Balboa Ridge Condominiums

[jpinpb]

Can’t emphasize enough HOA health. If people default and stop paying HOA fees, other owners will get special assessments and have to pick up the bill.

As far as condos, I would think UTC would hold value a little better than Clairemont. Yet here is a bank owned 7244 Shoreline 140 2/2 997sf w/a garage for $328,884, which in 2004 sold for 485k.

This other bank owned 7204 Shoreline 160 listed for 348k went pending which in 2004 also sold for 485k.

These are nice places in a nice area. I’d be very hesitant to buy Balboa Ridge for 315k, especially when just about everyone agrees we are not at bottom and surely there will be more depreciation.

I haven’t done the math on what the difference in price is monthly on Balboa vs. Capri.

[davelj]

[quote=sdrealtor]MP was teh biggest condo converter in SD county. If they survive, I’d be astonished.[/quote]

MP the company survives although a number of their projects have gone into bankruptcy. Given how silly the lending environment got post-2004 I doubt the principals had to give personal guarantees on their BK projects, so they probably got to keep all the earlier gains and pass most of the BK losses onto their banks. File Under: More Evidence of Sound Lending Practices from the Bubble.

[davelj]

[quote=sdrealtor]MP was teh biggest condo converter in SD county. If they survive, I’d be astonished.[/quote]

MP the company survives although a number of their projects have gone into bankruptcy. Given how silly the lending environment got post-2004 I doubt the principals had to give personal guarantees on their BK projects, so they probably got to keep all the earlier gains and pass most of the BK losses onto their banks. File Under: More Evidence of Sound Lending Practices from the Bubble.

[davelj]

[quote=sdrealtor]MP was teh biggest condo converter in SD county. If they survive, I’d be astonished.[/quote]

MP the company survives although a number of their projects have gone into bankruptcy. Given how silly the lending environment got post-2004 I doubt the principals had to give personal guarantees on their BK projects, so they probably got to keep all the earlier gains and pass most of the BK losses onto their banks. File Under: More Evidence of Sound Lending Practices from the Bubble.

[davelj]

[quote=sdrealtor]MP was teh biggest condo converter in SD county. If they survive, I’d be astonished.[/quote]

MP the company survives although a number of their projects have gone into bankruptcy. Given how silly the lending environment got post-2004 I doubt the principals had to give personal guarantees on their BK projects, so they probably got to keep all the earlier gains and pass most of the BK losses onto their banks. File Under: More Evidence of Sound Lending Practices from the Bubble.

[davelj]

[quote=sdrealtor]MP was teh biggest condo converter in SD county. If they survive, I’d be astonished.[/quote]

MP the company survives although a number of their projects have gone into bankruptcy. Given how silly the lending environment got post-2004 I doubt the principals had to give personal guarantees on their BK projects, so they probably got to keep all the earlier gains and pass most of the BK losses onto their banks. File Under: More Evidence of Sound Lending Practices from the Bubble.

[urbanrealtor]

Regarding MP:
The most extreme liquidation seemed to be in their mapped but non-rehabbed places a few years ago.

Basically just people buying beat up apartments.

I still occasionally see one of their full conversion projects where they have 2 units at 70% of market and the rest at 120%.

They seem like they are still kicking.

Regarding Balboa Ridge and Capri:

I really think that the units selling for less than 250K would undermine any developer assertion of over 300k.

I would offer at (or 10% below) the lowest current listed price or lowest closed price in the last 6 months.

[urbanrealtor]

Regarding MP:
The most extreme liquidation seemed to be in their mapped but non-rehabbed places a few years ago.

Basically just people buying beat up apartments.

I still occasionally see one of their full conversion projects where they have 2 units at 70% of market and the rest at 120%.

They seem like they are still kicking.

Regarding Balboa Ridge and Capri:

I really think that the units selling for less than 250K would undermine any developer assertion of over 300k.

I would offer at (or 10% below) the lowest current listed price or lowest closed price in the last 6 months.

[urbanrealtor]

Regarding MP:
The most extreme liquidation seemed to be in their mapped but non-rehabbed places a few years ago.

Basically just people buying beat up apartments.

I still occasionally see one of their full conversion projects where they have 2 units at 70% of market and the rest at 120%.

They seem like they are still kicking.

Regarding Balboa Ridge and Capri:

I really think that the units selling for less than 250K would undermine any developer assertion of over 300k.

I would offer at (or 10% below) the lowest current listed price or lowest closed price in the last 6 months.

[urbanrealtor]

Regarding MP:
The most extreme liquidation seemed to be in their mapped but non-rehabbed places a few years ago.

Basically just people buying beat up apartments.

I still occasionally see one of their full conversion projects where they have 2 units at 70% of market and the rest at 120%.

They seem like they are still kicking.

Regarding Balboa Ridge and Capri:

I really think that the units selling for less than 250K would undermine any developer assertion of over 300k.

I would offer at (or 10% below) the lowest current listed price or lowest closed price in the last 6 months.

[urbanrealtor]

Regarding MP:
The most extreme liquidation seemed to be in their mapped but non-rehabbed places a few years ago.

Basically just people buying beat up apartments.

I still occasionally see one of their full conversion projects where they have 2 units at 70% of market and the rest at 120%.

They seem like they are still kicking.

Regarding Balboa Ridge and Capri:

I really think that the units selling for less than 250K would undermine any developer assertion of over 300k.

I would offer at (or 10% below) the lowest current listed price or lowest closed price in the last 6 months.

[sdduuuude]

If you look and negotiate, you may be able to get a house in the area with a yard and no HOA for $400K.

It’ll be 50 years old but I value space more than the age of the property.

[sdduuuude]

If you look and negotiate, you may be able to get a house in the area with a yard and no HOA for $400K.

It’ll be 50 years old but I value space more than the age of the property.

[sdduuuude]

If you look and negotiate, you may be able to get a house in the area with a yard and no HOA for $400K.

It’ll be 50 years old but I value space more than the age of the property.

[sdduuuude]

If you look and negotiate, you may be able to get a house in the area with a yard and no HOA for $400K.

It’ll be 50 years old but I value space more than the age of the property.

[Author]

Posts