Downtown Condo Market – Opinions

[4plexowner]

I went through the archives on ‘condo downtown’ and found some gems from our friend, Rich Toscano:

Given the enormous amount of supply slated to come online over the next couple of years, downtown is absolutely a glut in the making and may be hardest hit when the bubble deflates in earnest.

Craneville Revisited

One real estate agent is quoted as saying that the boom attracted a lot of inexperienced people to the downtown building game: “In the heyday, a monkey could be a developer in downtown.”

Worst Shortage Ever: Downtown Edition

You read that right. 30 sales per month, with over 500 units for sale now and 11,000 in the pipeline. That, my friends, is what we call a “glut.”

Downtown San Diego’s Condo Onslaught

more links to Rich’s comments on downtown condos:

Cuckoo For Condo Gluts

Downtown and Underwater

Too Many Condos

~

IMO downtown condos will be the hardest hit market before this correction completes (I’m thinking out loud: even harder than Temecula / Murrietta? Hmm…)

I believe there is almost no true demand for high rise condos in downtown San Diego – the taxpayers were sold a bill of goods by the Center City Development Corp which funnelled taxpayer money to local developers to build infrastructure for high rise condos that the city doesn’t need and nobody is going to buy (at the projected prices)

The worst (best?) example of the lack of demand for downtown condos is the city taking over a high rise luxury condo project during construction and converting it to a subsidized housing facility for the needy

Downtown condos may become the cheap rentals in San Diego’s future (even though there’s no front yard to park the 5th vehicle in) – caveat emptor

[Anonymous]

Couple items to consider about future prices. The NOD are double this year what they were last year. There are several new buildings with a lot of unsold units, including: Electra, Aperture, The Mark, Alta, Smart Corner, Icon, Park Terrace, and Aria. There are several large buildings under constructions including Vantage Point, Bayside, and Sapphire Tower. I cannot construe this as anything other than falling prices for a long time.

I would welcome high HOAs not fear them. First HOA includes insurance, water, hot water, sewer, gas, trash, and landscaping. How much does that cost at a single family home ($300/month at least). HOA also includes pool, maintenance, window cleaning, carpet cleaning, painting, elevators, security guards/doormen. On other words the HOA exisits due to the lifestyle not greed or mismanagement. Second buildings with high HOAs tend to scare away people who would rent and have onsite management. This should be very important to you.

Trust me say when I was in one of the lower HOA building downtown and the whole time I said to myself I would pay $100+ per month to have a better living experience.

[Anonymous]

Couple items to consider about future prices. The NOD are double this year what they were last year. There are several new buildings with a lot of unsold units, including: Electra, Aperture, The Mark, Alta, Smart Corner, Icon, Park Terrace, and Aria. There are several large buildings under constructions including Vantage Point, Bayside, and Sapphire Tower. I cannot construe this as anything other than falling prices for a long time.

I would welcome high HOAs not fear them. First HOA includes insurance, water, hot water, sewer, gas, trash, and landscaping. How much does that cost at a single family home ($300/month at least). HOA also includes pool, maintenance, window cleaning, carpet cleaning, painting, elevators, security guards/doormen. On other words the HOA exisits due to the lifestyle not greed or mismanagement. Second buildings with high HOAs tend to scare away people who would rent and have onsite management. This should be very important to you.

Trust me say when I was in one of the lower HOA building downtown and the whole time I said to myself I would pay $100+ per month to have a better living experience.

[Anonymous]

Couple items to consider about future prices. The NOD are double this year what they were last year. There are several new buildings with a lot of unsold units, including: Electra, Aperture, The Mark, Alta, Smart Corner, Icon, Park Terrace, and Aria. There are several large buildings under constructions including Vantage Point, Bayside, and Sapphire Tower. I cannot construe this as anything other than falling prices for a long time.

I would welcome high HOAs not fear them. First HOA includes insurance, water, hot water, sewer, gas, trash, and landscaping. How much does that cost at a single family home ($300/month at least). HOA also includes pool, maintenance, window cleaning, carpet cleaning, painting, elevators, security guards/doormen. On other words the HOA exisits due to the lifestyle not greed or mismanagement. Second buildings with high HOAs tend to scare away people who would rent and have onsite management. This should be very important to you.

Trust me say when I was in one of the lower HOA building downtown and the whole time I said to myself I would pay $100+ per month to have a better living experience.

[Anonymous]

Couple items to consider about future prices. The NOD are double this year what they were last year. There are several new buildings with a lot of unsold units, including: Electra, Aperture, The Mark, Alta, Smart Corner, Icon, Park Terrace, and Aria. There are several large buildings under constructions including Vantage Point, Bayside, and Sapphire Tower. I cannot construe this as anything other than falling prices for a long time.

I would welcome high HOAs not fear them. First HOA includes insurance, water, hot water, sewer, gas, trash, and landscaping. How much does that cost at a single family home ($300/month at least). HOA also includes pool, maintenance, window cleaning, carpet cleaning, painting, elevators, security guards/doormen. On other words the HOA exisits due to the lifestyle not greed or mismanagement. Second buildings with high HOAs tend to scare away people who would rent and have onsite management. This should be very important to you.

Trust me say when I was in one of the lower HOA building downtown and the whole time I said to myself I would pay $100+ per month to have a better living experience.

[Anonymous]

Couple items to consider about future prices. The NOD are double this year what they were last year. There are several new buildings with a lot of unsold units, including: Electra, Aperture, The Mark, Alta, Smart Corner, Icon, Park Terrace, and Aria. There are several large buildings under constructions including Vantage Point, Bayside, and Sapphire Tower. I cannot construe this as anything other than falling prices for a long time.

I would welcome high HOAs not fear them. First HOA includes insurance, water, hot water, sewer, gas, trash, and landscaping. How much does that cost at a single family home ($300/month at least). HOA also includes pool, maintenance, window cleaning, carpet cleaning, painting, elevators, security guards/doormen. On other words the HOA exisits due to the lifestyle not greed or mismanagement. Second buildings with high HOAs tend to scare away people who would rent and have onsite management. This should be very important to you.

Trust me say when I was in one of the lower HOA building downtown and the whole time I said to myself I would pay $100+ per month to have a better living experience.

[Nachoman]

Is there really that much demand for housing in downtown? As someone who spends the majority of their life north of the 8, I was surprised to see builders concentrate on downtown so extensively. It’s not like we have a huge financial industry downtown, I just never thought that downtown living was that huge of a draw.

[Nachoman]

Is there really that much demand for housing in downtown? As someone who spends the majority of their life north of the 8, I was surprised to see builders concentrate on downtown so extensively. It’s not like we have a huge financial industry downtown, I just never thought that downtown living was that huge of a draw.

[Nachoman]

Is there really that much demand for housing in downtown? As someone who spends the majority of their life north of the 8, I was surprised to see builders concentrate on downtown so extensively. It’s not like we have a huge financial industry downtown, I just never thought that downtown living was that huge of a draw.

[Nachoman]

Is there really that much demand for housing in downtown? As someone who spends the majority of their life north of the 8, I was surprised to see builders concentrate on downtown so extensively. It’s not like we have a huge financial industry downtown, I just never thought that downtown living was that huge of a draw.

[Nachoman]

Is there really that much demand for housing in downtown? As someone who spends the majority of their life north of the 8, I was surprised to see builders concentrate on downtown so extensively. It’s not like we have a huge financial industry downtown, I just never thought that downtown living was that huge of a draw.

[Trojan4Life]

My draw to downtown will be that I plan on being completely retired in my mid-fifties (I’m 42 now) and as a retired military member I have the privilege of flying on military airlift on a space available basis for free. My wife and I would like to be close to North Island NAS because they fly to Hawaii frequently. We look forward to the day when we can wake up and say “Where do we want to go today?” The dilemma is we still have two school-age kids who need a good education, which is why we’re looking at two homes. Not only will we have the additional tax write off with the second home, but it’ll be a weekend retreat when it gets hot in RB. I figure in 10 years when both kids are in college we can downsize and dump the house (hopefully with some gains) and use those gains to pay off the condo. Retired, no house payment…that’ll be the life.

T4L

[Trojan4Life]

My draw to downtown will be that I plan on being completely retired in my mid-fifties (I’m 42 now) and as a retired military member I have the privilege of flying on military airlift on a space available basis for free. My wife and I would like to be close to North Island NAS because they fly to Hawaii frequently. We look forward to the day when we can wake up and say “Where do we want to go today?” The dilemma is we still have two school-age kids who need a good education, which is why we’re looking at two homes. Not only will we have the additional tax write off with the second home, but it’ll be a weekend retreat when it gets hot in RB. I figure in 10 years when both kids are in college we can downsize and dump the house (hopefully with some gains) and use those gains to pay off the condo. Retired, no house payment…that’ll be the life.

T4L

[Trojan4Life]

My draw to downtown will be that I plan on being completely retired in my mid-fifties (I’m 42 now) and as a retired military member I have the privilege of flying on military airlift on a space available basis for free. My wife and I would like to be close to North Island NAS because they fly to Hawaii frequently. We look forward to the day when we can wake up and say “Where do we want to go today?” The dilemma is we still have two school-age kids who need a good education, which is why we’re looking at two homes. Not only will we have the additional tax write off with the second home, but it’ll be a weekend retreat when it gets hot in RB. I figure in 10 years when both kids are in college we can downsize and dump the house (hopefully with some gains) and use those gains to pay off the condo. Retired, no house payment…that’ll be the life.

T4L

[Trojan4Life]

My draw to downtown will be that I plan on being completely retired in my mid-fifties (I’m 42 now) and as a retired military member I have the privilege of flying on military airlift on a space available basis for free. My wife and I would like to be close to North Island NAS because they fly to Hawaii frequently. We look forward to the day when we can wake up and say “Where do we want to go today?” The dilemma is we still have two school-age kids who need a good education, which is why we’re looking at two homes. Not only will we have the additional tax write off with the second home, but it’ll be a weekend retreat when it gets hot in RB. I figure in 10 years when both kids are in college we can downsize and dump the house (hopefully with some gains) and use those gains to pay off the condo. Retired, no house payment…that’ll be the life.

T4L

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