Waterbridge condos (Rancho Bernrado)- Anyone know what's the catch there

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Submitted by arv on September 23, 2009 - 11:26am

This waterbridge condo community (converted community) is priced comparatively less than other condos in the area

Why price at this place is down so much compared to other similar listings?

Following listing says "Cash offers due to HOA litigation".
http://www.sdlookup.com/MLS-090052415-17...
This is a one of the reason. What is this litigation about? What are other issues? How litigation impacts loan approval?

As per above listing says it is built in 1994 but the following link it is completed in 1971.
http://www.sdlookup.com/Community-192-Wa...
Why is this mismtach?

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If I am not mistaken builders
Submitted by SD Realtor on September 23, 2009 - 11:38am.

If I am not mistaken builders defects lawsuits bigtime. It is pretty much a cash purchase only.

There was probably a remodel
Submitted by SDEngineer on September 23, 2009 - 4:54pm.

There was probably a remodel completed in the 1994 timeframe. However, the "bones" of the apartments are MUCH older - 1971 seems about right.

I remember apartment shopping in that area in the 1990 timeframe (first apartment fresh out of college) - I looked at those, but they were too dated and run down back then for me (easily the cheapest place in RB).

I've also heard that parking in that complex is a nightmare - IIRC, the condos (even the 3BR versions) only have 1 dedicated spot each, and there is very little "guest" parking, so typically, if you have more than one car, it's nearly impossible to park the 2nd car anywhere near the apartment.

It's also not exactly 4s. In
Submitted by Misheloff on September 23, 2009 - 7:48pm.

It's also not exactly 4s. In and around that area Spanish is very useful.

Nice comment Misheloff, I
Submitted by SD Realtor on September 23, 2009 - 9:15pm.

Nice comment Misheloff, I will send you the pointy hat and sheet tomorrow.

Actually if you negotiate well, Waterbridge pricing is not bad for cash flowing.

Thanks for the useful
Submitted by arv on September 23, 2009 - 10:13pm.

Thanks for the useful information.

Yes SD Realtor, I was also looking at it from cash flow point of view also. I am not sure how to get financing for this property to make cash flow work.

Misheloff wrote:It's also not
Submitted by Eugene on September 23, 2009 - 11:11pm.

Misheloff wrote:
It's also not exactly 4s. In and around that area Spanish is very useful.

There are very few Spanish-speaking people in Rancho Bernardo. Don't know about that specific complex. Neighborhood elementary school is 55% white, 15% asian, 8% hispanic.

The Summit is priced very similarly to Waterbridge, it's newer, it's almost 4S, and it's not 100 feet from the freeway.

Not sure I agree with your
Submitted by SD Realtor on September 24, 2009 - 12:32am.

Not sure I agree with your premise Eugene.

To the OP, Yes from a cash flow perspective WB is nice but good luck getting financing there.