Downtown Condo Market – Opinions

[macmichael]

We moved to SD in 98 and thought we were ready for a condo. First year lived in Park Row downtown and then bought on Bankers Hill in Brittany Tower. After 5 years we sold and moved to Del Cerro for a SFR. This was well before the high rise condo explosion. Some points we found.

We always tended to go north to Hillcrest or Little Italy to eat; Gas Lamp was too expensive, and too tourist focused.

At the time Ralph’s was only store and it was way over priced. Had to drive too far to get to anything. Shortage of a wide variety of services.

Parking, storage, homeless people, HOA issues and a wide variety of similar issues and we said no more. Although Bankers Hill was alot better than downtown.

All the advertising shows the glamor and implies everything is so light and easy. I suppose if you have unlimited $$$ and live in best building and can hire everything out ( dog walking, cleaning, shopping, etc. ) it is okay, but think carefully about the reality of everyday life and how the HOA limits your rights. Been there, done that.

[4plexowner]

what always sticks in my mind is a downtown condo-dweller posting about the homeless people peeing on the side of his building when he is leaving for work in the morning

and for only $700K you can have this lifestyle too!!!

[4plexowner]

what always sticks in my mind is a downtown condo-dweller posting about the homeless people peeing on the side of his building when he is leaving for work in the morning

and for only $700K you can have this lifestyle too!!!

[4plexowner]

what always sticks in my mind is a downtown condo-dweller posting about the homeless people peeing on the side of his building when he is leaving for work in the morning

and for only $700K you can have this lifestyle too!!!

[4plexowner]

what always sticks in my mind is a downtown condo-dweller posting about the homeless people peeing on the side of his building when he is leaving for work in the morning

and for only $700K you can have this lifestyle too!!!

[4plexowner]

what always sticks in my mind is a downtown condo-dweller posting about the homeless people peeing on the side of his building when he is leaving for work in the morning

and for only $700K you can have this lifestyle too!!!

[cv2]

[quote=4plexowner]

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

[/quote]

I am thinking of this scenario:

Developers got the bank loans to build the high rise. Once they start building, there is no turning back. They have to finish it. Then loan default and bank got the building. Since it is a huge building, it is hard for them to auction off. Most likely they have to keep it and wait for the market to recover. If this scenario plays out, there will no rental flood.

[cv2]

[quote=4plexowner]

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

[/quote]

I am thinking of this scenario:

Developers got the bank loans to build the high rise. Once they start building, there is no turning back. They have to finish it. Then loan default and bank got the building. Since it is a huge building, it is hard for them to auction off. Most likely they have to keep it and wait for the market to recover. If this scenario plays out, there will no rental flood.

[cv2]

[quote=4plexowner]

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

[/quote]

I am thinking of this scenario:

Developers got the bank loans to build the high rise. Once they start building, there is no turning back. They have to finish it. Then loan default and bank got the building. Since it is a huge building, it is hard for them to auction off. Most likely they have to keep it and wait for the market to recover. If this scenario plays out, there will no rental flood.

[cv2]

[quote=4plexowner]

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

[/quote]

I am thinking of this scenario:

Developers got the bank loans to build the high rise. Once they start building, there is no turning back. They have to finish it. Then loan default and bank got the building. Since it is a huge building, it is hard for them to auction off. Most likely they have to keep it and wait for the market to recover. If this scenario plays out, there will no rental flood.

[cv2]

[quote=4plexowner]

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

[/quote]

I am thinking of this scenario:

Developers got the bank loans to build the high rise. Once they start building, there is no turning back. They have to finish it. Then loan default and bank got the building. Since it is a huge building, it is hard for them to auction off. Most likely they have to keep it and wait for the market to recover. If this scenario plays out, there will no rental flood.

[4plexowner]

cv2 – you are suggesting that the developers are going to let 11,000 condos sit empty until the RE market recovers?

edit: just re-read your post – you are suggesting that the banks will foreclose on the construction loans and will let 11,000 condos sit vacant until the market recovers?

[4plexowner]

cv2 – you are suggesting that the developers are going to let 11,000 condos sit empty until the RE market recovers?

edit: just re-read your post – you are suggesting that the banks will foreclose on the construction loans and will let 11,000 condos sit vacant until the market recovers?

[4plexowner]

cv2 – you are suggesting that the developers are going to let 11,000 condos sit empty until the RE market recovers?

edit: just re-read your post – you are suggesting that the banks will foreclose on the construction loans and will let 11,000 condos sit vacant until the market recovers?

[4plexowner]

cv2 – you are suggesting that the developers are going to let 11,000 condos sit empty until the RE market recovers?

edit: just re-read your post – you are suggesting that the banks will foreclose on the construction loans and will let 11,000 condos sit vacant until the market recovers?

[Author]

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