Downtown Condos

[Mr_Brightside]

I put up a blog post today that lists the top 10 losses on downtown condos. Enjoy…

[PerryChase]

Mr_Brightside, thanks for your post. I check your site periodically to stay in touch with downtown. I was downtown today, and I just wonder about all those towers hitting the market in the next few years.

[powayseller]

Mr. Brightside, I love your blog. Yet, you are a mystery man. Can you tell us more about yourself, and how you get this juicy information. Have you ever attended the auction downtown?

[ybc]

Still very pricy per square footage. One must value the downturn lifestyle and perhaps an ocean view a lot to pay that kind of price (even reduced).

[Mr_Brightside]

I have a background in finance and technology. I’ve built some technology tools that I use to screen the market for interesting activity. I’ve done this for awhile for my own use and started the blog awhile back to share this with everyone else. I’m glad that people are finding the data useful.

I’ve never been to the auction downtown. I’m not sure exactly what it is but I’ll surmise that it’s a foreclosure auction. I don’t think we are very close to getting any deals from the foreclosure process. Even if you got a good deal you’d have to resell the unit pretty quickly as the drag on prices is just getting started.

I do have every intention of “going positive” at some point and making a call to start buying well-selected properties. We’re not very close to this point yet.

[powayseller]

The auctions of foreclosed properties take place on the downtown courthouse steps at 10:30 am every Thursday, I think. An auctioneer calls off each house, and a group of bidders put in their bids. I wonder if anyone has attended these, just for fun. I wouldn’t buy a foreclosure because it’s way too early, and most important, you don’t get an inspection. You buy as is. What a stupid way to buy a house. What if it has 10% of its value in problems, like mold or leaky roof or cracked foundation?

[lindismith]

Someone posted recently asking how many vacant condos there were, how many were purchased by speculators, how many were still due to come on the market etc…. I am also interested in finding out these numbers. Who would have the info on how many total units there are? Also, who would know how many are due to come on the market? Is this something the CCD knows? (Center City Development.)

[j]

The fire department goes door to door to see how many residents are living downtown. The department found other information completely worthless, because builders are not always truthful. My father is a downtown firefighter and has been laughing at condo construction for years. The truth will hurt this market.

[barnaby33]

Yes CCD website has the info about what is online now as well as the future. It was posted previously (6 months ago). From a quick perusal of the list, it looks like east village is the 800 lb gorilla of the communities. No shock to me as thats where I see the most towers going up.

I have to say, I don’t have any real desire to live downtown, but do have a morbid curiosity about downtown. I cannot reconcile the two.

http://www.ccdc.com/index.cfm/fuseaction/projects.home/category/residential

Josh

[lindismith]

That ccdc link is interesting. Lots of data. Thanks, Josh.

I count 73 properties planned, in completion or complete, totaling 13,389 condo units. Their web page was last updated in feb, ’06.
7 properites in Columbia – 1555 units total
8 in Core – 3108 units
9 in Cortez Hill – 1493 units
34 in East Village – 5887 units
2 in Gaslamp – 523 units
10 in Little Italy – 656 units
2 in Marina – 169 units

I’d love to know which ones will cancel.

Mr. Brightside, do you want my spreadsheet?

[lindismith]

That ccdc link is interesting. Lots of data. Thanks, Josh.

I count 73 properties planned, in completion or complete, totaling 13,389 condo units. Their web page was last updated in feb, ’06.
7 properites in Columbia – 1555 units total
8 in Core – 3108 units
9 in Cortez Hill – 1493 units
34 in East Village – 5887 units
2 in Gaslamp – 523 units
10 in Little Italy – 656 units
2 in Marina – 169 units

I’d love to know which ones will cancel.

Mr. Brightside, do you want my spreadsheet?

[PerryChase]

I went to my friend’s place for dinner tonight. The more I visit Downtown, the more I like it. The only building that I hate is Cortez Blue. It’s such an ugly building.

I hope that they build all the units so that I have plenty to choose from in a few years. 🙂

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