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  • February 4, 2007 at 5:06 PM #8335
    mixxalot
    Participant

    Checked out the new models in Point Loma by Lennar and amazing how they want 540k plus for the tiny 2-3 bedroom condos! It is far from beach and not that great. When will builders stop charging highway robbery prices in San Diego for condos?

    February 4, 2007 at 9:28 PM #44761
    Raybyrnes
    Participant

    I thougth the builder did a decent job wiht the units but the price is far too high and the location would have been better suited for a placement of low income housing as opposed to 540K units.

    February 5, 2007 at 6:59 AM #44766
    mixxalot
    Participant

    I agree.. however as you said, 476k to 555k for tiny condos in Point Loma is a bit much. Granted they made nice construction but the area is not that nice and really these should be priced more like 250-300k. Here is one odd thing that I noticed yesterday when I checked them out. Lennar is willing to pay mortgage for 6 months. Second, the sales people were not that helpful and a bit aloof for one who sells homes compared to realtors. That turned me off right there. No, I can buy a real nice home for less money in Poway or Rancho Bernardo which have less crime and nicer areas and schools. I am waiting for the dead cat bounce to finish in 3-5 years.

    Now if we can get Chowderhead to shut the F up on KOGO about how real estate never goes down. Man that idiot is never quieted.

    February 5, 2007 at 8:55 AM #44767
    PerryChase
    Participant

    I looked at the Cabrillo/Shona condos as well when they first opened.

    I make it a point to visit all new construction when I’m on my way someplace else. That way I know the neighborhoods for when I’m ready.

    I agree that the Lennar condos are overpriced. You might want to check out William Lyon’s Sunset Cover in Clairemont/Bay Park. They are equally overpriced but they are nicer townhouses with higher ceilings. Some units have ocean views.

    I say wait 5 years then buy a resale unit.

    February 5, 2007 at 8:10 PM #44825
    mixxalot
    Participant

    Lyon’s Sunset Clairmont condos

    Thanks- I will check these out. I plan to wait 5 more years to buy a place and hope the market corrects and bottoms out by then. I hate renting but to throw away money or get a suicide loan is not wise thinking so will ride this downturn out. I need to stabilize work and save up a big downpayment for good deals in 5 years. It will take a long time for the “dead cat bounce” to end.

    February 5, 2007 at 9:29 PM #44828
    PerryChase
    Participant

    mixxalot, another thing to consider in Point Loma. The owners of the Sports Arena wants to tear it down and redevelop that whole area. If that’s happens, you might have even more choices in Point Loma in a few years.

    February 6, 2007 at 5:28 AM #44833
    mixxalot
    Participant

    Sports Arena Eyesore

    Needs to go. Who even goes there anyhow? I hope the owners tear down that nasty eyesore in Point Loma and also get rid of the stupid Kobeys swap meeting full of riff raff and criminals. It is a breeding ground for drug activity and crime. Not only would it build more homes but get rid of crime.

    February 6, 2007 at 9:25 AM #44836
    barnaby33
    Participant

    You mean push the crime somewhere else possibly? Gentrification doesn’t get rid of the riff raff, just makes it move. Riff raff is resiliant, it doesn’t go away easily.

    Josh

    February 6, 2007 at 10:52 AM #44843
    DaCounselor
    Participant

    The Sports Arena area seems like a pretty undesireable area to live. Surrounded by lots of industrial space and commercial space. Not to mention several adult entertainment clubs. A development there would make Liberty Station look like Utopia.

    February 6, 2007 at 1:53 PM #44854
    tube_ee
    Participant

    Well, maybe the developer could get the land for a buck, just like McMillan did… no, only the San Diego City Council is that stupid.

    As to these condos, a company I used to work for did the alarms and option home-theater wiring. There’s no freakin’ way I’d pay over half a million dollars for a condo in da hood, with some of the worst floorplans I’ve ever seen. These tall-n-skinny tcondos would be a total pain in the ass to actually live in. And any potential buyer will see that as soon as they walk in the door and climb all those stairs. Without suicide loans, flippers and 30% / year appreciation, these projects make no sense at all.

    Resale value in 2012: 200 – 250K. Maybe less, depending on the amount of pain in the SFR market. Just consider the likely buyers, and what they will be able to afford with 20% down, 30-yr fixed, at the higher interest rates we’re going to see in a year or two. That’s what those people will be able to pay, and that’s what these units will be worth.

    Hint: the buyers won’t be lawyers, doctors, engineers, etc. They’ll be teachers, city workers (the shovel-wielding kind), mid-level construction guys… blue-collar or low-paid professional types. If you really want to know where any property is going, combine the target market with real financing, and there’s your value.

    –Shannon

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