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July 12, 2007 at 3:42 PM #65607July 12, 2007 at 3:56 PM #65546
blahblahblah
Participantnsr is right, and those HOA fees are calculated too low to begin with — almost every new building has to increase them within the first year. Also, just think what those fees are going to look like when half the building is empty. And of course there are all sorts of weird maintenance issues that will crop up. In the last “luxury” condo building I lived in, my supposedly high-end neighbors started stealing lightbulbs from the common areas rather than pay to replace the ones in their own units. The rest of us of course had to pitch in to cover this…
July 12, 2007 at 3:56 PM #65609Participantnsr is right, and those HOA fees are calculated too low to begin with — almost every new building has to increase them within the first year. Also, just think what those fees are going to look like when half the building is empty. And of course there are all sorts of weird maintenance issues that will crop up. In the last “luxury” condo building I lived in, my supposedly high-end neighbors started stealing lightbulbs from the common areas rather than pay to replace the ones in their own units. The rest of us of course had to pitch in to cover this…
July 12, 2007 at 4:17 PM #65554blue_sky
ParticipantYeah, and don’t forget special assessments whenever something goes really wrong.
July 12, 2007 at 4:17 PM #65616ParticipantYeah, and don’t forget special assessments whenever something goes really wrong.
July 12, 2007 at 5:30 PM #65568donaldduckmoore
ParticipantPC, I don’t think it will go that low.
July 12, 2007 at 5:30 PM #65631ParticipantPC, I don’t think it will go that low.
July 12, 2007 at 5:59 PM #65637ParticipantI predict that the banks will end up with at least a couple of entire buildings downtown (from the stock being built now) and that they will be converted to apartments and vacation rentals. Some buildings will also end up with a 50/50 structure between condos and apartments/rentals. There are simply not enough buyers for these units at $400/sf+ and probably not even at $300/sf+ once the funny money voodoo loans are removed from the equation. These buildings could probably be turned into profitable operations if they were renting 1000sf units for $2000/mo or so, especially if they were able to keep some of the amenities like the gym and pool operating.
July 12, 2007 at 5:59 PM #65575ParticipantI predict that the banks will end up with at least a couple of entire buildings downtown (from the stock being built now) and that they will be converted to apartments and vacation rentals. Some buildings will also end up with a 50/50 structure between condos and apartments/rentals. There are simply not enough buyers for these units at $400/sf+ and probably not even at $300/sf+ once the funny money voodoo loans are removed from the equation. These buildings could probably be turned into profitable operations if they were renting 1000sf units for $2000/mo or so, especially if they were able to keep some of the amenities like the gym and pool operating.
July 12, 2007 at 7:42 PM #65581PerryChase
ParticipantDaCounselor, that article was from 2005. I wonder how Mr. Dan Hall is doing as an investor. Maybe he’s still OK.
Perhaps, OCrenter will do an expose on how he’s doing now, and track him into the future. Or perhaps the UT will give us a follow up? Fat chance on that one!
July 12, 2007 at 7:42 PM #65642ParticipantDaCounselor, that article was from 2005. I wonder how Mr. Dan Hall is doing as an investor. Maybe he’s still OK.
Perhaps, OCrenter will do an expose on how he’s doing now, and track him into the future. Or perhaps the UT will give us a follow up? Fat chance on that one!
July 12, 2007 at 9:59 PM #65662ParticipantDo you think that downtown SD is bad? I think that SD is due 6000 more condos.
Look at Miami.
http://abcnews.go.com/Nightline/Story?id=3362215&page=1
The situation in Miami is also a classic case of oversupply. From 1995-2005, 10,000 new condo units were built in Miami, and in the next two years another 20,000 units will be completed.
July 12, 2007 at 9:59 PM #65601ParticipantDo you think that downtown SD is bad? I think that SD is due 6000 more condos.
Look at Miami.
http://abcnews.go.com/Nightline/Story?id=3362215&page=1
The situation in Miami is also a classic case of oversupply. From 1995-2005, 10,000 new condo units were built in Miami, and in the next two years another 20,000 units will be completed.
July 13, 2007 at 9:34 AM #65648DaCounselor
ParticipantPC – I know the article is from ’05 – that’s why I posted it for you – thought you would get a chuckle out of it.
I expect the downtown SD condo market, bad as it may get, to pale in comparison to what is likely to happen in Miami. Things look very bad there.
July 13, 2007 at 9:34 AM #65711ParticipantPC – I know the article is from ’05 – that’s why I posted it for you – thought you would get a chuckle out of it.
I expect the downtown SD condo market, bad as it may get, to pale in comparison to what is likely to happen in Miami. Things look very bad there.
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