Why Isn’t Waterbridge Selling?

[CricketOnTheHearth]

I’ve been watching around the Rancho Bernardo area and this one condo complex has caught my eye, Waterbridge. It’s a former apartment complex, conversions, on the northwest corner of I-15 and Rancho Bernardo Road… go to SDLookup and enter ZIP 92127, and you can find it.

There are over a dozen units for sale, at really cheap prices… but they apparently have gone begging. Why?

I happen to know that there is a nexus of crime near that area. For as long as I’ve looked at ARJIS’ crime maps, there’s been a cluster of crimes near there. Is that why? Do all the other prospective buyers know about that too? Or is there some other reason (right next to freeway, etc)?

Opinions?

[SD Realtor]

Waterbridge has lawsuits due to hoa defects. You can purchase for cash and that is pretty much it. One of our favorite agents has a listing there for a few hundred days and he has incorrectly put in the finance terms that you can get conventional financing but that is an incorrect statement.

[SD Realtor]

Waterbridge has lawsuits due to hoa defects. You can purchase for cash and that is pretty much it. One of our favorite agents has a listing there for a few hundred days and he has incorrectly put in the finance terms that you can get conventional financing but that is an incorrect statement.

[SD Realtor]

Waterbridge has lawsuits due to hoa defects. You can purchase for cash and that is pretty much it. One of our favorite agents has a listing there for a few hundred days and he has incorrectly put in the finance terms that you can get conventional financing but that is an incorrect statement.

[SD Realtor]

Waterbridge has lawsuits due to hoa defects. You can purchase for cash and that is pretty much it. One of our favorite agents has a listing there for a few hundred days and he has incorrectly put in the finance terms that you can get conventional financing but that is an incorrect statement.

[SD Realtor]

Waterbridge has lawsuits due to hoa defects. You can purchase for cash and that is pretty much it. One of our favorite agents has a listing there for a few hundred days and he has incorrectly put in the finance terms that you can get conventional financing but that is an incorrect statement.

[ocrenter]

you said all of the redflags:

–condo conversion
–dozen for sale
–bad location (noise from freeway)

the problem is this apartment complex converted right at the peak the of bubble years. foreclosure rate blows any other complexes in RB out of the water.

wasn’t there something about if a complex is more than 50% non-owner occupied lenders would not lend? my best guess is this may be the reason why so many units are remaining on the MLS.

[ocrenter]

you said all of the redflags:

–condo conversion
–dozen for sale
–bad location (noise from freeway)

the problem is this apartment complex converted right at the peak the of bubble years. foreclosure rate blows any other complexes in RB out of the water.

wasn’t there something about if a complex is more than 50% non-owner occupied lenders would not lend? my best guess is this may be the reason why so many units are remaining on the MLS.

[ocrenter]

you said all of the redflags:

–condo conversion
–dozen for sale
–bad location (noise from freeway)

the problem is this apartment complex converted right at the peak the of bubble years. foreclosure rate blows any other complexes in RB out of the water.

wasn’t there something about if a complex is more than 50% non-owner occupied lenders would not lend? my best guess is this may be the reason why so many units are remaining on the MLS.

[ocrenter]

you said all of the redflags:

–condo conversion
–dozen for sale
–bad location (noise from freeway)

the problem is this apartment complex converted right at the peak the of bubble years. foreclosure rate blows any other complexes in RB out of the water.

wasn’t there something about if a complex is more than 50% non-owner occupied lenders would not lend? my best guess is this may be the reason why so many units are remaining on the MLS.

[ocrenter]

you said all of the redflags:

–condo conversion
–dozen for sale
–bad location (noise from freeway)

the problem is this apartment complex converted right at the peak the of bubble years. foreclosure rate blows any other complexes in RB out of the water.

wasn’t there something about if a complex is more than 50% non-owner occupied lenders would not lend? my best guess is this may be the reason why so many units are remaining on the MLS.

[SD Realtor]

ocr you can get financing for less the 50% owner occupancy but it is harder. Again, the reason is the hoa litigation. No lenders will lend on that. Think about it. Occupancy makes it harder but you can get a loan on it for investment property.

At the end of the day you are looking at about a 6% return on the investment cash on cash for a rental. I am not saying that is good or bad, it is simply what it is.

[SD Realtor]

ocr you can get financing for less the 50% owner occupancy but it is harder. Again, the reason is the hoa litigation. No lenders will lend on that. Think about it. Occupancy makes it harder but you can get a loan on it for investment property.

At the end of the day you are looking at about a 6% return on the investment cash on cash for a rental. I am not saying that is good or bad, it is simply what it is.

[SD Realtor]

ocr you can get financing for less the 50% owner occupancy but it is harder. Again, the reason is the hoa litigation. No lenders will lend on that. Think about it. Occupancy makes it harder but you can get a loan on it for investment property.

At the end of the day you are looking at about a 6% return on the investment cash on cash for a rental. I am not saying that is good or bad, it is simply what it is.

[SD Realtor]

ocr you can get financing for less the 50% owner occupancy but it is harder. Again, the reason is the hoa litigation. No lenders will lend on that. Think about it. Occupancy makes it harder but you can get a loan on it for investment property.

At the end of the day you are looking at about a 6% return on the investment cash on cash for a rental. I am not saying that is good or bad, it is simply what it is.

[Author]

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