Point Loma Liberty Station prices falling

[GoUSC]

PadreBrian,

Let’s just say MCM started that project 3 years later and landed slap dab in the middle of the shitstorm housing market we have now. They would still be obligated to completed everything at Liberty Station. The park, the public spaces, the homes, the office buildings etc. They took on a ton of risk, placed $150+ million in completion bonds on the project.

The proof is in the pudding in my opinion. If you walk that project today it turned out amazingly well. Outside of the land, MCM received no government assistance to complete the project.

It is easy to throw stones when you have no idea what it takes to develop a project.

I was not involved in the residential developmet, or master development of Liberty Station but I know the amount of dollars that were spent all at risk by the company and I know what public improvements were made. Liberty Station did not win Base Redevelopment of the year because it turned out as a crappy useless project. It is well executed and enjoyed by the masses.

[Trojan4Life]

My wife and I looked at resales in LS

They are right on top of each other, have a very expensive mello roos and HOA, there were no kids to speak of in the neighborhood, you are next door to military housing (I’m military for the next 6 days, so I’m not casting stones). Back in late 2006 there were three or so houses for sale on the same small street and one was in the mid-high $700s. They were desparate to sell because they couldn’t sell their home in Michigan.

These homes, in the flight path of Lindberg and in a crappy school district, aren’t worth much more than $400K

Trojan4life

[Trojan4Life]

My wife and I looked at resales in LS

They are right on top of each other, have a very expensive mello roos and HOA, there were no kids to speak of in the neighborhood, you are next door to military housing (I’m military for the next 6 days, so I’m not casting stones). Back in late 2006 there were three or so houses for sale on the same small street and one was in the mid-high $700s. They were desparate to sell because they couldn’t sell their home in Michigan.

These homes, in the flight path of Lindberg and in a crappy school district, aren’t worth much more than $400K

Trojan4life

[Trojan4Life]

My wife and I looked at resales in LS

They are right on top of each other, have a very expensive mello roos and HOA, there were no kids to speak of in the neighborhood, you are next door to military housing (I’m military for the next 6 days, so I’m not casting stones). Back in late 2006 there were three or so houses for sale on the same small street and one was in the mid-high $700s. They were desparate to sell because they couldn’t sell their home in Michigan.

These homes, in the flight path of Lindberg and in a crappy school district, aren’t worth much more than $400K

Trojan4life

[Trojan4Life]

My wife and I looked at resales in LS

They are right on top of each other, have a very expensive mello roos and HOA, there were no kids to speak of in the neighborhood, you are next door to military housing (I’m military for the next 6 days, so I’m not casting stones). Back in late 2006 there were three or so houses for sale on the same small street and one was in the mid-high $700s. They were desparate to sell because they couldn’t sell their home in Michigan.

These homes, in the flight path of Lindberg and in a crappy school district, aren’t worth much more than $400K

Trojan4life

[Trojan4Life]

My wife and I looked at resales in LS

They are right on top of each other, have a very expensive mello roos and HOA, there were no kids to speak of in the neighborhood, you are next door to military housing (I’m military for the next 6 days, so I’m not casting stones). Back in late 2006 there were three or so houses for sale on the same small street and one was in the mid-high $700s. They were desparate to sell because they couldn’t sell their home in Michigan.

These homes, in the flight path of Lindberg and in a crappy school district, aren’t worth much more than $400K

Trojan4life

[zzz]

Interesting – this house is pending.

http://www.sdlookup.com/MLS-081028560-2887_Farragut_Rd_San_Diego_CA_92106

The house down the street is still asking $924-$945

[zzz]

Interesting – this house is pending.

http://www.sdlookup.com/MLS-081028560-2887_Farragut_Rd_San_Diego_CA_92106

The house down the street is still asking $924-$945

[zzz]

Interesting – this house is pending.

http://www.sdlookup.com/MLS-081028560-2887_Farragut_Rd_San_Diego_CA_92106

The house down the street is still asking $924-$945

[zzz]

Interesting – this house is pending.

http://www.sdlookup.com/MLS-081028560-2887_Farragut_Rd_San_Diego_CA_92106

The house down the street is still asking $924-$945

[zzz]

Interesting – this house is pending.

http://www.sdlookup.com/MLS-081028560-2887_Farragut_Rd_San_Diego_CA_92106

The house down the street is still asking $924-$945

[meadandale]

“Outside of the land, MCM received no government assistance to complete the project.”

Oh sure, hundreds of millions of dollars in prime point loma real estate would be considered ‘no government assistance’ in anyone’s book.

I’m sure they were taking it in the shorts selling cookie cutter townhomes on tiny lots for a close to a million a piece on free land.

I’m sure that all the people working for Corky as well as all of the government shills that were able to get property in LS for below market value are really happy about the project. For everyone else, including the tax payers, it was one gigantic and indefensible government giveaway.

[meadandale]

“Outside of the land, MCM received no government assistance to complete the project.”

Oh sure, hundreds of millions of dollars in prime point loma real estate would be considered ‘no government assistance’ in anyone’s book.

I’m sure they were taking it in the shorts selling cookie cutter townhomes on tiny lots for a close to a million a piece on free land.

I’m sure that all the people working for Corky as well as all of the government shills that were able to get property in LS for below market value are really happy about the project. For everyone else, including the tax payers, it was one gigantic and indefensible government giveaway.

[meadandale]

“Outside of the land, MCM received no government assistance to complete the project.”

Oh sure, hundreds of millions of dollars in prime point loma real estate would be considered ‘no government assistance’ in anyone’s book.

I’m sure they were taking it in the shorts selling cookie cutter townhomes on tiny lots for a close to a million a piece on free land.

I’m sure that all the people working for Corky as well as all of the government shills that were able to get property in LS for below market value are really happy about the project. For everyone else, including the tax payers, it was one gigantic and indefensible government giveaway.

[meadandale]

“Outside of the land, MCM received no government assistance to complete the project.”

Oh sure, hundreds of millions of dollars in prime point loma real estate would be considered ‘no government assistance’ in anyone’s book.

I’m sure they were taking it in the shorts selling cookie cutter townhomes on tiny lots for a close to a million a piece on free land.

I’m sure that all the people working for Corky as well as all of the government shills that were able to get property in LS for below market value are really happy about the project. For everyone else, including the tax payers, it was one gigantic and indefensible government giveaway.

[Author]

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