SD Condo article in LA Times

[bubble_contagion]

A friend of mine lives in a high rise close to Little Italy. The condo next door was being rented by the day, mostly weekends. One night two couples entered his place at 2am carring beer cases. After some shouting, it was clear that the couples could enter the wrong condo because the developer never changed the door locks. All condo doors could be opened with the same key. Today that condo next door is in foreclosure as is the identical 700 s/f studio unit above my friend’s place. My friend bought in 2005 for 460K, the foreclosed unit above is going for $250K.

[svelte]

[quote=bubble_contagion]A friend of mine lives in a high rise close to Little Italy….All condo doors could be opened with the same key. Today that condo next door is in foreclosure as is the identical 700 s/f studio unit above my friend’s place. My friend bought in 2005 for 460K, the foreclosed unit above is going for $250K.[/quote]

Yeah, but has he changed his locks?

And more importantly, did he keep his old key so he could get into the other units?

[svelte]

[quote=bubble_contagion]A friend of mine lives in a high rise close to Little Italy….All condo doors could be opened with the same key. Today that condo next door is in foreclosure as is the identical 700 s/f studio unit above my friend’s place. My friend bought in 2005 for 460K, the foreclosed unit above is going for $250K.[/quote]

Yeah, but has he changed his locks?

And more importantly, did he keep his old key so he could get into the other units?

[svelte]

[quote=bubble_contagion]A friend of mine lives in a high rise close to Little Italy….All condo doors could be opened with the same key. Today that condo next door is in foreclosure as is the identical 700 s/f studio unit above my friend’s place. My friend bought in 2005 for 460K, the foreclosed unit above is going for $250K.[/quote]

Yeah, but has he changed his locks?

And more importantly, did he keep his old key so he could get into the other units?

[svelte]

[quote=bubble_contagion]A friend of mine lives in a high rise close to Little Italy….All condo doors could be opened with the same key. Today that condo next door is in foreclosure as is the identical 700 s/f studio unit above my friend’s place. My friend bought in 2005 for 460K, the foreclosed unit above is going for $250K.[/quote]

Yeah, but has he changed his locks?

And more importantly, did he keep his old key so he could get into the other units?

[svelte]

[quote=bubble_contagion]A friend of mine lives in a high rise close to Little Italy….All condo doors could be opened with the same key. Today that condo next door is in foreclosure as is the identical 700 s/f studio unit above my friend’s place. My friend bought in 2005 for 460K, the foreclosed unit above is going for $250K.[/quote]

Yeah, but has he changed his locks?

And more importantly, did he keep his old key so he could get into the other units?

[rocket science]

It is not obvious from the online article, but did you know that in the print additon it wasn’t just a little thing in the business sction.
It was on the FRONT page of the paper.

[rocket science]

It is not obvious from the online article, but did you know that in the print additon it wasn’t just a little thing in the business sction.
It was on the FRONT page of the paper.

[rocket science]

It is not obvious from the online article, but did you know that in the print additon it wasn’t just a little thing in the business sction.
It was on the FRONT page of the paper.

[rocket science]

It is not obvious from the online article, but did you know that in the print additon it wasn’t just a little thing in the business sction.
It was on the FRONT page of the paper.

[rocket science]

It is not obvious from the online article, but did you know that in the print additon it wasn’t just a little thing in the business sction.
It was on the FRONT page of the paper.

[Eugene]

[quote=4plexowner]
let’s see, 159 sales in 6 months is almost 27 per month

we have 400 + 450 + 1000 units which means there are almost 6 years worth of condos downtown at the current rate of sales

ouch![/quote]

I don’t think that’s correct.

First of all, 400 units listed for sale and 450 units “in some stage of foreclosure” are partially overlapping sets.

Second of all,

http://www.signonsandiego.com/sdhomes/area_homesales/0609cc.html

UT shows 129 new & used units sold in 92101 during last month alone, 81 units sold in May, 83 units sold in April.

So we really have ~6 months of active inventory + ~12 months of shadow inventory downtown. That’s still a lot, but on par with high end zips such as Del Mar and Coronado.

At the same time, some nearby condo zips are actually experiencing shortages (Mission Valley is at 2.5 months of active inventory, University City is at 2.8 months), extra supply downtown can be absorbed by overflow from those two.

[Eugene]

[quote=4plexowner]
let’s see, 159 sales in 6 months is almost 27 per month

we have 400 + 450 + 1000 units which means there are almost 6 years worth of condos downtown at the current rate of sales

ouch![/quote]

I don’t think that’s correct.

First of all, 400 units listed for sale and 450 units “in some stage of foreclosure” are partially overlapping sets.

Second of all,

http://www.signonsandiego.com/sdhomes/area_homesales/0609cc.html

UT shows 129 new & used units sold in 92101 during last month alone, 81 units sold in May, 83 units sold in April.

So we really have ~6 months of active inventory + ~12 months of shadow inventory downtown. That’s still a lot, but on par with high end zips such as Del Mar and Coronado.

At the same time, some nearby condo zips are actually experiencing shortages (Mission Valley is at 2.5 months of active inventory, University City is at 2.8 months), extra supply downtown can be absorbed by overflow from those two.

[Eugene]

[quote=4plexowner]
let’s see, 159 sales in 6 months is almost 27 per month

we have 400 + 450 + 1000 units which means there are almost 6 years worth of condos downtown at the current rate of sales

ouch![/quote]

I don’t think that’s correct.

First of all, 400 units listed for sale and 450 units “in some stage of foreclosure” are partially overlapping sets.

Second of all,

http://www.signonsandiego.com/sdhomes/area_homesales/0609cc.html

UT shows 129 new & used units sold in 92101 during last month alone, 81 units sold in May, 83 units sold in April.

So we really have ~6 months of active inventory + ~12 months of shadow inventory downtown. That’s still a lot, but on par with high end zips such as Del Mar and Coronado.

At the same time, some nearby condo zips are actually experiencing shortages (Mission Valley is at 2.5 months of active inventory, University City is at 2.8 months), extra supply downtown can be absorbed by overflow from those two.

[Eugene]

[quote=4plexowner]
let’s see, 159 sales in 6 months is almost 27 per month

we have 400 + 450 + 1000 units which means there are almost 6 years worth of condos downtown at the current rate of sales

ouch![/quote]

I don’t think that’s correct.

First of all, 400 units listed for sale and 450 units “in some stage of foreclosure” are partially overlapping sets.

Second of all,

http://www.signonsandiego.com/sdhomes/area_homesales/0609cc.html

UT shows 129 new & used units sold in 92101 during last month alone, 81 units sold in May, 83 units sold in April.

So we really have ~6 months of active inventory + ~12 months of shadow inventory downtown. That’s still a lot, but on par with high end zips such as Del Mar and Coronado.

At the same time, some nearby condo zips are actually experiencing shortages (Mission Valley is at 2.5 months of active inventory, University City is at 2.8 months), extra supply downtown can be absorbed by overflow from those two.

[Author]

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