Downtown

[PerryChase]

This one is a foreclosure unit.

List Price: $332,900 – $332,900
Bedrooms: 1
Full Baths: 1
Partial Baths: 0
Square Feet: 783
Lot Size: N/A
Year Built: 2004
Listing Date: 08/09/06
On Market: 150 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 061069101

Sale History:
11/05/2004 $380,000
10/08/2004 $270,875

Price Reduced: 09/28/06 — $364,900 to $358,900
Price Reduced: 10/02/06 — $358,900 to $354,900
Price Reduced: 10/20/06 — $354,900 to $344,900
Price Reduced: 11/24/06 — $344,900 to $332,900

Looks like this unit was under contract and the original buyer flipped it to the GF right after the unit was built.

[PerryChase]

I suggest that we post interesting finds as we look at the market.

I’m kind of a hands-on person so I’d rather see what’s happening on the ground. Trends, data, and the conceptual stuff is fine but there’s nothing like real life.

I didn’t graph or analyze resale data for Downtown. But I see 1 bd units sitting on the market in the low $300k now. My gut instincts tell me those same units will be selling in the low $200k within 2 years.

Downtown buildings look nice and glamourous at first but as time goes by, they look drab and unappealing as a homes to actually live in. I think what drives the downtown market now is the fashion and lifestyle aspect of being in an urban setting. Just like fashion, people won’t be buying last season’s outfits. The newest buildings will sell but, except for some outstanding builings, the old units will be passé real quick.

[PerryChase]

This seller is trying to squeak by. Prices are definitely at 2004 levels downtown.

List Price: $355,000 – $359,900

Bedrooms: 1
Full Baths: 1
Partial Baths: 0
Square Feet: 693
Lot Size: N/A
Year Built: 2004
Listing Date: 02/16/06
On Market: 324 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 068014582
Sale history: 12/01/2004 $352,000

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=068014582&mls=mls_sandiego&property_type=CONDO&cKey=qq1vm25z&source=SANDICOR&home_id=26881306&addedHome=true&cKey=jrzs66l5

http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/7B67946C/Default.aspx

[PerryChase]

Loss in an old building. This one will be very interesting to watch. Considering the old dated building in a crappy location, I don’t believe that his unit will sell at anything near 300k.

List Price: $339,000 – $339,000
Bedrooms: 1
Full Baths: 1
Partial Baths: 0
Square Feet: 673
Lot Size: N/A
Year Built: 1981
Listing Date: 08/15/06
On Market: 144 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 066070596
Sale History
03/11/2004 $356,000
12/03/1986 $70,500

http://sdlookup.com/PropertyDetails/tabid/53/forumid/47/postid/256/view/topic/pid/B7EB4058/Default.aspx

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=066070596&property_type=CONDO&mls=mls_sandiego&cKey=bn1br276&source=SANDICOR

[PerryChase]

Does anyone know anything about The Lodge in Bankers’ Hill. It looks like new construction where the units aren’t selling that well.

MLS #: 068022403
Price Increased: 04/25/06 — $369,990 to $379,990
Price Reduced: 05/24/06 — $379,990 to $369,990
Price Reduced: 08/10/06 — $369,990 to $332,990
Price Increased: 08/18/06 — $332,990 to $345,990
Price Reduced: 09/18/06 — $345,990 to $332,990
Price Increased: 09/21/06 — $332,990 to $345,990
Price Reduced: 11/16/06 — $345,990 to $332,990

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=068022403&property_type=CONDO&mls=mls_sandiego&cKey=4180jlbs&source=SANDICOR

[PerryChase]

Wow, I’m finding so many losses in one evening.

1435 INDIA STREET #318, SD – Downtown, CA 92101**
List Price: $299,000 – $309,000
Sale History:
06/22/2005 $320,000
02/16/2005 $236,000

Notice this unit sold for $236k in early 2005. I’m becoming more convinced that $150k will be the future of this property (or similar).

Bedrooms: 1
Full Baths: 1
Partial Baths: 0
Square Feet: 553
Lot Size: N/A
Year Built: 2005
Listing Date: 10/30/06
On Market: 68 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 066091539

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=066091539&property_type=CONDO&mls=mls_sandiego&cKey=537j1b62&source=SANDICOR

http://sdlookup.com/PropertyDetails/tabid/53/forumid/44/postid/259/view/topic/pid/2E07E10E/Default.aspx

[Anonymous]

Go, Perry, go!

Yep, it’s going to be a bloodbath for the condos, in particular.

Unfortunately, recovery is going to take a long, long time, I think; so many units, so little demand, even at lower prices.

[barnaby33]

JG I think there is a very real demand, it just comes it to play when owning and renting (condos particularly) aren’t that different in cost.

Josh

[Anonymous]

Makes sense, Josh.

I just keep having my depression/neutron bomb scenario running through my mind, with folks moving out of state en masse to where there are jobs (’30s had the Dust Bowl, with migration from Oklahoma to California; ’00-’10s may have the Debt Bowl, with migration from California to Oklahoma). Maybe it won’t be that bad. But, maybe it will.

[PerryChase]

They just keep on pouring in. I need to go out and have some fun instead of surfing for properties.

I don’t believe anyone in their right mind will buy this tiny 450sf for anywhere near this price. 90k perhaps?

List Price: $239,000 – $239,000
Sale History:
08/19/2004 $295,500
Bedrooms: 0
Full Baths: 1
Partial Baths: 0
Square Feet: 450
Lot Size: N/A
Year Built: 2004
Listing Date: 12/01/06
On Market: 36 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 066098986

Look at the picture here. That’s all there is!
http://www.ziprealty.com/images_mls/SANDICOR/0/66/09/89/86/_P/066098986_P02.jpg

http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/9251F6D3/Default.aspx

http://www.ziprealty.com/buy_a_home/logged_in/search/my_home_detail.jsp?listing_num=066098986&property_type=CONDO&mls=mls_sandiego&cKey=4jpbp8lz&source=SANDICOR

[PerryChase]

1240 INDIA #1313, SD – Downtown, CA 92101**

List Price: $575,000 – $635,876
Sales History
Date Price
01/05/2005 $660,000
08/27/2003 $473,000
03/13/2003 $387,700

Bedrooms: 2
Full Baths: 2
Partial Baths: 1
Square Feet: 1,139
Lot Size: N/A
Year Built: 2003
Listing Date: 12/12/06
On Market: 26 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 061101135

http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/8F1E0CA4/Default.aspx
http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=061101135&page=7&property_type=CONDO&mls=mls_sandiego&cKey=q5dsl7g7&source=SANDICOR

[PerryChase]

Loss at the Grande. I like this building. It’s right at the Santa Fe train station and practically on the waterfront behind the holiday inn.

List Price: $570,000 – $585,000
Sales History
Date Price
10/07/2005 $602,500
08/02/2005 $450,539

Bedrooms: 1
Full Baths: 1
Partial Baths: 1
Square Feet: 899
Lot Size: N/A
Year Built: 2005
Listing Date: 12/08/06
On Market: 30 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 062100588

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=062100588&page=8&property_type=CONDO&mls=mls_sandiego&cKey=772f6796&source=SANDICOR
http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/36AE3E45/Default.aspx

[PerryChase]

Another one at the Grande. This one is a 2-bd.

1199 PACIFIC HWY #801, SD – Downtown, CA 92101**
List Price: $899,000 – $899,000
Sales History
Date Price
07/14/2005 $920,000
09/10/2004 $585,900

Bedrooms: 2
Full Baths: 2
Partial Baths: 0
Square Feet: 1,684
Lot Size: N/A
Year Built: 2005
Listing Date: 12/06/06
On Market: 32 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 066099983

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=066099983&page=8&mls=mls_sandiego&property_type=CONDO&cKey=m5xzf327&source=SANDICOR&home_id=26911205&addedHome=true&cKey=26wdwltl
http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/25DC05BE/Default.aspx

[PerryChase]

Substantial loss at 777 6TH AVE #425, SD – Downtown, CA 92101**

List Price: $539,000 – $569,000
Sales History
Date Price
10/20/2006 $619,000

Bedrooms: 2
Full Baths: 2
Partial Baths: 0
Square Feet: 1,002
Lot Size: N/A
Year Built: 2005
Listing Date: 12/06/06
On Market: 32 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 066100209

http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/AA76109D/Default.aspx

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=066100209&page=9&property_type=CONDO&mls=mls_sandiego&cKey=ls71c92l&source=SANDICOR

[no_such_reality]

The Grande may be a nice building, but in the end, those one bedroom condos are not worth $100,000. Two bedrooms will be lucky to be worth $150K.

The reason is bluntly simple. Even when you own it, the HOA fees are high enough that you’re basically renting it. The unit looks nice, but, it’s just a high rise apartment with a $626/month HOA. Add property tax of $80/ month on a $100,000 purchase and renting it $1200/month means you can’t cover the payments.

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?lis…

The Park Place towers on Jamboree and the 405 in Irvine are in the same boat. They’re all sold… but there are never any lights one. One here, one there. So unless the owners is numbly rich, the HOA fees kill.

[Author]

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