About UTC condo conversions…

[PerryChase]

mrquoi, are you talking about the SD trolley or Coaster at Nobel/805?

Within walking distance to a trolley station would be great.

The more I look, the more I’m leaning towards a condo downtown. (when the price is right).

[mrquoi]

It’s supposed to be a Coaster station in the next couple years.

Then, later (estimated 2011, which really means 2020), the trolley’s supposed to go to the UTC area too.

http://www.sandag.org/index.asp?projectid=250&fuseaction=projects.detail

So you get both. A new condo downtown would be more fun, though the HOAs down there are nuts. $400-$800 a month for a place that doesn’t have any gardens?

[CardiffBaseball]

That’s interesting because I work up off of Genesee and won’t take the coaster due to the extreme inconvenience. First either back track to Encinitas, or go a few miles south to Solana Beach, ride to Sorrento Valley and catch the bus up to work. Then on the way home you can still hit some traffic just getting back to the station. Then the cost is something around $8.00 per day so unless the car is acting up, it’s just easier to drive the 12 miles.

However a station in UTC might be interesting. You could look at using a bike to supplement the train.

[SD Realtor]

Yeppers the coaster stop is actually going to be right next to the Lucera complex.

[PerryChase]

SD Realtor, do you have a map of the new trolley line? I searched online but could not find it. Thanks.

[PerryChase]

Below is an excerpt from an article in today’s San Diego Union Tribune about Verano. That’s a 16% drop in 1 year! I’d say that nearly everyone who bought in 2005 is now underwater. Let’s see what year 3-5 gives us.

————————————-

SD Union Link

 

An analysis by The San Diego Union-Tribune of completed sales at Verano, a 514-unit project in University City also developed by Crescent Heights, found that the selling price of a 934-square-foot, two-bedroom unit averaged $440,000 in May through August 2005.

This year, the same-size unit at Verano sold for an average price of $371,000. The price-cutting strategy appears to be working. Verano sold 23 condos in August, according to county deed records.

[SDcostal]

UTC looks to be really sinking right now judging by the number of listings on Zip Realty right now.

[poorgradstudent]

Driving down Nobel drive (one of the bigger UTC streets), most of the complexes have “now leasing” signs up that attempted conversions. Also, some of the prices posted on the signs and banners look lower than they were a couple months ago.

[poorgradstudent]

UPDATE:
Interestingly, the Venitian, one of the converted apartment complexes a friend of mine used to rent from, is now 90% sold (although it’s been over a year since they kicked everyone out). I wonder how much they had to come down?

[PerryChase]

Losses are mounting at the Venetian. I saw somewhere in the local news that one homeowner was defaulting on his property. He then advertised his condo for rent at a low price, took deposits from several would-be renters and disappeared with the money. The DA won’t do anything so the only recourse those tenants have is to sue to landlord for the money. Good luck to them.

[PerryChase]

Verano Price update:
1 bd = high 200s
2 bd = mid 300s

http://www.veranocondos.com/ifr_pop1.html

http://www.veranocondos.com/

[bubble_contagion]

A few days back a 2 bedroom at Lucera was listed on the MLS for $325K (MLS#: 072058812). Back in Febuary 2006, when I started this thread, the lowest price for a 2 bed was $430K. These units are worth $225K tops and will be at that price in a year or two.

[bubble_contagion]

A few days back a 2 bedroom at Lucera was listed on the MLS for $325K (MLS#: 072058812). Back in Febuary 2006, when I started this thread, the lowest price for a 2 bed was $430K. These units are worth $225K tops and will be at that price in a year or two.

[bubble_contagion]

Back in July I reported that one 2 bed unit of the Lucera condo conversions was listed at $325K. These units were being offered (and sold) at around $430K back in February 2006. Today there are other five units listed for $335K or below and one listed at $300K. I continue to believe that these units are worth $225K tops and will be at that price in a year or two. It must suck to have bought at $430K.

[Eugene]

What do you make of this?
http://www.zillow.com/HomeDetails.htm?zprop=52513852
Did someone actually buy this condo for 365k a month ago and trying to flip it for profit? Did it get foreclosed upon? (Improbable – it was sold for 325k originally) Is Zillow nuts?

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