Spinnaker Waterfront Hotel Downtown in Trouble?

User Forum Topic
Submitted by briansd1 on October 23, 2009 - 7:38pm

It appears as though the Spinnaker Waterfront Hotel in Downtown San Diego will be another casualty of the bubble pop.

http://spinnakerwaterfronthotel.com/swh_...

Todd Sabin, the owner's house in Point Loma is entering foreclosure.

He owes $8,000,000 on that house according to the NOD.

Look at the price history of that house from 1991 to 1998.
http://www.sdlookup.com/Property-815DA99...

Now asking $4,999,000
05/25/2005 $5,000,000
08/13/1998 $2,950,000
03/26/1991 $3,400,000

So much for the high-end being immune.

Thanks to jpinpb for the NOD info. :)

‹ 3655 Ash St #9, do you recommend this property for investment? Lucera Condo - $199k ›
Here's another high end in
Submitted by briansd1 on October 23, 2009 - 8:21pm.

Here's another high end in Point Loma w/ an NOD.

I wonder where the equity went.

http://www.sdlookup.com/Property-68B996F...

Interesting City Beat
Submitted by briansd1 on October 23, 2009 - 8:29pm.

Interesting City Beat article:

http://www.sdcitybeat.com/cms/story/deta...

http://www.sdcitybeat.com/cms
Submitted by briansd1 on October 23, 2009 - 8:45pm.

http://www.sdcitybeat.com/cms/story/deta...

In May, it appeared something was shaking, when Carpenter and Engle convinced port commissioners to transfer the lease to a pair of low-profile developers, Todd Sabin and Brian Ross. But since then, efforts to gain private financing for the hotel have fallen through for Sabin and Ross, and on Tuesday, port commissioners were poised to rescind the lease-transfer deal they approved in May.

Confused yet? Yeah, me too. In the meantime, Engle and Carpenter secured a tentative deal with the San Diego Convention Center Corp. to give convention officials a year—for $1 million—to determine if the sliver of property can handle both the hotel and a convention center expansion. If so, Engle and Carpenter would be paid $13.5 million for the lease.

Here is a related story by SDUT
http://www.signonsandiego.com/uniontrib/...

I love those "So much for the
Submitted by sdrealtor on October 24, 2009 - 9:55am.

I love those "So much for the high-end being immune" anytime someone finds a high priced distressed property. There will always be distressed properties particularly among high end properties due to divorce, business failures and outright stupidity. It happens in good markets also. I'm not saying the high end is immune but until there's one on every street we still have a ways to go in high rent districts.

The high-end will return to
Submitted by briansd1 on October 24, 2009 - 10:10am.

The high-end will return to what it historically used to be, PROPORTIONAL to the low-end.

If A neighborhood used to be 2 times B neighborhood, then that's what you can expect sometime in the future.

It will adjust through outright price declines or through stagnation/inflation.

When will that happen exactly? I don't know. But it will happen.