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May 19, 2008 at 4:10 PM #207708May 19, 2008 at 4:34 PM #207810
La Jolla Renter
ParticipantI lived across the street from this place while it was being built. It took years to build, I think they had water problems in the foundation. The building looks great, but it isn’t even ocean front. I can’t believe anyone would buy a tenth of this, but it seems to be a trend around the country, executive retreat timeshares. My guess is that the market rent for one week for a place like this is $5k a week average. So for a generous $20k a year cash flow per 10th share, it should be worth $200k on a good day. Way way way overpriced.
For $6M for 5/6ths of this place… you can have a oceanfront house for dam near that.
PS that corner of wind and sea beach is loud… day and night!
May 19, 2008 at 4:34 PM #207723ParticipantI lived across the street from this place while it was being built. It took years to build, I think they had water problems in the foundation. The building looks great, but it isn’t even ocean front. I can’t believe anyone would buy a tenth of this, but it seems to be a trend around the country, executive retreat timeshares. My guess is that the market rent for one week for a place like this is $5k a week average. So for a generous $20k a year cash flow per 10th share, it should be worth $200k on a good day. Way way way overpriced.
For $6M for 5/6ths of this place… you can have a oceanfront house for dam near that.
PS that corner of wind and sea beach is loud… day and night!
May 19, 2008 at 4:34 PM #207835ParticipantI lived across the street from this place while it was being built. It took years to build, I think they had water problems in the foundation. The building looks great, but it isn’t even ocean front. I can’t believe anyone would buy a tenth of this, but it seems to be a trend around the country, executive retreat timeshares. My guess is that the market rent for one week for a place like this is $5k a week average. So for a generous $20k a year cash flow per 10th share, it should be worth $200k on a good day. Way way way overpriced.
For $6M for 5/6ths of this place… you can have a oceanfront house for dam near that.
PS that corner of wind and sea beach is loud… day and night!
May 19, 2008 at 4:34 PM #207779ParticipantI lived across the street from this place while it was being built. It took years to build, I think they had water problems in the foundation. The building looks great, but it isn’t even ocean front. I can’t believe anyone would buy a tenth of this, but it seems to be a trend around the country, executive retreat timeshares. My guess is that the market rent for one week for a place like this is $5k a week average. So for a generous $20k a year cash flow per 10th share, it should be worth $200k on a good day. Way way way overpriced.
For $6M for 5/6ths of this place… you can have a oceanfront house for dam near that.
PS that corner of wind and sea beach is loud… day and night!
May 19, 2008 at 4:34 PM #207866ParticipantI lived across the street from this place while it was being built. It took years to build, I think they had water problems in the foundation. The building looks great, but it isn’t even ocean front. I can’t believe anyone would buy a tenth of this, but it seems to be a trend around the country, executive retreat timeshares. My guess is that the market rent for one week for a place like this is $5k a week average. So for a generous $20k a year cash flow per 10th share, it should be worth $200k on a good day. Way way way overpriced.
For $6M for 5/6ths of this place… you can have a oceanfront house for dam near that.
PS that corner of wind and sea beach is loud… day and night!
May 19, 2008 at 5:27 PM #207901Borat
ParticipantThat is truly amazing. What would the yearly mortgage on $500K be assuming $100K down? Something like $30K? And you get to use it for a little more than a month a year? You could spend that much time in a luxury hotel in someplace with warm blue water (like Hawaii or the mediterranean) for less than that AND keep your down payment. Or you could blow your down payment, spend more and enjoy your month dodging the bums and tweekers here in SD and swimming in the cold water. Totally stupid.
May 19, 2008 at 5:27 PM #207814ParticipantThat is truly amazing. What would the yearly mortgage on $500K be assuming $100K down? Something like $30K? And you get to use it for a little more than a month a year? You could spend that much time in a luxury hotel in someplace with warm blue water (like Hawaii or the mediterranean) for less than that AND keep your down payment. Or you could blow your down payment, spend more and enjoy your month dodging the bums and tweekers here in SD and swimming in the cold water. Totally stupid.
May 19, 2008 at 5:27 PM #207872ParticipantThat is truly amazing. What would the yearly mortgage on $500K be assuming $100K down? Something like $30K? And you get to use it for a little more than a month a year? You could spend that much time in a luxury hotel in someplace with warm blue water (like Hawaii or the mediterranean) for less than that AND keep your down payment. Or you could blow your down payment, spend more and enjoy your month dodging the bums and tweekers here in SD and swimming in the cold water. Totally stupid.
May 19, 2008 at 5:27 PM #207846ParticipantThat is truly amazing. What would the yearly mortgage on $500K be assuming $100K down? Something like $30K? And you get to use it for a little more than a month a year? You could spend that much time in a luxury hotel in someplace with warm blue water (like Hawaii or the mediterranean) for less than that AND keep your down payment. Or you could blow your down payment, spend more and enjoy your month dodging the bums and tweekers here in SD and swimming in the cold water. Totally stupid.
May 19, 2008 at 5:27 PM #207758ParticipantThat is truly amazing. What would the yearly mortgage on $500K be assuming $100K down? Something like $30K? And you get to use it for a little more than a month a year? You could spend that much time in a luxury hotel in someplace with warm blue water (like Hawaii or the mediterranean) for less than that AND keep your down payment. Or you could blow your down payment, spend more and enjoy your month dodging the bums and tweekers here in SD and swimming in the cold water. Totally stupid.
May 19, 2008 at 7:37 PM #207878Anonymous
GuestWe used to rent a very nice two bedroom next door before this place existed. Hardwood floors, huge windows overlooking a beautiful courtyard, it was very charming. And before this ugly building went up, we had an ocean view too. All this for only $1500 a month, it was paradise. Unfortunately, when they started building we couldn’t tolerate our Eden any longer and packed our bags for a quieter area.
No doubt they rent our old place out for much more nowadays, even without the ocean view, but STILL, who in their right mind would buy into 1/10th ownership for that price, when right next door you could rent a very nice place for a fraction!?
And yes, there are a lot of bums in this area, we had run-in’s with them on a weekly basis. Lots of loud parties too, but that kinda goes with the territory.
May 19, 2008 at 7:37 PM #207935GuestWe used to rent a very nice two bedroom next door before this place existed. Hardwood floors, huge windows overlooking a beautiful courtyard, it was very charming. And before this ugly building went up, we had an ocean view too. All this for only $1500 a month, it was paradise. Unfortunately, when they started building we couldn’t tolerate our Eden any longer and packed our bags for a quieter area.
No doubt they rent our old place out for much more nowadays, even without the ocean view, but STILL, who in their right mind would buy into 1/10th ownership for that price, when right next door you could rent a very nice place for a fraction!?
And yes, there are a lot of bums in this area, we had run-in’s with them on a weekly basis. Lots of loud parties too, but that kinda goes with the territory.
May 19, 2008 at 7:37 PM #207967GuestWe used to rent a very nice two bedroom next door before this place existed. Hardwood floors, huge windows overlooking a beautiful courtyard, it was very charming. And before this ugly building went up, we had an ocean view too. All this for only $1500 a month, it was paradise. Unfortunately, when they started building we couldn’t tolerate our Eden any longer and packed our bags for a quieter area.
No doubt they rent our old place out for much more nowadays, even without the ocean view, but STILL, who in their right mind would buy into 1/10th ownership for that price, when right next door you could rent a very nice place for a fraction!?
And yes, there are a lot of bums in this area, we had run-in’s with them on a weekly basis. Lots of loud parties too, but that kinda goes with the territory.
May 19, 2008 at 7:37 PM #207990GuestWe used to rent a very nice two bedroom next door before this place existed. Hardwood floors, huge windows overlooking a beautiful courtyard, it was very charming. And before this ugly building went up, we had an ocean view too. All this for only $1500 a month, it was paradise. Unfortunately, when they started building we couldn’t tolerate our Eden any longer and packed our bags for a quieter area.
No doubt they rent our old place out for much more nowadays, even without the ocean view, but STILL, who in their right mind would buy into 1/10th ownership for that price, when right next door you could rent a very nice place for a fraction!?
And yes, there are a lot of bums in this area, we had run-in’s with them on a weekly basis. Lots of loud parties too, but that kinda goes with the territory.
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