It's interesting to say the least that all 10 of these units has an assumed loss greather than $100,000.
| Property | Loss | Details |
| Park Place #3001 | $220,000 | view |
| Renaissance #507 | $196,940 | view |
| Park Place #1405 | $176,900 | view |
| The Grande #1305 | $163,000 | view |
| Treo #817 | $162,000 | view |
| Treo #2106 | $143,640 | view |
| Village Walk #409 | $142,140 | view |
| Discovery #907 | $137,500 | view |
| The Mills #405 | $118,861 | view |
| Village Walk #406 | $105,140 | view |
7 comments:
Thankfully HTML scrolls well. That list is going to get mighty long.
I'm thinking these guys are getting a little nervous! Say goodbye to your deposit.
http://sandiego.craigslist.org/rfs/198915645.html
I think these buildings downtown are full of investors that are going to bail out. This could really get ugly.
The penthouse looks nice. I wonder what the developer is asking for it. (probably something crazy, better to wait till they will give you a years rent and HOA, a car, a plasma TV, and a month of free massages to buy the place).
An interesting article about foreclosures: http://news.yahoo.com/s/kcra/20060825/lo_kcra/9734571
118% increase in foreclosures in Sacramento over one year. It didn't give the figures for San Diego (appeared to be all Northern California figures). Also, supposedly over a trillion dollars worth of adjustable rate, interest only, and negative-am loans are supposed to reset next year. If we get any more rate hikes this year, that could be rather ugly.
Been gone for a week on the road. . .
Every publication I picked up had some article about the national housing meltdown. USA Today had an interesting article about large chain restaurants have lost so much business that they are being forced to lower prices. . .even the upscale Cheescake Factory has lowered their lunch prices. . .article says people are broke and aren't going out. . . I think we are only seeing the beginning of housing downdraft, and look for the prices to keep falling for another year. I owned during the early 1990's, and we even got a property tax reduction from our purchase price of 155K to the assessed value of 138K in 1993. . .if that happens this time, the counties in CA will be broke again.
I can tell you that the downtown places I hang out at for drinks are slower than earlier this summer. I do think the economy is going down.
I have to wonder if stagflation awaits.
Warning: walk through the whole building, especially all levels of the parking garage, and look for serious defects in brand new condos downtown. I observed water leaking through a garage wall in several places and was told the waterproofing failed. This place is not even occupied yet. Fortunately, I did not have a deposit on a unit. I was just looking. Bailing on your deposit might be the wise thing to do on that one. They assured me that because there was a 10 year warranty on the building, the leak didn't matter. They don't even know where the water is coming from (SD Bay, fresh water, sewage???).
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