Bloodbath at UTC?

[PerryChase]

MLS# 068035634
DOM: 179
Price Reduced: 05/14/06 — $359,900 to $270,000
Price Reduced: 06/12/06 — $270,000 to $240,000

3550 LEBON DR #6414, SD – University City, CA 92122**

Description
Sellers will entertain offers between: $240,000-$274,876. Premier building within the villa vicenza complex, plan 2, living room and bedroom facing the hyatt, excellent loation to utc, close to all work, shopping,entertainment.Balcony over looking the hyatt. Crown molding, washer & dryer,refrigerator
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To me, that place should be worth about $130k. UTC (also known as condo hell) will sufer greatly in the coming years…..

[kev374]

that’s quite a reduction. OC prices are shifting slowly but surely. I’m sure San Diego is going to lead the way in terms of declines, OC is going to be next.

[VanMorrisonFan]

I know nothing about the building…but at $240,000, with 20% down and a 6.5% fixed 30-year mortgage, I get a pmt. of $1,213.57/mo. Property taxes of $2,640/year (1.1% of sales price) are $220/mo. HOA dues are maybe $250 mo? That is about $1,683.57/mo. What would this unit rent for?

This looks to be a classic “must sell” situation. Any idea what the last actual sale was for this model in this complex?

Seller has already taken 33% off the price – assuming he would sell at $240K.

[kev374]

don’t forget interest opportunity costs on the 20% downpayment and if the property goes down in value that will be a long time before you recoup past the interest opportunity costs. Not to mention HOA fees can escalate out of control as well. HOA’s are evil.

[qcomer]

A 1 bed in villa vicenza rents for about $1200. But these so called condos are terrible and the worst place to call home. The HOA is 300 and amenities/securities are good but the condo itself is made of card board (literally). Most of them are now being rented by UCSD students who party all night during weekends. These condos are worth 200K atmost and that also because of the location (UTC). We looked at them when we were looking to rent a place and the building and materials used are just pathetic.

[Mr_Brightside]

This just made my blog, thanks for pointing this out.

http://sandiegomarketmonitor.blogspot.com/2006/10/utc-condo-at-villa-vicenza-3550-lebon.html

[no_such_reality]

Is $1200 for 600 sq ft 1 bedroom sustainable in UTC?

Or is $1200 the current rate because so many units have come off the market on conversions?

[Anonymous]

I went To Villa Vicenza’s Sale Office couple of weeks ago. I will like to share some of the information with you guys. Right now, they only have 1-bedroom 1-bathroom unit available. There are two plans available.

Plan 1: 575 sq.ft (gross approx) $255,000, $279,000. $301 .30/mo HOA

Plan 2: 642 sq.ft (gross approx) $267 to $295,000. $301.30/mo HOA.

There are only two units left for plan 1; I believe the lower price one did not come with granite countertop upgrade and etc and the higher price one does.

If I remembered correctly, there are approximately 5 units left for plan 2. The price depends on the location and also depends upon the unit has been upgraded or not.

[BuyerWillEPB]

I agree with you, Perry. That part of UTC is a condo (and traffic) hell. Prices will, and should crash there.

Even more, though. It is the arrogance of the sellers these last few years, epitomized by the “Sellers will entertain offers between: $240,000-$274,876,” that really bothers me most.

Hence my pen name. This buyer “will entertain prices below” local trend line based on fundamentals like median wages.

Power to the Piggingtons!

(Man, I am in a silly mood today for some reason. Must be euphoria from todays headlines. Woohoo!)

[Author]

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