UT weekend article on CityScape: smart bottom fisher?

[cv2]

http://www.signonsandiego.com/uniontrib/20081207/news_mz1b7condo.html

”
Finding good deals

Mike Stanhope of Temecula learned about Cityscape from his son-in-law, a lawyer and real estate agent who saw a listing in the complex last spring for a $75,000 condo.

It sparked Stanhope’s curiosity. He came to look at what $75,000 would buy in pricey San Diego.

Since then, Stanhope and a partner have purchased 17 foreclosure units in Cityscape. His brother, Frank, moved into one of the units. Tenants now refer to Frank as the de facto manager of the complex.

Stanhope has tried to clean up the mess at Cityscape through the homeowners association. Landscaping and the pool have been upgraded. The gate has been fixed. The laundry room is no longer a homeless shelter. A troubling water leak appears to have been found and repaired.

Stanhope believes the project will be a good investment in three to five years. But for now, prices keep dropping. Recent sales in Cityscape have been at lower prices than those six months ago.

The homeowners association remains in debt. Association dues are listed at a steep $240 a month for some of the current units up for sale.

“We’re still not out of the woods with the homeowners association,” Stanhope said. “In my opinion, as the project gets healthier and healthier, it should improve. But it’s going to take time.”
”

[recordsclerk]

I’ve been watching this condo complex since last June. This is one of the condos that I was refering to about HOAs underwater. This would be a good investment, but there are too many things wrong with the complex. There have been some improvements done. The problem now is the amount of units being rented out. There will only be a few owner occupied units for the next 5yrs+. The HOA is still insolvent and the article states that they owe 40k.

[recordsclerk]

I’ve been watching this condo complex since last June. This is one of the condos that I was refering to about HOAs underwater. This would be a good investment, but there are too many things wrong with the complex. There have been some improvements done. The problem now is the amount of units being rented out. There will only be a few owner occupied units for the next 5yrs+. The HOA is still insolvent and the article states that they owe 40k.

[recordsclerk]

I’ve been watching this condo complex since last June. This is one of the condos that I was refering to about HOAs underwater. This would be a good investment, but there are too many things wrong with the complex. There have been some improvements done. The problem now is the amount of units being rented out. There will only be a few owner occupied units for the next 5yrs+. The HOA is still insolvent and the article states that they owe 40k.

[recordsclerk]

I’ve been watching this condo complex since last June. This is one of the condos that I was refering to about HOAs underwater. This would be a good investment, but there are too many things wrong with the complex. There have been some improvements done. The problem now is the amount of units being rented out. There will only be a few owner occupied units for the next 5yrs+. The HOA is still insolvent and the article states that they owe 40k.

[recordsclerk]

I’ve been watching this condo complex since last June. This is one of the condos that I was refering to about HOAs underwater. This would be a good investment, but there are too many things wrong with the complex. There have been some improvements done. The problem now is the amount of units being rented out. There will only be a few owner occupied units for the next 5yrs+. The HOA is still insolvent and the article states that they owe 40k.

[cv2]

RS, what do you think the fair price for this complex?

Since HOA is insolvent, there is no reserve. So to make it solvent and have minimum reserve, probably another $20K per unit?

How about rent? In the article it mentioned that there were elderly roommates paying $300/month for the past 20+ years.

This article also mentioned about ghost town at night. It kind of validated my thesis that we have over-built and have too many housing supply. Even with all the problems fixed, it still has trouble to attract renters/buyers.

[cv2]

RS, what do you think the fair price for this complex?

Since HOA is insolvent, there is no reserve. So to make it solvent and have minimum reserve, probably another $20K per unit?

How about rent? In the article it mentioned that there were elderly roommates paying $300/month for the past 20+ years.

This article also mentioned about ghost town at night. It kind of validated my thesis that we have over-built and have too many housing supply. Even with all the problems fixed, it still has trouble to attract renters/buyers.

[cv2]

RS, what do you think the fair price for this complex?

Since HOA is insolvent, there is no reserve. So to make it solvent and have minimum reserve, probably another $20K per unit?

How about rent? In the article it mentioned that there were elderly roommates paying $300/month for the past 20+ years.

This article also mentioned about ghost town at night. It kind of validated my thesis that we have over-built and have too many housing supply. Even with all the problems fixed, it still has trouble to attract renters/buyers.

[cv2]

RS, what do you think the fair price for this complex?

Since HOA is insolvent, there is no reserve. So to make it solvent and have minimum reserve, probably another $20K per unit?

How about rent? In the article it mentioned that there were elderly roommates paying $300/month for the past 20+ years.

This article also mentioned about ghost town at night. It kind of validated my thesis that we have over-built and have too many housing supply. Even with all the problems fixed, it still has trouble to attract renters/buyers.

[cv2]

RS, what do you think the fair price for this complex?

Since HOA is insolvent, there is no reserve. So to make it solvent and have minimum reserve, probably another $20K per unit?

How about rent? In the article it mentioned that there were elderly roommates paying $300/month for the past 20+ years.

This article also mentioned about ghost town at night. It kind of validated my thesis that we have over-built and have too many housing supply. Even with all the problems fixed, it still has trouble to attract renters/buyers.

[recordsclerk]

I spoke to a renter of a 2bed/2bth. He is paying $900 a month. It was a complete ghost town a few months ago. There are several occupied units and there will be more as more sales close. I think there are about 20+ units that have been purchased by new owners and will eventually be occupied by tenants.
At one point I was willing to pay $50K for 1bd/1bth and 70K for 2bd/2bth. I still think that is the fair market value with all it’s problems.
I’m not sure how much it would take to make the HOA solvent. There are 70 units total. Sometimes getting owners to vote or pay for special assessments is like pulling teeth. I think your estimate of about 20K seems about right.

[recordsclerk]

I spoke to a renter of a 2bed/2bth. He is paying $900 a month. It was a complete ghost town a few months ago. There are several occupied units and there will be more as more sales close. I think there are about 20+ units that have been purchased by new owners and will eventually be occupied by tenants.
At one point I was willing to pay $50K for 1bd/1bth and 70K for 2bd/2bth. I still think that is the fair market value with all it’s problems.
I’m not sure how much it would take to make the HOA solvent. There are 70 units total. Sometimes getting owners to vote or pay for special assessments is like pulling teeth. I think your estimate of about 20K seems about right.

[recordsclerk]

I spoke to a renter of a 2bed/2bth. He is paying $900 a month. It was a complete ghost town a few months ago. There are several occupied units and there will be more as more sales close. I think there are about 20+ units that have been purchased by new owners and will eventually be occupied by tenants.
At one point I was willing to pay $50K for 1bd/1bth and 70K for 2bd/2bth. I still think that is the fair market value with all it’s problems.
I’m not sure how much it would take to make the HOA solvent. There are 70 units total. Sometimes getting owners to vote or pay for special assessments is like pulling teeth. I think your estimate of about 20K seems about right.

[recordsclerk]

I spoke to a renter of a 2bed/2bth. He is paying $900 a month. It was a complete ghost town a few months ago. There are several occupied units and there will be more as more sales close. I think there are about 20+ units that have been purchased by new owners and will eventually be occupied by tenants.
At one point I was willing to pay $50K for 1bd/1bth and 70K for 2bd/2bth. I still think that is the fair market value with all it’s problems.
I’m not sure how much it would take to make the HOA solvent. There are 70 units total. Sometimes getting owners to vote or pay for special assessments is like pulling teeth. I think your estimate of about 20K seems about right.

[Author]

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