Lucera Condo – $199k

[briansd1]

[quote=sdnerd]I posted a while back that I anticipate these falling to ~$180k, potentially $150k if there is an overcorrection.

All the other 1 bedrooms are listed around $220-230k right now last I looked; this one just had a big price drop.

I purchased a 1 bedroom a little over 4 years ago and have been living here as my primary residence. I wouldn’t call it resort living by any means, but you don’t live here for that IMHO. It’s all about easy access to the freeway & surrounding office complexes – at least that was my big attraction. The new park right across the street is also quite nice. Should be pretty easy to rent out in a year or two.

The garages are quite large; I suppose if you wanted to store valuables in them that would not be a good idea. But if you just want an indoor spot for your car and some locking cabinets they are great. There have been some plumbing issues, but hopefully they are all sorted now.

By in large though, compared to many of the complexes in the UTC area I liked this one the most.

Breaking the $200k barrier though is big in my mind, will be curious to see how the other sellers react – and how quickly this one sells (and at what price).[/quote]

Despite prices dropping to $159k already, I think we are still in the under-correction rather than the over-correction category.

http://www.sdlookup.com/MLS-080049891-7190_Shoreline_Dr_6212_San_Diego_Ca_92122

http://www.sdlookup.com/MLS-080041401-7120_Shoreline_Dr_2214_San_Diego_Ca_92122

[briansd1]

[quote=sdnerd]I posted a while back that I anticipate these falling to ~$180k, potentially $150k if there is an overcorrection.

All the other 1 bedrooms are listed around $220-230k right now last I looked; this one just had a big price drop.

I purchased a 1 bedroom a little over 4 years ago and have been living here as my primary residence. I wouldn’t call it resort living by any means, but you don’t live here for that IMHO. It’s all about easy access to the freeway & surrounding office complexes – at least that was my big attraction. The new park right across the street is also quite nice. Should be pretty easy to rent out in a year or two.

The garages are quite large; I suppose if you wanted to store valuables in them that would not be a good idea. But if you just want an indoor spot for your car and some locking cabinets they are great. There have been some plumbing issues, but hopefully they are all sorted now.

By in large though, compared to many of the complexes in the UTC area I liked this one the most.

Breaking the $200k barrier though is big in my mind, will be curious to see how the other sellers react – and how quickly this one sells (and at what price).[/quote]

Despite prices dropping to $159k already, I think we are still in the under-correction rather than the over-correction category.

http://www.sdlookup.com/MLS-080049891-7190_Shoreline_Dr_6212_San_Diego_Ca_92122

http://www.sdlookup.com/MLS-080041401-7120_Shoreline_Dr_2214_San_Diego_Ca_92122

[PCinSD]

I’ve never looked in that area before, but I just looked at both of those links. The first one looked like a dark rectangular box with a couple of windows on one side of it. The other one was extremely tiny, well at least the living room was. I wouldn’t pay that much to live there. I didn’t even look to see what the HOA was.

[PCinSD]

I’ve never looked in that area before, but I just looked at both of those links. The first one looked like a dark rectangular box with a couple of windows on one side of it. The other one was extremely tiny, well at least the living room was. I wouldn’t pay that much to live there. I didn’t even look to see what the HOA was.

[PCinSD]

I’ve never looked in that area before, but I just looked at both of those links. The first one looked like a dark rectangular box with a couple of windows on one side of it. The other one was extremely tiny, well at least the living room was. I wouldn’t pay that much to live there. I didn’t even look to see what the HOA was.

[PCinSD]

I’ve never looked in that area before, but I just looked at both of those links. The first one looked like a dark rectangular box with a couple of windows on one side of it. The other one was extremely tiny, well at least the living room was. I wouldn’t pay that much to live there. I didn’t even look to see what the HOA was.

[PCinSD]

I’ve never looked in that area before, but I just looked at both of those links. The first one looked like a dark rectangular box with a couple of windows on one side of it. The other one was extremely tiny, well at least the living room was. I wouldn’t pay that much to live there. I didn’t even look to see what the HOA was.

[temeculaguy]

The lawsuit can cause all lenders to balk, not just fha. The prices have that built into them a little because it doesn’t allow those that live there to buy them even if they are cheaper than rent. I have a relative that couldn’t get financing with 40% down on a rental due to a condo lawsuit, that case it was about 100k for a 1200-1300 rental, so it would cash flow right away, they couldn’t get all the cash together in time and an investment group bought em up (there were a few in the complex at that price), certain investment groups love these litigation units, especially if the litigation isn’t that big of a deal. Rent neutral is a good sign, that is a good area to have a rental because of the many yuppie type jobs and demographics. I’m kinda suprised at the reaction of the piggies, the fundamental values and price assumptions made a year or two ago get reached and then some and people say they are overpriced, that 1999 nominal prices are now fair. So if they hit, let’s say 125k or 100k, I’ll be willing to bet a beer that someone posts that they should be 75k and don’t be a knife catcher. It’s a starter place that can be bought on a starter salary, I don’t like 1br rentals either, but it’s in an area that has a demographic that kinda likes them. After college I had a few buddies get jobs in utc and they were sick of having roommates, so they each rented a 1br in utc, right by work and knocked out a few years of working 70 hour weeks while establishing themselves in their career, close meant more than space to them at the time, after a few years, they moved. The lucky ones bought and when it was time to get a wife and a house in the burbs they sold and parlayed it into a sizable downpayment, the really lucky one kept his as a rental (which he now owes zero on, lucky bastard, I can say that because he’s my dumbest friend and also the richest, lucky bastard, damn). 20 years ago I thought they were nuts, now I’m green with envy sometimes.

[temeculaguy]

The lawsuit can cause all lenders to balk, not just fha. The prices have that built into them a little because it doesn’t allow those that live there to buy them even if they are cheaper than rent. I have a relative that couldn’t get financing with 40% down on a rental due to a condo lawsuit, that case it was about 100k for a 1200-1300 rental, so it would cash flow right away, they couldn’t get all the cash together in time and an investment group bought em up (there were a few in the complex at that price), certain investment groups love these litigation units, especially if the litigation isn’t that big of a deal. Rent neutral is a good sign, that is a good area to have a rental because of the many yuppie type jobs and demographics. I’m kinda suprised at the reaction of the piggies, the fundamental values and price assumptions made a year or two ago get reached and then some and people say they are overpriced, that 1999 nominal prices are now fair. So if they hit, let’s say 125k or 100k, I’ll be willing to bet a beer that someone posts that they should be 75k and don’t be a knife catcher. It’s a starter place that can be bought on a starter salary, I don’t like 1br rentals either, but it’s in an area that has a demographic that kinda likes them. After college I had a few buddies get jobs in utc and they were sick of having roommates, so they each rented a 1br in utc, right by work and knocked out a few years of working 70 hour weeks while establishing themselves in their career, close meant more than space to them at the time, after a few years, they moved. The lucky ones bought and when it was time to get a wife and a house in the burbs they sold and parlayed it into a sizable downpayment, the really lucky one kept his as a rental (which he now owes zero on, lucky bastard, I can say that because he’s my dumbest friend and also the richest, lucky bastard, damn). 20 years ago I thought they were nuts, now I’m green with envy sometimes.

[temeculaguy]

The lawsuit can cause all lenders to balk, not just fha. The prices have that built into them a little because it doesn’t allow those that live there to buy them even if they are cheaper than rent. I have a relative that couldn’t get financing with 40% down on a rental due to a condo lawsuit, that case it was about 100k for a 1200-1300 rental, so it would cash flow right away, they couldn’t get all the cash together in time and an investment group bought em up (there were a few in the complex at that price), certain investment groups love these litigation units, especially if the litigation isn’t that big of a deal. Rent neutral is a good sign, that is a good area to have a rental because of the many yuppie type jobs and demographics. I’m kinda suprised at the reaction of the piggies, the fundamental values and price assumptions made a year or two ago get reached and then some and people say they are overpriced, that 1999 nominal prices are now fair. So if they hit, let’s say 125k or 100k, I’ll be willing to bet a beer that someone posts that they should be 75k and don’t be a knife catcher. It’s a starter place that can be bought on a starter salary, I don’t like 1br rentals either, but it’s in an area that has a demographic that kinda likes them. After college I had a few buddies get jobs in utc and they were sick of having roommates, so they each rented a 1br in utc, right by work and knocked out a few years of working 70 hour weeks while establishing themselves in their career, close meant more than space to them at the time, after a few years, they moved. The lucky ones bought and when it was time to get a wife and a house in the burbs they sold and parlayed it into a sizable downpayment, the really lucky one kept his as a rental (which he now owes zero on, lucky bastard, I can say that because he’s my dumbest friend and also the richest, lucky bastard, damn). 20 years ago I thought they were nuts, now I’m green with envy sometimes.

[temeculaguy]

The lawsuit can cause all lenders to balk, not just fha. The prices have that built into them a little because it doesn’t allow those that live there to buy them even if they are cheaper than rent. I have a relative that couldn’t get financing with 40% down on a rental due to a condo lawsuit, that case it was about 100k for a 1200-1300 rental, so it would cash flow right away, they couldn’t get all the cash together in time and an investment group bought em up (there were a few in the complex at that price), certain investment groups love these litigation units, especially if the litigation isn’t that big of a deal. Rent neutral is a good sign, that is a good area to have a rental because of the many yuppie type jobs and demographics. I’m kinda suprised at the reaction of the piggies, the fundamental values and price assumptions made a year or two ago get reached and then some and people say they are overpriced, that 1999 nominal prices are now fair. So if they hit, let’s say 125k or 100k, I’ll be willing to bet a beer that someone posts that they should be 75k and don’t be a knife catcher. It’s a starter place that can be bought on a starter salary, I don’t like 1br rentals either, but it’s in an area that has a demographic that kinda likes them. After college I had a few buddies get jobs in utc and they were sick of having roommates, so they each rented a 1br in utc, right by work and knocked out a few years of working 70 hour weeks while establishing themselves in their career, close meant more than space to them at the time, after a few years, they moved. The lucky ones bought and when it was time to get a wife and a house in the burbs they sold and parlayed it into a sizable downpayment, the really lucky one kept his as a rental (which he now owes zero on, lucky bastard, I can say that because he’s my dumbest friend and also the richest, lucky bastard, damn). 20 years ago I thought they were nuts, now I’m green with envy sometimes.

[temeculaguy]

The lawsuit can cause all lenders to balk, not just fha. The prices have that built into them a little because it doesn’t allow those that live there to buy them even if they are cheaper than rent. I have a relative that couldn’t get financing with 40% down on a rental due to a condo lawsuit, that case it was about 100k for a 1200-1300 rental, so it would cash flow right away, they couldn’t get all the cash together in time and an investment group bought em up (there were a few in the complex at that price), certain investment groups love these litigation units, especially if the litigation isn’t that big of a deal. Rent neutral is a good sign, that is a good area to have a rental because of the many yuppie type jobs and demographics. I’m kinda suprised at the reaction of the piggies, the fundamental values and price assumptions made a year or two ago get reached and then some and people say they are overpriced, that 1999 nominal prices are now fair. So if they hit, let’s say 125k or 100k, I’ll be willing to bet a beer that someone posts that they should be 75k and don’t be a knife catcher. It’s a starter place that can be bought on a starter salary, I don’t like 1br rentals either, but it’s in an area that has a demographic that kinda likes them. After college I had a few buddies get jobs in utc and they were sick of having roommates, so they each rented a 1br in utc, right by work and knocked out a few years of working 70 hour weeks while establishing themselves in their career, close meant more than space to them at the time, after a few years, they moved. The lucky ones bought and when it was time to get a wife and a house in the burbs they sold and parlayed it into a sizable downpayment, the really lucky one kept his as a rental (which he now owes zero on, lucky bastard, I can say that because he’s my dumbest friend and also the richest, lucky bastard, damn). 20 years ago I thought they were nuts, now I’m green with envy sometimes.

[sdnerd]

Well said Temeculaguy; you described my situation pretty well.

I’ve lived here for close to 5 years; moved here a couple years after college because I was tired of roommates. The entire time my monthly payments have been cheaper or equal to an equivalent rental. It’s cheap living, which has allowed me to build a down payment war chest.

~3 minute drive to work for me and it’s about ~10 for my wife. Easy access to all the freeways, shopping, grocery stores, etc. The location is incredible IMHO.

I plan on buying a house in the next year or two, and keeping this as a rental. Eventually own in free and clear, or sell it in 15 years or whenever the next bubble hits.

Sure I wish I had bought at today’s prices vs. 2003, but that’s water under the bridge at this point.

If these hit $100k I’d write a check for another tomorrow. And I agree with you, someone would surely say it’d fall even further.

I’ve seen lock boxes disappear and people move in the last few weeks. So I guess they are starting to sell again or are being rented out… will have to check RedFin.

Be curious to see what happens once the lawsuit is over with.

[sdnerd]

Well said Temeculaguy; you described my situation pretty well.

I’ve lived here for close to 5 years; moved here a couple years after college because I was tired of roommates. The entire time my monthly payments have been cheaper or equal to an equivalent rental. It’s cheap living, which has allowed me to build a down payment war chest.

~3 minute drive to work for me and it’s about ~10 for my wife. Easy access to all the freeways, shopping, grocery stores, etc. The location is incredible IMHO.

I plan on buying a house in the next year or two, and keeping this as a rental. Eventually own in free and clear, or sell it in 15 years or whenever the next bubble hits.

Sure I wish I had bought at today’s prices vs. 2003, but that’s water under the bridge at this point.

If these hit $100k I’d write a check for another tomorrow. And I agree with you, someone would surely say it’d fall even further.

I’ve seen lock boxes disappear and people move in the last few weeks. So I guess they are starting to sell again or are being rented out… will have to check RedFin.

Be curious to see what happens once the lawsuit is over with.

[sdnerd]

Well said Temeculaguy; you described my situation pretty well.

I’ve lived here for close to 5 years; moved here a couple years after college because I was tired of roommates. The entire time my monthly payments have been cheaper or equal to an equivalent rental. It’s cheap living, which has allowed me to build a down payment war chest.

~3 minute drive to work for me and it’s about ~10 for my wife. Easy access to all the freeways, shopping, grocery stores, etc. The location is incredible IMHO.

I plan on buying a house in the next year or two, and keeping this as a rental. Eventually own in free and clear, or sell it in 15 years or whenever the next bubble hits.

Sure I wish I had bought at today’s prices vs. 2003, but that’s water under the bridge at this point.

If these hit $100k I’d write a check for another tomorrow. And I agree with you, someone would surely say it’d fall even further.

I’ve seen lock boxes disappear and people move in the last few weeks. So I guess they are starting to sell again or are being rented out… will have to check RedFin.

Be curious to see what happens once the lawsuit is over with.

[Author]

Posts