Fashion Walk Cancelled? – Piggington's Econo-Almanac

This topic has 46 replies, 17 voices, and was last updated 17 years, 3 months ago by NotCranky.

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January 3, 2007 at 10:26 PM #8155

PerryChase
Participant

I went to Fashion Valley the other day and I didn’t any anything about Fashion Walk anymore. There’s nothing about Fashion Walk on DR Horton’s website either. It’s off the map.

I remember we had a discussion about this project here before but I can’t find the thread.

According to the SDDT, DR Horton paid $22M for that property in 2005.
http://www.sddt.com/RealEstate/briefs.cfm?PublicationDate=2005-12-06

And they paid $1.5M + for the retaining wall.
http://www.andersondrilling.com/Projects_Detail.aspx?pProjectId=41

Video of the launch party. Listen to some of the sales pitches… They reflect the euphoria of the boom years. Everyone wants to live in Fashion Valley!!
http://www.letsplaydowntown.com/DRHorton_Fashion/FashionWalk_Frameset.htm

I’m wondering about Fashion Walk and also the Atlas project in Hillcrest.

January 4, 2007 at 7:52 AM #42657

LookoutBelow
Participant

I just drove past it yesterday….it looks "Shutdown"…..But Im sure SOMEBODY out there (with brain damage) would like to live there, in the heart of the most dangerous, busy intersection in the fashion area……Just think….you can go outside on your new (10sq ft) balcony and be nasally overwhelmed from the wafting fumes from the PF Changs burnt oil fryers….Mmmm.. Honking horns, police sirens, screetching tires when the light turns yellow, taking your life into your own hands each and every time you try to pull out from their parking garage, mentally ill homeless people wandering about, panhandlers on every intersection corner, loud bass steroe "systems" from Honda Civics and their 9 inch diameter exhaust pipes, police chases/ shoot outs in the interestion…..etc,etc…all the fine things that living there would bring….All for under 700K !!!

January 4, 2007 at 8:42 AM #42660

NeetaT
Participant

LookoutBelow,

I found your comment funny and serious at the same time. I don’t live in San Diego anymore, but I do remember the area that you are referring to. You are correct in your statement and I think this site would benefit from more of your comments. You are a gifted writer even if you don’t know it.

January 4, 2007 at 9:40 AM #42664

PerryChase
Participant

I concur with NeetaT — especially about the gifted writer part.

January 4, 2007 at 11:50 AM #42681

bub
Participant

Nice find PerryChase. Especially liked the details re. the retaining wall(are you in the business?) I find those kind of projects fascinating. The whole man vs nature battle. But if the wall fails(and I certainly hope it does NOT) will anyone be surprised?

I can remember the first time I drove by that site first shaking my head thinking it was an illusion. Then laughing thinking about some of the fabulous “advantages” detailed by LookoutBelow.

We really do “Live in interesting Times”.

January 4, 2007 at 2:51 PM #42705

PD
Participant

I went by there today. There were two pickup trucks in the area. A group of about 4 or 5 men were looking at what appeared to be blueprints spread out in the bed of one of the trucks.

January 4, 2007 at 3:23 PM #42713

Anonymous
Guest

DRH sold Fashion Walk at a large loss to another builder. It will be built, but the units will be rented as apartments until the market turns around. That’s all I know about the transaction. Those floor plans were terrible, and the project was upsidedown…DRH wanted to dump the thing and they did.

As for Atlas, I think it was shelved….but I’m not sure.

January 4, 2007 at 5:03 PM #42721

SD Realtor
Participant

PC nice find. I didn’t know that about Fashion Walk.

You got the county covered from Chula Vista to Oceanside man!

BTW I assume you are still hawking UC condos as well. I keep looking for the first sign up on Regents or Nobel that offers something under 200k… That would be pretty sweet.

SD Realtor

January 4, 2007 at 5:46 PM #42726

bubble_contagion
Participant

The Verano condos dropped another $20K in late December. Their signs have read from 2005 to today: $420K->$380K->$360K->$340K

I guess a “used” condo would be $20K less so if you bought at the top you are now down $100K + commission

January 4, 2007 at 7:23 PM #42729

PerryChase
Participant

Yes, SD Realtor, looking at real estate is my new hobby. I hope that I’ll get tired of it soon and move on to something else — maybe in the Spring the we move back to Daylight Saving Time.

It’s just too easy online. I’m still looking for a retirement condo for my auntie. She sold her house last year and is looking to downsize. I’m also looking for a house for me to buy when the time is right; and both my brothers have asked me to an eye out for them also. I’m looking for a commercial property as well but that’s harder without a broker. I want great deals so I’m willing to be very patient.

I’m getting to know San Diego really well just surfing the Net. Since I’m not emotional about RE, I find it kind of fun. Better than watching TV. 🙂

January 5, 2007 at 8:54 AM #42754

barnaby33
Participant

I’m getting to know San Diego really well just surfing the Net. Since I’m not emotional about RE, I find it kind of fun. Better than watching TV. 🙂

Not to mention not nearly so mind numbing. With very few exceptions, TV is now far too passive for me.

Josh

January 5, 2007 at 10:14 AM #42760

CardiffBaseball
Participant

I'm getting to know San Diego really well just surfing the Net. Since I'm not emotional about RE, I find it kind of fun. Better than watching TV. 🙂

Tell me about it. My wife watches programs while I sit there on the net. Not all is housing related but a huge chunk of my day. Meanwhile movies are piling up on my DVR unwatched. I think I have 7 episodes of Entourage that I quit watching as well. I am having a hard time unplugging the laptop and need therapy.

January 5, 2007 at 1:04 PM #42769

PerryChase
Participant

CardiffB, sounds like I’m doing what you’re doing — carrying the laptop around the house. I never used the computer much at home until I got a wireless router. It’s very addictive. Sometimes I spend hours on the computer reading one topic after the next on Wikipedia.

May 14, 2007 at 3:25 PM #52809

PerryChase
Participant

Now we know what happened to Fashion Walk. Atlas is now selling.

——
http://www.signonsandiego.com/uniontrib/20070513/news_1b13develop.html

Near the peak of San Diego’s housing boom, home builder D.R. Horton purchased a steep, nine-acre hillside along Friars Road across from Fashion Valley mall for $22 million.

The land was earmarked for Fashion Walk, a trendy, 161-unit condo project. D.R. Horton spent $1.5 million on a 46-foot-high retaining wall to hold back the slope. The company graded a flat shelf for the condos, hauling away tons of dirt. It poured concrete foundations for elevator shafts.

But this March, D.R. Horton walked. It sold the property to apartment developer AvalonBay of Newport Beach. The price: $19.2 million.

D.R. Horton, one of the nation’s largest home builders, is not the only one shedding land purchased during San Diego’s housing heyday.

May 14, 2007 at 4:06 PM #52816

kewp
Participant

Har, driving past that development I figured it was going to be a mini-mall or something. I can’t imagine who would want to live there.

I overpriced mall crap would be more attractive if you didn’t have to pay $4 gallon gas to drive there!
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