I have a “possible” client who bought there in 04. I have spent some time today researching Beech street so funny you posted this. Actually this guy bought at 850 Beech. He interviewed me last summer and went with a Prudential agent instead. He said my outlook was to pessimistic and that the Prudential agent was sure that he would get pricing that was at least 10% higher then my estimate.

He called me up 3 days ago. His home did not sell and he ended up chasing the market. He came off the market in December and is thinking of relisting. He asked me to send him updated pricing estimates as he is considering relisting. I feel bad because my estimate is going to be such that he will lose close to 100k on his purchase in 04. That is if he is lucky.

When I met with the guy, and he is a very nice guy, I recommended that I didn’t believe he would get more then 550k based on the location of his unit and the market conditions. He bought it for 620k. At the time he had it rented out and had a negative cash flow of several hundred bucks. I noticed when he expired in December he had chased the market down to a price range where the low end of his price was 575k. Right now I am wrestling with the next recommendation. I believe it will be in the low 500 range at best. His unit faces the courtyard and it is only on the 5th floor. I am supposed to meet with him this weekend to go look at the unit but I haven’t received confirmation from him on it. I gave him my preliminary thoughts today and that probably turned him negative on me once more. I told him that if he wants I can price it higher, but that I wanted to give him my honest recommendation.

SD Realtor

SD Realtor, are you talking about Acqua Vista? That building will be hammered real hard in my view. The valet parking thing (can’t self-park because they don’t have enough spaces) will kill many deals. This is middle-of-the-road building, not a high-end luxury property. It was an after-thought apartment building that went condo.

Perry the development is (I think) called Cortez Hill… It is at 850 Cortez Hill.

Temecula you brought up a good point.

The realtor that sold your home sounds like a good one. It was simply not worth his time and he was being very honest with you. Good post. Yeah you would have 3xd profit if you kept it, but he did what you wanted him to do, he got your home sold.

SD Realtor

The majority of the floreclosure activity on W Beech is at the Aqua Vista complex, not Discovery at 850 W Beech. I rent in Aqua Vista and know first hand the issues facing this development.

AV is behind over $150k in HOA payments, and I would estimate that the breakout is about 25-30 individual units behind an average of 12 months. Many of those have never made a single payment. They are by no means in trouble as they have plenty in reserves, and there are 382 units in total so making up the difference wouldn’t be too great of a cost to the other tenants.

I also noticed that there are about 20 properties with tax liens, a good amount in preforeclosure and a couple being foreclosed upon. Also, there are about half of the penthouse units for sale that take up the top 2 floors. I feel confident in saying that every unit purchased here is underwater. Another bad sign for sellers is that the amount of sales at the building has dropped to 1 I think over the last 3 months. It is going to be ugly!!!

Sadly for some, it will get uglier as the 80 some odd unit Aperture should be done this year, and a much bigger apartment complex opens in the next year or so. They are within a few blocks of AV. If I could pick up a penthouse unit for 500k, maybe 600k, I’d probably go for it (unlikely at best, at least for the next year or two). As of now they are all listed for around 800k (for the 1249 sq ft units).

As all have echoed, DO NOT BUY DOWNTOWN!!! You would be insane. Rent downtown if you love it so much. I’m anticipating rents to fall now too, as I have seen many, many units linger even as they drop the prices. There will always be some schmuck that will overpay, but don’t let that discourage you from being rational.

I don’t know the answer to this one. It could just be a mistake. Sometimes the data provider doesn’t catch changes in the public record, sometimes the County doesn’t make the changes in a timely manner.

Every once in a while the MLS shos a property as being sold but it doesn’t show up that way in the public records until a couple months later. Those late entries show the (earlier) correct date. That’s one reason appraisers use more than one data source. For instance, I use 3 different data providers for my public records data here in San Diego County, not counting the other sales and rental data sources I use.

Checked on only one of them, unit 436. Realist has nothing recorded since 04. I checked the MLS active, pending, sold, expired, cancelled, withdrawns for Beech attached homes back to 1/1/06 and couldn’t find it either.

Not sure what to tell ya OCR.

SD Realtor