Buying a small condo in UTC as an investment?

[SanDiegoDave]

[quote=4plexowner]
incompetence and indifference are running rife in our society – it doesn’t matter that you are paying good money for a ‘professional’ service, the mgmt company is very unlikely to do things in a manner that you find acceptable[/quote]

I totally agree. Even in a well-funded & stable condo/HOA we cannot find a management company who gives a sh*t and can do their job with a decent level of competence.

Usually when unemployment goes up, customer service gets better. Doesn’t seem to be the case this time. There probably just aren’t enough people unemployed yet.

[4plexowner]

“Vacancies, vacancies, vacancies … and falling rents”

http://www.calculatedriskblog.com/2009/04/vacancies-vacancies-vacancies-and.html

this link provides links to numerous articles about declining rents in both residential and commercial real estate

declining rents is another reason not to purchase investment real estate right now

ignore the one-off reports of “my rent was increased by 10% last year” and pay attention to the trend – rents are declining nationwide and they will do so in San Diego as well

buying investment real estate is all about price vs rents – as rents decline, prices decline – don’t be a knife-catcher!

[4plexowner]

“Vacancies, vacancies, vacancies … and falling rents”

http://www.calculatedriskblog.com/2009/04/vacancies-vacancies-vacancies-and.html

this link provides links to numerous articles about declining rents in both residential and commercial real estate

declining rents is another reason not to purchase investment real estate right now

ignore the one-off reports of “my rent was increased by 10% last year” and pay attention to the trend – rents are declining nationwide and they will do so in San Diego as well

buying investment real estate is all about price vs rents – as rents decline, prices decline – don’t be a knife-catcher!

[4plexowner]

“Vacancies, vacancies, vacancies … and falling rents”

http://www.calculatedriskblog.com/2009/04/vacancies-vacancies-vacancies-and.html

this link provides links to numerous articles about declining rents in both residential and commercial real estate

declining rents is another reason not to purchase investment real estate right now

ignore the one-off reports of “my rent was increased by 10% last year” and pay attention to the trend – rents are declining nationwide and they will do so in San Diego as well

buying investment real estate is all about price vs rents – as rents decline, prices decline – don’t be a knife-catcher!

[4plexowner]

“Vacancies, vacancies, vacancies … and falling rents”

http://www.calculatedriskblog.com/2009/04/vacancies-vacancies-vacancies-and.html

this link provides links to numerous articles about declining rents in both residential and commercial real estate

declining rents is another reason not to purchase investment real estate right now

ignore the one-off reports of “my rent was increased by 10% last year” and pay attention to the trend – rents are declining nationwide and they will do so in San Diego as well

buying investment real estate is all about price vs rents – as rents decline, prices decline – don’t be a knife-catcher!

[4plexowner]

“Vacancies, vacancies, vacancies … and falling rents”

http://www.calculatedriskblog.com/2009/04/vacancies-vacancies-vacancies-and.html

this link provides links to numerous articles about declining rents in both residential and commercial real estate

declining rents is another reason not to purchase investment real estate right now

ignore the one-off reports of “my rent was increased by 10% last year” and pay attention to the trend – rents are declining nationwide and they will do so in San Diego as well

buying investment real estate is all about price vs rents – as rents decline, prices decline – don’t be a knife-catcher!

[SmellsFeeshy]

The rental market in UTC is pretty soft right now. I’ve been renting in UTC for the past 5 years and just finished moving to a new apartment in UTC a couple weeks ago.

Prices have dropped dramatically in the past couple of months. When I first started looking for places a typical 600-800 1BR would be going for around $1400-1600 a month. In those two months priced dropped by $200 or so. Lots of apartments are sitting vacant for weeks or months and places are doing great move in specials (the place I moved to knocked $250/month off the rent for a year).

The more luxurious apartments like Regents and Palms haven’t lowered prices that much but I think they’re hurting as well. I’ve noticed quite a few more “units available now” signs around Palms in the past couple of weeks. Also when I showed interest in an apartment at The Villas the leasing agents called me like 5 times asking if I was still interested. I should have asked for $500 off per month and see what they would have said :).

[quote=flu]At the risk of sounding pessimistic…What is the rental situation in UTC these days? I mean it seems like there was a glut of developers building new apartments (for example, the one right of the 805 onramp on La Jolla Village dr/miramar rd entrance). And I see a bunch of for rent signs from condo convert owners.

Thoughts?[/quote]

[SmellsFeeshy]

The rental market in UTC is pretty soft right now. I’ve been renting in UTC for the past 5 years and just finished moving to a new apartment in UTC a couple weeks ago.

Prices have dropped dramatically in the past couple of months. When I first started looking for places a typical 600-800 1BR would be going for around $1400-1600 a month. In those two months priced dropped by $200 or so. Lots of apartments are sitting vacant for weeks or months and places are doing great move in specials (the place I moved to knocked $250/month off the rent for a year).

The more luxurious apartments like Regents and Palms haven’t lowered prices that much but I think they’re hurting as well. I’ve noticed quite a few more “units available now” signs around Palms in the past couple of weeks. Also when I showed interest in an apartment at The Villas the leasing agents called me like 5 times asking if I was still interested. I should have asked for $500 off per month and see what they would have said :).

[quote=flu]At the risk of sounding pessimistic…What is the rental situation in UTC these days? I mean it seems like there was a glut of developers building new apartments (for example, the one right of the 805 onramp on La Jolla Village dr/miramar rd entrance). And I see a bunch of for rent signs from condo convert owners.

Thoughts?[/quote]

[SmellsFeeshy]

The rental market in UTC is pretty soft right now. I’ve been renting in UTC for the past 5 years and just finished moving to a new apartment in UTC a couple weeks ago.

Prices have dropped dramatically in the past couple of months. When I first started looking for places a typical 600-800 1BR would be going for around $1400-1600 a month. In those two months priced dropped by $200 or so. Lots of apartments are sitting vacant for weeks or months and places are doing great move in specials (the place I moved to knocked $250/month off the rent for a year).

The more luxurious apartments like Regents and Palms haven’t lowered prices that much but I think they’re hurting as well. I’ve noticed quite a few more “units available now” signs around Palms in the past couple of weeks. Also when I showed interest in an apartment at The Villas the leasing agents called me like 5 times asking if I was still interested. I should have asked for $500 off per month and see what they would have said :).

[quote=flu]At the risk of sounding pessimistic…What is the rental situation in UTC these days? I mean it seems like there was a glut of developers building new apartments (for example, the one right of the 805 onramp on La Jolla Village dr/miramar rd entrance). And I see a bunch of for rent signs from condo convert owners.

Thoughts?[/quote]

[SmellsFeeshy]

The rental market in UTC is pretty soft right now. I’ve been renting in UTC for the past 5 years and just finished moving to a new apartment in UTC a couple weeks ago.

Prices have dropped dramatically in the past couple of months. When I first started looking for places a typical 600-800 1BR would be going for around $1400-1600 a month. In those two months priced dropped by $200 or so. Lots of apartments are sitting vacant for weeks or months and places are doing great move in specials (the place I moved to knocked $250/month off the rent for a year).

The more luxurious apartments like Regents and Palms haven’t lowered prices that much but I think they’re hurting as well. I’ve noticed quite a few more “units available now” signs around Palms in the past couple of weeks. Also when I showed interest in an apartment at The Villas the leasing agents called me like 5 times asking if I was still interested. I should have asked for $500 off per month and see what they would have said :).

[quote=flu]At the risk of sounding pessimistic…What is the rental situation in UTC these days? I mean it seems like there was a glut of developers building new apartments (for example, the one right of the 805 onramp on La Jolla Village dr/miramar rd entrance). And I see a bunch of for rent signs from condo convert owners.

Thoughts?[/quote]

[SmellsFeeshy]

The rental market in UTC is pretty soft right now. I’ve been renting in UTC for the past 5 years and just finished moving to a new apartment in UTC a couple weeks ago.

Prices have dropped dramatically in the past couple of months. When I first started looking for places a typical 600-800 1BR would be going for around $1400-1600 a month. In those two months priced dropped by $200 or so. Lots of apartments are sitting vacant for weeks or months and places are doing great move in specials (the place I moved to knocked $250/month off the rent for a year).

The more luxurious apartments like Regents and Palms haven’t lowered prices that much but I think they’re hurting as well. I’ve noticed quite a few more “units available now” signs around Palms in the past couple of weeks. Also when I showed interest in an apartment at The Villas the leasing agents called me like 5 times asking if I was still interested. I should have asked for $500 off per month and see what they would have said :).

[quote=flu]At the risk of sounding pessimistic…What is the rental situation in UTC these days? I mean it seems like there was a glut of developers building new apartments (for example, the one right of the 805 onramp on La Jolla Village dr/miramar rd entrance). And I see a bunch of for rent signs from condo convert owners.

Thoughts?[/quote]

[Scarlett]

4plex,that is why I am looking in UTC or maybe CV, because it would be within 20′ drive at most. I live in UTC and when I buy a SFR for me, it would be on the 56 corridor if not UTC. I meant that in case my sister buys, I’d probably deal with all those problems.

I now rent in a townhouse that is managed by a rental agency (out of town owner). I haven’t bothered to call the agent for every single thing that went wrong in the house. If I had spare, matching light bulbs, I replaced them. I figured out how to remove the sink stopper and remove all the crap the previous tenants left (yes, sinks were backing up like you said). I repainted 2 rooms on my own dime. I replaced the really old garden hose. I applied WD40 wherever necessary. Didn’t even bother to mentioned ahead of time all those little things to the agent (except for painting).I guess we are model renters. We did call the agent when the problem was too complex, too big or too time consuming or too expensive. The agent then sent in a handyman or whatever.

The agency is ReMax, BTW. Any experience with them?

[Scarlett]

4plex,that is why I am looking in UTC or maybe CV, because it would be within 20′ drive at most. I live in UTC and when I buy a SFR for me, it would be on the 56 corridor if not UTC. I meant that in case my sister buys, I’d probably deal with all those problems.

I now rent in a townhouse that is managed by a rental agency (out of town owner). I haven’t bothered to call the agent for every single thing that went wrong in the house. If I had spare, matching light bulbs, I replaced them. I figured out how to remove the sink stopper and remove all the crap the previous tenants left (yes, sinks were backing up like you said). I repainted 2 rooms on my own dime. I replaced the really old garden hose. I applied WD40 wherever necessary. Didn’t even bother to mentioned ahead of time all those little things to the agent (except for painting).I guess we are model renters. We did call the agent when the problem was too complex, too big or too time consuming or too expensive. The agent then sent in a handyman or whatever.

The agency is ReMax, BTW. Any experience with them?

[Scarlett]

4plex,that is why I am looking in UTC or maybe CV, because it would be within 20′ drive at most. I live in UTC and when I buy a SFR for me, it would be on the 56 corridor if not UTC. I meant that in case my sister buys, I’d probably deal with all those problems.

I now rent in a townhouse that is managed by a rental agency (out of town owner). I haven’t bothered to call the agent for every single thing that went wrong in the house. If I had spare, matching light bulbs, I replaced them. I figured out how to remove the sink stopper and remove all the crap the previous tenants left (yes, sinks were backing up like you said). I repainted 2 rooms on my own dime. I replaced the really old garden hose. I applied WD40 wherever necessary. Didn’t even bother to mentioned ahead of time all those little things to the agent (except for painting).I guess we are model renters. We did call the agent when the problem was too complex, too big or too time consuming or too expensive. The agent then sent in a handyman or whatever.

The agency is ReMax, BTW. Any experience with them?

[Scarlett]

4plex,that is why I am looking in UTC or maybe CV, because it would be within 20′ drive at most. I live in UTC and when I buy a SFR for me, it would be on the 56 corridor if not UTC. I meant that in case my sister buys, I’d probably deal with all those problems.

I now rent in a townhouse that is managed by a rental agency (out of town owner). I haven’t bothered to call the agent for every single thing that went wrong in the house. If I had spare, matching light bulbs, I replaced them. I figured out how to remove the sink stopper and remove all the crap the previous tenants left (yes, sinks were backing up like you said). I repainted 2 rooms on my own dime. I replaced the really old garden hose. I applied WD40 wherever necessary. Didn’t even bother to mentioned ahead of time all those little things to the agent (except for painting).I guess we are model renters. We did call the agent when the problem was too complex, too big or too time consuming or too expensive. The agent then sent in a handyman or whatever.

The agency is ReMax, BTW. Any experience with them?

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