: R-3
Year Built: 2007

Name: Felspar 2223 Llc
Address: 755 Turquoise St San Diego Ca 92109

I do stand corrected, as the newly built condos behind Henry's are 1269 Felspar and not 2223 Felspar.

It would appear that 854 Reed, a multi-zoned property w/a 2/2 house, lot size of 6,250sf is for sale.

This property was purchased 12/21/2006 for $950,000 by Tom Armstrong. It has been for sale since Listed: 02/08/2008 for Price: $950,000 to $1,075,000

http://www.sdlookup.com/MLS-086010365-85...