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Subject: Park Terrace Under Water

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Brian
Posts:2610

07/22/2008 1:11 PM	Alert
First resale in 2008... 25% under developer price for the top floor. The buyers in this building are wiped out. Their down payments are gone! They might as well walk and let the bank take back the whole building. 253_10th_1402_San_Diego_CA_92101 http://parkterracecondos.com/floorplans.html

wilson
Posts:670

07/22/2008 1:43 PM	Alert
Thanks for the floor plan link. I haven't seen much comment about this building. What are opinions? Floor plans look like they make open kitchen a little larger than normal at the expense of living rooms.

Brian
Posts:2610

07/24/2008 9:59 AM	Alert
#1304. Another high floor that will kill the comps. 253_10th_1304_San_Diego_CA_92101

Brian
Posts:2610

08/12/2008 1:20 PM	Alert
#202 I'm willing to be that this property will end up in foreclosure. 206_Park_Blvd_202_San_Diego_CA_92101

Brian
Posts:2610

08/18/2008 1:18 PM	Alert
#521 This is what blind "think rich" gets you: Purchase 10/16/2007 $595,000 Now List Price: $425,000 to $475,000 253_10th_521_San_Diego_CA_92101

Brian
Posts:2610

09/15/2008 10:08 AM	Alert
Look at #905 that's been sitting on the market. Now removed. Can you anticipate the staying power of the seller? 253_10th_905_San_Diego_CA_92101

Brian
Posts:2610

11/24/2008 1:12 PM	Alert
Wilson, I see that you do have a sense of humor. ;) 253_10th_905_San_Diego_CA_92101

rentingman
Posts:447

11/24/2008 3:18 PM	Alert
I think the staying power will be significant. As you know Park Terrace is a top building made of concrete with high end appliances. The economy will be growing 4% or more next year. If the units are available now I would consider buying them all. I will be laughing all the way to the bank in 2009.

Dirtcheap
Posts:39

cbr600f4i
Posts:11

12/27/2008 2:20 AM	Alert
Since they are planning on renting out the remaining unsold units that's gonna put a lot of pressure on resales. Who wants to live among serial renters?

wilson
Posts:670

12/27/2008 3:07 PM	Alert
Funny, I thought renters comprised a near-majority of units downtown already. That's what the bears tell me. By the way, the developer has about 30% of total units left. They have probably made enough money from previous sales to cover the construction costs. Renting will just help them tread water until they get prices they need.

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