|
|
|
|
Condominium Community Forums
|
|
|
| Please use the feedback page for all website and agent comments and review the forum rules before posting. |
|
|
|
| You are not authorized to post a reply.
|
|
|
|
| Author |
Messages |
|
peterf
Posts:7
 |
| 05/03/2008 3:27 PM |
 Alert
|
| If I get a 1/1 condo for $420 PSF, am I getting a great deal? How low do you foresee the ppsf on this building? |
|
|
|
|
|
|
rentingman
Posts:447
|
| 05/03/2008 6:36 PM |
Alert
|
| I assume this means you will be paying somewhere in the low $300s. I do not think it is a good deal. There are several issues with this building, including a 70% plus rental rate, Champion Development basically controls the HOA and is most concerned with maximizing the value of its parking and retail rentals, it is wood frame construction and there is a lot of noise between units, especially from the unit below, and the garage has a history of flooding. In the last two weeks there have been about 10 NOD issued in this building, including 5 to Creative Capital Leasing. There was just a 2 bed 1 bath on the courtyard listed for $399. |
|
|
|
|
peterf
Posts:7
|
| 05/04/2008 9:44 AM |
Alert
|
| Thanks for the information. 70% rental rate and the noise will definitely be a problem. Did you live there? |
|
|
|
|
Brian
Posts:2616
|
| 05/04/2008 11:11 AM |
Alert
|
yes, rentingman lived at Gaslamp City Square. Read his comments in the Downtown Foreclosures thread (he is LV Renter also).
http://www.sdlookup.com/Forums/General/tabid/57/forumid/103/tpage/1/view/topic/postid/20652/Default.aspx#20652
I happen to like Gaslamp City Square because of location in the Gaslamp. One big plus is the pool which other buildings lack.
But it feels just like a rental complex and the units are smaller versions of suburban apartments. So it needs to be priced accordingly w/ a location premium. It's still way too expensive.
Trellis is better located in my view, and has a more luxurious feel . But prices and HOA are higher.
|
|
|
|
|
rentingman
Posts:447
|
| 05/04/2008 11:21 AM |
Alert
|
| In fact most everyone on here complains about HOA. If I was an owner downtown I would almost prefer high HOA. There are several reasons: 1. it keeps people who are only in it to rent out from becoming owners, it can include items such as doormen, more frequent carpet cleaning, window cleaning, on site mgmt, etc. So Brian is right about Trellis, location is the same, but it is a concrete building with a higher HOA and hence better condition. Of course the units are smaller Gaslamp City units square has some of the largest 1 BR downtown. They are usually 777 sq ft or larger and include a full set of stainless steel, great cabinets even in the bathroom. |
|
|
|
|
peterf
Posts:7
|
| 05/04/2008 12:21 PM |
Alert
|
| That's interesting because Trellis is my #1 choice. I'm waiting for a Trellis property (or alta) to go down like Trellis #1116. I really want to live in Trellis. I moved out of my apartment in downtown to save money for downpayment and now I'm getting a little impatient. My offer for a Gaslamp 1/1 777 square ft is going to be accepted by the bank. Now I'm getting cold feet especially because of the 2/2 Gaslamp unit for $339K and the Renaissance 1/1.5 unit for $399K. |
|
|
|
|
peterf
Posts:7
|
| 05/04/2008 12:23 PM |
Alert
|
| Do any of you happen to know how many 1/1 units in Trellis received NOD? |
|
|
|
|
rentingman
Posts:447
|
| 05/05/2008 9:08 AM |
Alert
|
| Well the unit in Gaslamp for which you refer is actually a 2 bed 1 bath. It is on the thrid floor on the courtyard. Which mean on the plus side you get a patio, but on the minus side you get to enjoy anything that happens on the courtyard including bbqs, pool parties, etc. It is also listed for $399. Every appliance has been removed. The warning I make applies to every building downtown, do you really want to live there for an extended period of time. Cause if you are not sure you will be there years why would you take on a $2,400 a month payment (HOA, Taxes, Mortgage) for a place that rents for $1,600. |
|
|
|
|
rentingman
Posts:447
|
| 05/05/2008 9:11 AM |
Alert
|
| Also for comparison BOSA now has 1BR units listed for less than $500K in the Legend. It is a concrete building and BOSA amenities are the best. |
|
|
|
|
blank
Posts:2
|
| 05/06/2008 11:05 PM |
Alert
|
peterf- You DON'T want to buy in Gaslamp City Square. And you definitely don't want to buy off the courtyard. There are parties there EVERY weekend night - and the courtyard tends to echo. So from the top floor, you can hear every single word spoken in the courtyard. Guess how that amplifies when people are out there screaming at 3am? There is vandalism in the building, fire alarms are pulled routinely. People don't even leave their condos anymore. If a REAL fire were ever to rage through this building, people would die because of all the idiots who keep pulling the fire alarm.
The parking garage is mixed use - its public as well....if you ever want to get into the garage on a game day or on a Sat night, and do it in under 10 minutes, you better hope its a slow night. Its a total CF.
It is a fantastic location, but if you face 4th, J or 5th, its also very loud. Do you want to hear people drunk and yelling every weekend night on the street at 2am? And yes the building is all wood. So you can hear someone's cell phone ring from a floor away - not kidding. You can hear your neighbor play music, or play on their XBox....
Finally, its shoddy construction. You should spend some time in the building and check out the cracks....
|
|
|
|
|
peterf
Posts:7
|
| 05/07/2008 3:48 PM |
Alert
|
| rentingman and blank-
Thanks for all the information on gaslamp square. Certainly the noise and parking situation are deal breakers. |
|
|
|
|
Jack974
Posts:12
|
| 05/08/2008 12:43 PM |
Alert
|
| I watched this place get built and all I can say is, Scary. Wood frame, cheap as hell products, faux balconies. I'd stay far, far away if I was renting, even further if I was buying. I remember walking into the sales office i 2005 and being treated like common street trash buy the agent. I'd bet they're treating anyone they can find now! |
|
|
|
|
Brian
Posts:2616
|
|
Brian
Posts:2616
|
| 05/14/2008 8:09 PM |
Alert
|
From the NY Times:
Condo owners across the country are trying to ride out the slowdown. Since 2004, when Mark Mills bought his two-bedroom apartment for $622,000 in the 210-unit GasLamp City Square condo in downtown San Diego, 10 of his neighbors have succumbed to foreclosure. The building now has a $115,000 shortfall in its budget because residents failed to pay their condo dues.
He resents neighbors who have rented units they cannot sell to 20-somethings, who leave beer bottles in the lobby and hold late-night parties. He is tired of the constant beeping of a smoke alarm in a vacant unit, indicating a battery needs to be replaced. Still, Mr. Mills is staying because he expects he could get only about $550,000 for his home.
“We couldn’t sell it for what we bought it for,” he said. “I’m in it for the long haul.”
http://www.nytimes.com/2008/05/15/business/15condo.html?_r=1&hp=&pagewanted=all
|
|
|
|
|
Brian
Posts:2616
|
|
rentingman
Posts:447
|
| 05/28/2008 8:59 AM |
Alert
|
I checked foreclosure.com. There are currently 10 pending foreclosures in the 450 J St portion of GCS. The last 1BR foreclosure sold for about $350. The 2 bedroom 1 bath foreclosure was listed at $399, so I imagine this price will attact offers, LOL.
The good part about this building is about 45% of the HOA is paid by the developer cause they own the parking, all the retail, and even the available storage rooms. I believe compared to other complexes this should keep the assessments to individual owners lower than other complexes (LA Vita, Treo, and Acqua Vista specifically).
PS Good luck Mark Mills on ever seeing the $622K you paid for your unit. |
|
|
|
|
Kodiak
Posts:7
|
| 05/31/2008 9:32 PM |
Alert
|
| I live in the GLCS now, bought a foreclosure last year. I can agree with some of the things that are being said, but if you are looking to live downtown in the gaslamp district, this is really the best location.
I don't know about any vandalism in the building, I have never seen anything since I had moved in. The fire alarms were a problem, with people pulling them at 2-3 AM, but it has been good for the last couple of months (there I go jinxing things) so I can't complain about it anymore. If the alarm ever goes off, I just take the dog out for a walk...no harm. I have never had a problem with the parking garage, getting in or out during the Padres games or other events down here, so I am not sure what you mean by it being a CF.
I face J st, and there is noise I get from Joes across the street, but if you want to live down here, you have to expect some noise. All I need to do is close the door and all is good. The noise is cut down to inaudible background noise. The loction is prime for downtown, 3 blocks from just about everthing that people come down here for, so you have to accept the tradeoff.
I also don't have any problems with noise inside the building, I don't hear noise from any of my neighbors either, so not quite sure what "blank" is referring to. Maybe is was the location and floor "blank" is/was on.....
to the guy that was looking to buy down here, I would say look for a place to rent first, I guess the top floor would be best, and see how you like the area. I can tell you, it is a great place to live and you will never be asking anyone what to do! :) |
|
|
|
|
jblake
Posts:3
|
| 06/27/2008 1:19 PM |
Alert
|
| I have been researching GLCS. I am still undecided on what I think after reading this forum I am a little scared. However #317 looks fairly attractive. It is listed at 399 and similar comps around the same price have all been 1br/ba units. What do you think could this be a potentially good deal or would you stay away because of the previously mentioned issues? Also in the nytimes article it claims that the unit has a 115 shortfall on hoa...does this mean new owners would have to cover this? |
|
|
|
|
wilson
Posts:670
|
| 06/27/2008 1:58 PM |
Alert
|
| It is a potentially good deal if you like the unit and you are in for the long term. Photo looks like a nice corner unit. It is a short sale, so you have to be prepared for a multi-month approval process. If there is a shortfall, owners will need to cover HOA reserves, but you are getting this unit at much less than previous owners in the building did and presumably are in better shape to pay. It is probably not a steal if you think prices will fall further, but you do have protection between recent comps and $399 price. The choice you have is to wait. It just depends on how long you want to gamble that prices (for a unit you would like) will come down that much further. Flip a coin and move forward or let it go. |
|
|
|
|
Brian
Posts:2616
|
| 06/27/2008 2:32 PM |
Alert
|
Posted By wilson on 06/27/2008 1:58 PM
The choice you have is to wait. It just depends on how long you want to gamble that prices (for a unit you would like) will come down that much further. Flip a coin and move forward or let it go.
The gambling analogy is not quite correct.
You gamble for a big windfall, with relatively little skin in the game. You could lose everything your put in.
If you play it safe, you won't get that expected windfall, but you're safe and secure in that you won't lose anything.
I would say that buying now is gambling that you'll get the windfall... but your downpayment might be wiped out, and you might end up with big HOA special assessments.
|
|
|
|
|
|
| You are not authorized to post a reply. |
|
|
|
|
|
|
|