Brian
Posts:2237
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| 03/18/2008 1:19 PM |
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My prediction has been that, before this Real Estate bubble is over, we'll see plenty of basic $150k 1/1 condos Downtown San Diego.
Look at this condo this 2/2 911sf Porta D'Italia condo listed for $200k. We will see if I'm right.
http://www.sdlookup.com/MLS-086020484-1970_Columbia_St_513_San_Diego_CA_92101
1970 Columbia St #513
San Diego, CA 92101
View Sales History, Tax Assessment and Zoning
General Info
Price: $200,000
Status: Active
Assoc. Fee: $321 Monthly
Year Built: 2004
Area: Downtown
Community: Porta D'Italia
Size
Beds/Baths: 2 / 2
Square Feet: 911 sf
PPSF: $220
Room Dimensions
Kitchen: 5x6
Dining: 4x5
Living Room: 12x10
Master Bedroom: 14x11
Bed 2: 11x10
Listing
MLS#: 086020484
Days on Market: 0
Listed: 03/17/2007
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tijknha
Posts:21
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| 03/18/2008 1:38 PM |
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| That looks like a pretty good deal if you ask me, even though I think there's more downside to come. It should almost cashflow. |
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Brian
Posts:2237
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surferX
Posts:13
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| 03/18/2008 3:15 PM |
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| Also, this is a short sale not a foreclosure. The bank would have to approve it and I doubt they would at that price. It's probably just a tactic to drum up interest. Too bad it will drum up interest at prices the bank likely won't take! |
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Brian
Posts:2237
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| 03/18/2008 3:36 PM |
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You make a very good point and I have to agree with you, surferX.
But this listing will cause some sleepless nights for the owners at Porta D'Italia who are now all under water. I believe that expectations are being reset as we speak. Suddenly, I think of Porta D'Italia as not much more than $200k for a 2/2. What does it do the the basic 1/1 listings Downtown?
For someone who really wants to live in Little Italy, and who is itching to buy, it would not hurt to put in an offer at $200k. The worst they can say is no.
I started this thread to get my prediction on record. I'm willing to humbly eat my words if what I said does not come true.
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surferX
Posts:13
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| 03/18/2008 5:16 PM |
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| They owe $421K. This short sale is very unlikely to happen at that price. |
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jt
Posts:26
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| 03/18/2008 7:32 PM |
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| Please tell me the kitchen isn't really 5' x 6' and the dining room isn't 4' x 5'. All dimensions listed above total 434 sq ft; are the other 477 sq ft all bathrooms and closets?? |
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Brian
Posts:2237
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| 03/18/2008 9:28 PM |
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$222/sf at El Cortez.
Granted this is cherry picking. But I believe that there'll be more to come. Only time will tell.
http://www.sdlookup.com/MLS-081010300-702_Ash_506_San_Diego_CA_92101
MLS# 081010300
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702 Ash #506
San Diego, CA 92101
View Sales History, Tax Assessment and Zoning
General Info
Price: $249,000
Status: Active
Assoc. Fee: $673 Monthly
Year Built: 1929
Area: Downtown
Community: El Cortez
Size
Beds/Baths: 2 / 2
Square Feet: 1,120 sf
PPSF: $222
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RottedOak
Posts:30
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| 03/20/2008 7:55 AM |
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Why would someone in the sub-$200K market look downtown anyway? If you want to buy a crappy apartment, there are numerous listings in North Park, Normal Heights and Mission Valley that are sub-$200K (some that are sub-$150K or even sub-$100K!), and the HOA fees are so much lower than downtown that the difference would cover a transit pass or in some cases even a car payment.
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Brian
Posts:2237
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| 03/20/2008 9:48 AM |
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I kinda agree with you RottedOak. I watch the low-end market downtown because I believe that the real estate market, especially Downtown, will be pulled down from the bottom up.
I also agree with your comment about high HOA. It could be that the high HOA will pull down prices even further. As those buildings get old and tired, they won't be worth anything but basic shelter or amount of rent they can return. If that happens the high HOA downtown will depress prices further as nobody would be willing to pay a premium to own those basic condos.
Downtown is not La Jolla, and by definition, an urban setting must have plain basic housing. Not everything can be luxury.
Sure, the condos with sweeping views will be worth something but the 4-wall apartments will be.... well, rental apartments.
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Brian
Posts:2237
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| 03/21/2008 9:07 PM |
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Look at this listing at Portico. It's a pretty basic condo. No granite counter tops.
And pretty large too.
If it were 627sf or smaller, it would meet my prediction. It's a bank owned foreclosure also, so it will likely close near the list price.
Things are getting interesting!!! I can't wait for the fall of 2008 for the presidential elections. And by then, if the Spring bounce does not materialize and the summer selling season is dead, then the real estate market will really implode. We are living in interesting times, indeed!
http://www.sdlookup.com/MLS-086021476-1435_India_St_502_San_Diego_CA_92101
1435 India St #502
San Diego, CA 92101
General Info
Price: $199,500
Status: Active
Assoc. Fee: $319 Monthly
Year Built: 2005
Area: Downtown
Community: Portico
Size
Beds/Baths: 1 / 1
Square Feet: 835 sf
PPSF: $239
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stella
Posts:360
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| 03/25/2008 2:09 PM |
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| This could also happen on one of the decent 700 square foot units at Union Square as well. |
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Shiloh
Posts:6
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| 03/26/2008 2:33 PM |
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| Price Increased: 03/22/2008 from $200,000 to $450,000 |
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Noob
Posts:15
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| 03/26/2008 2:41 PM |
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| Yes, that is a monster price increase. Clearly, the original price must have been a mistake from the seller's intended price. Wouldn't be surprised to see it sit on the market without any action at this new price. |
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Brian
Posts:2237
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| 03/26/2008 2:45 PM |
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Posted By Shiloh on 03/26/2008 2:33 PM
Price Increased: 03/22/2008 from $200,000 to $450,000
That's really funny. Even at $200k, I was giving it a pass. It's not even worth $200k to me.
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Brian
Posts:2237
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Brian
Posts:2237
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Brian
Posts:2237
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Brian
Posts:2237
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| 06/23/2008 4:40 PM |
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The market is moving faster than I thought.
I expect my target to be reached this fall/winter.
This condo with hardwood flooring is certain "competitive", but still some way from the bottom.
1970_Columbia_St_514_San_Diego_CA_92101
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justmyopiniontoday
Posts:38
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| 06/23/2008 8:27 PM |
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| When units begin to "cashflow" prices will begin to rise. |
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