[PerryChase]

For a more basic building in terms of amenities, I like 350 Ash. The unit are airy with high (18ft?) ceiling so you can be more creative with you private unit. It’s close to Little Italy so you can walk there if you like those restaurants.

I’m not fond of the Little Italy restaurants so I would prefer to be closer to the embarcadero park on the bay.

[PerryChase]

For a more basic building in terms of amenities, I like 350 Ash. The unit are airy with high (18ft?) ceiling so you can be more creative with you private unit. It’s close to Little Italy so you can walk there if you like those restaurants.

I’m not fond of the Little Italy restaurants so I would prefer to be closer to the embarcadero park on the bay.

[PerryChase]

Don’t buy now. Rent for 6 months at a time in different projects, if you don’t mind moving.

Mr B gave some good advice.

Do you need a swimming pool? A gym?

One building I know well is The Grande.

– Superior amenities such secure access and operation of the elevator using a keychain wand.
– Concierge 24/7. You guests are required to sign in and the concierge will announce the visit.
– Next door to the train and trolley station.
– As close as you can get to the bayfront.
– Super location if they close Harbor Drive and build the bayfront park.
– Nice gym and nice pool.

downsides include:
– cheap laminate wood flooring.
– not the best quality cabinets
– northside view will be blocked by Bayside building
– southside view will be blocked by Navy complex redevelopment.
– Can the holiday Inn build higher and block the west ocean view in the future? Probably because the holiday Inn location is best. When the market booms again, the holiday Inn land will be worth a lot.
– noise from the train.
– low ceilings in individual units (not loft style).
– High HOA.
– Tandem vs. side by side parking (not sure if it’s the same for all units).

[PerryChase]

Don’t buy now. Rent for 6 months at a time in different projects, if you don’t mind moving.

Mr B gave some good advice.

Do you need a swimming pool? A gym?

One building I know well is The Grande.

– Superior amenities such secure access and operation of the elevator using a keychain wand.
– Concierge 24/7. You guests are required to sign in and the concierge will announce the visit.
– Next door to the train and trolley station.
– As close as you can get to the bayfront.
– Super location if they close Harbor Drive and build the bayfront park.
– Nice gym and nice pool.

downsides include:
– cheap laminate wood flooring.
– not the best quality cabinets
– northside view will be blocked by Bayside building
– southside view will be blocked by Navy complex redevelopment.
– Can the holiday Inn build higher and block the west ocean view in the future? Probably because the holiday Inn location is best. When the market booms again, the holiday Inn land will be worth a lot.
– noise from the train.
– low ceilings in individual units (not loft style).
– High HOA.
– Tandem vs. side by side parking (not sure if it’s the same for all units).

[PerryChase]

Those towers presold at the peak in 2005. The buyers can’t get their deposits back and have to close escrow or lose the deposits.

I’m sure many buyers are contacting lawyers trying to wiggle out of the purchases.

Electra is a nice project right on the Embarcadero. Don’t know much about Alta. It’s right behind the Navy complex.

Smart Corner is another project that sold at the peak. It’s a lower priced project with buyers wanting out. The developer is not taking the units back but will allow the transfer of the contract to another buyer. If the developer saw any “instant equity” he would take the units back, resell them and pocket the extra profit.

Downtown will get hit much harder than the SFR market in North County.

[PerryChase]

Those towers presold at the peak in 2005. The buyers can’t get their deposits back and have to close escrow or lose the deposits.

I’m sure many buyers are contacting lawyers trying to wiggle out of the purchases.

Electra is a nice project right on the Embarcadero. Don’t know much about Alta. It’s right behind the Navy complex.

Smart Corner is another project that sold at the peak. It’s a lower priced project with buyers wanting out. The developer is not taking the units back but will allow the transfer of the contract to another buyer. If the developer saw any “instant equity” he would take the units back, resell them and pocket the extra profit.

Downtown will get hit much harder than the SFR market in North County.

[PerryChase]

sdr is right. With any kind of hardscape, you’re looking at $10,000 +++. Start with very little grass and more planter area. Maybe a small pond or fountain. That will save a lot money on water over time. Grass consumes a lot of water in So. Cal.

I don’t recommend a lattice patio cover — they are useless. Go with a patio cover with real roofing so your outdoor furniture is protected from the elements. Do a cover that is elevated so it feels more airy. You can still be outside when it’s raining and pets will appreciate the outdoor shelter also.

Stone hardscape will cost a lot more than bare concrete or colored concrete.

[PerryChase]

sdr is right. With any kind of hardscape, you’re looking at $10,000 +++. Start with very little grass and more planter area. Maybe a small pond or fountain. That will save a lot money on water over time. Grass consumes a lot of water in So. Cal.

I don’t recommend a lattice patio cover — they are useless. Go with a patio cover with real roofing so your outdoor furniture is protected from the elements. Do a cover that is elevated so it feels more airy. You can still be outside when it’s raining and pets will appreciate the outdoor shelter also.

Stone hardscape will cost a lot more than bare concrete or colored concrete.

[PerryChase]

Good advice, vrudny.
Someone I know just sunk $20k on hardwood flooring for his house which he just listed at a rich price.
The house does show nicely. I wonder if he’ll recover his investment.

——

Rustico, I like your philosophical views. We need some distractions from the slow moving real estate market.

[PerryChase]

Good advice, vrudny.
Someone I know just sunk $20k on hardwood flooring for his house which he just listed at a rich price.
The house does show nicely. I wonder if he’ll recover his investment.

——

Rustico, I like your philosophical views. We need some distractions from the slow moving real estate market.

[PerryChase]

Ask her to sent you a letter with that prediction in writing. 😉

[PerryChase]

Ask her to sent you a letter with that prediction in writing. 😉

[PerryChase]

I think that it’s basic survival instinct to love what’s yours.

People love their decisions (are looking to justify their own behavior) more than they love the purchase. Few own-up to their mistakes.

Look how much time people spend shopping for clothes at the mall. Do you see many who are well dressed? But everyone thinks that’s she pretty. A house is kinda like that but with greater emotions because it’s a bigger purchase.

[PerryChase]

I think that it’s basic survival instinct to love what’s yours.

People love their decisions (are looking to justify their own behavior) more than they love the purchase. Few own-up to their mistakes.

Look how much time people spend shopping for clothes at the mall. Do you see many who are well dressed? But everyone thinks that’s she pretty. A house is kinda like that but with greater emotions because it’s a bigger purchase.

[PerryChase]

I think it’s helpful to look at the car market as an analogy to the housing market.

Someone leases a car but can no longer make the car payments. He can’t afford to dump it because he has no equity. So he turns the car back in to the the finance company. The finance company in turns dumps it to the dealership who turns around and marks the car right back up to the retail price.

The price depreciation and discounts and cars don’t appear until later in the cycle because you need large inventory to build up first.

Same with houses, except that houses last much longer than cars so the hang-over will last longer.

Homeowners can’t make the payments but can’t rent for cheap. They keep on asking high rents to cover their mortgages until the houses sit and sit and sit. Rents will go down when enough inventory builds up and the assets are transferred to owners with lower carrying costs. We are just in 1 1/2 of the real estate downturn so it’s not surprising to see slightly higher rents.

The mentality of the homeowner is “it’s not worth renting if I’m still losing money every month.” His house will eventually be foreclosed.

I predict rents lower in a couple of years. I’ll let time prove me right.

[Author]

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