Bay Crest Condos - Point Loma

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Submitted by jimmi181 on January 13, 2009 - 12:44pm

I'm looking at some condos in Bay Crest complex, Point Loma. Specifically the unit at 3832 Groton Street, San Diego CA 92110. While it's listed at 295k, there is a bank owned foreclosure in the complex for 265k. Here are my questions:

1) Does anyone know anything about this complex? It's FHA approved, so I'm fairly sure that means owner-occupancy should be high (correct me if I'm wrong).
2) I always get a strange feeling when I see properties that are all essentially the same selling for a range of 215k to 310K. According to the SD tax website, a property in this complex sold for 215k at the end of November 2008. I can't find any other history for this transaction, but it's just difficult to see people listing them for 85K more than the most recent sales amount.

Thanks in advance for any advice/information you can provide.



Submitted by scolyer on January 15, 2009 - 10:31am.

Jim -
I live at the Bay Crest Condos and I think the prices you are seeing are fairly decent. I bought here back in April of last year and paid a little over 300K for one of the two bed two bath units. This complex is mostly owner occupied and the Board is working diligently to get the right companies on our payroll that will facilitate everything running smoothly. We have just recently taken on a new property management company, landscaper and construction company. Meetings are held in the clubhouse on the first Monday of each month and the Board welcomes comments and suggestions. You should attend a meeting to see if you cant have some of your more detailed questions answered there.

Submitted by jimmi181 on January 23, 2009 - 5:34pm.

Thanks for the advice. I'll try to attend one in February.

Submitted by chicobeaks on January 23, 2009 - 8:59pm.

Hi Jim,
I was in escrow for a 1bd place in Bay Crest a few years ago. During that time I found out that the HOA was in litigation over a leak under the slab of one of the units. The unit wasn't livable and the lady had to move out. Apparently they said that it wasn't covered and it was going to court. The bank freaked out was going to change the terms of my loan because it was in Bay Crest. That was enough for me. I bailed out and it was the best decision I ever made. I would look into the HOA insurance out there before you make any purchases. They were also hitting the residents up with assessment charges at the time. It is a nice place but make sure you do your homework before pulling the trigger on this one.

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