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PerryChase
ParticipantNow we know what happened to Fashion Walk. Atlas is now selling.
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http://www.signonsandiego.com/uniontrib/20070513/news_1b13develop.htmlNear the peak of San Diego’s housing boom, home builder D.R. Horton purchased a steep, nine-acre hillside along Friars Road across from Fashion Valley mall for $22 million.
The land was earmarked for Fashion Walk, a trendy, 161-unit condo project. D.R. Horton spent $1.5 million on a 46-foot-high retaining wall to hold back the slope. The company graded a flat shelf for the condos, hauling away tons of dirt. It poured concrete foundations for elevator shafts.
But this March, D.R. Horton walked. It sold the property to apartment developer AvalonBay of Newport Beach. The price: $19.2 million.
D.R. Horton, one of the nation’s largest home builders, is not the only one shedding land purchased during San Diego’s housing heyday.
ParticipantThat’s a nice house. I like the modern style. You’d think that someone paying $2.5 million would not let his house foreclose 1.5 years later.
http://www.sdlookup.com/MLS-076038397-1521_Nautilus_St_La_Jolla_CA_92037
ParticipantI wonder how the trend of doing infill development affect the suburban lots. Infill lots are mostly ready to build without the grading and entitlement issues. From what I understand, there’s only a small time lag between purchase of an infill lot to beginning of building.
For condo/townhouse buyers, I think that infill housing is more desirable.
ParticipantThe noise is due to the dilatation/contraction of the hot water pipe rubbing against the wood studs — the noise is actually coming from the wood stud. There’s nothing “structurally” wrong with that.
Like bugs, says, it’s easy to open the wall and fix that problem if you want to (probably about $500). Otherwise, you could turn off the hot water recirculating pump but that would cause your not being able to get “instant” hot water at each application.
Interesting how hot water recirculating system saves water but wastes a lot of energy.
ParticipantRustico, God help the economy if everyone lived like you. Can you imagine what would happen if consumers cut back 25% of their spending?
It sounds like you’re reached a certain balance in your life.
ParticipantJeffrey Berns does option ARM lawsuits. I heard his ad on radio while driving and promptly noted the phone number.
Tell the people you know who have those loans to contact him. They may have have a cause of action.
Tel: 866-959-4LAW(4529). Option #2. I called that number and for some reason it takes about a minute of silence before the call goes through.
Perhaps Kelly Bennett of VOSD could interview him and give us the scoop on the lawsuits.
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From the website:
http://www.jeffberns.com/Jeffrey Berns has been a licensed practicing attorney since 1987. We have helped thousands of individuals who needed our assistance to protect their rights.
Our investigators are focusing their attention on the banking industry and the loans they were providing to members of the public. We are investigating loans that allow for a minimum payment to be made that does not cover the full cost of the loan. These loans allow for low payments to be made but keep increasing the amount you owe the bank. When that amount hits a certain point you no longer have the ability of making the lower payment. We have some clients who have seen their payments triple.
We work on a contingency fee, which means we only get paid for our services if we are successful in getting you a recovery.
Participanttemeculaguy, i think that your buying requirements is a trend. More and more buyers don’t want the maintenance of a yard. The trend is to integrate outdoor low maintenance courtyards with the indoor living space. In my view, 10 to 20 years from now, this type of housing will comprise the majority of new SFR building.
Participantsdrealtor, actually, I’m very easy going. I usually don’t bother other than shake my head at what people do. In my brother’s neighborhood there are several activist elderly residents who walk around noting infractions including the size the bushes.
I hate CC&Rs and would rather live on a nice street where people maintain their houses.
But I think that people who live in planned communities with CC&Rs should respect the rules. They knew what they signed up for but are devaluing the character of the neighborhood for everyone else. Would an HOA that make exceptions for open garage doors or storage-instead-of-parking, lead to the slippery slope of allowing purple paint or motor home parking or even the conversion of the garage into living space?
My dad lives on a corner lot and he and his neighbor have some nice trees along the street providing shade. The kids congregate right by his house to play. They sometimes climb on the trees and could fall and hurt themselves on his property. He’s 77 and the kids disturb his afternoon nap. He always complains about the neighborhoods kids. I told him to chop down the trees. The street will look barren but at least he’ll have some quiet.
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New alley homes with common motorcourts could get very noisy with a dozen kids paying and yelling.
ParticipantRustico, your post prompted me to lookup real estate licensing information. Good advice. It’s a small investment of time and money for anyone considering buying property. If anything, the knowledge gained from going through the process is well worth it.
It looks like anyone who can pass the 3 real estate classes and the exam can get a RE license. Should be easy for anyone with a high school education. Lawyers automatically qualify.
http://www.dre.cahwnet.gov/saleslic.htmhttp://www.dre.cahwnet.gov/forms/re435a.pdf
http://www.dre.cahwnet.gov/forms/re206.pdfParticipantI hate it when people use their garages for storage or living or workshop and not for parking. A garage door should be kept shut when not using it for ingress or egress. The last thing you want to see is shabby unattractive homeowners loitering in their garages with the door open. HOAs should really enforce the closed garage door CC&Rs. Neighborhoods littered with cars are quite ugly.
Yes, the alley homes have nicer front elevations.
ParticipantI read the NYT article also.
NYC always has been a draw for Europeans. The Irish are “buying to let.” As the article cautions, the holding cost in NYC are very high ($2000/mo for maintenance is common). The buyers will soon realize that their investments don’t return, especially if the market is sliding.
Property taxes in America are very high compared to Europe.
Think $500k condo (not possible in Manhattan but OK in SD). At 6.5% interest only that’s $32,500/year. Property taxes at $6250/yr. That’s about $3200/mo. Without tax deductions, it doesn’t pencil out. As for a 2nd home, why not stay at the Sheraton when you go on vacation?
ParticipantRustico, of course my timeline is not etched in stone. My logic is that the last downturn lasted from 1989 to 1996. I expect this downturn to last longer because of the enormity of the run-up (local, national and international). I think that a 10-year downturn (with periodic small upticks) is most likely.
For a personal residence, I’m looking for a house that I can renovate/rebuild before I move in. I’ll hire a contractor for that because I’d rather not deal with the hassle of living in a construction project. I plan to live in it a long time. My current house is perfectly fine so I’m in no hurry.
For investment purposes, I’m open to buying anything, anytime there’s a good deal, bubble or no bubble. I don’t see many money making possibilities now.
A buddy of mine is a builder in Florida. He’s telling me that it’s a massacre. Developers are starting to walk away from projects.
I’ve expunged emotions out of homeownership so I’m having fun watching the market. Watching RE market psychology is like going to the zoo to see the monkeys.
ParticipantI know a couple who is a Broker team. They sold their house (luckily at a profit) and moved in with the parents. Yet they can’t accept that the market is down. They still drive the Porsche SUV and are hoping that the market will pick-up this year, or next.
They are telling me that it’s time to buy. I just smile and say that I can’t afford it.
May 11, 2007 at 10:04 AM in reply to: Does anyone know how to get a list of property/land that San Diego will be selling.. #52457ParticipantHow convenient! Now the city is selling assets as the market it tanking. It’s going to be the taxpayers subsidizing the developers’ future profits again. Why not raise taxes, rescind the pension increases and fire 30% of the city’s workforce? That will cause some pain so the city leaders don’t make the same mistakes again.
Here’s Don Bauder’s great piece on another possible land giveaway.
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