The El Cortez is a rare historic condominium complex located on Cortez Hill.
The El Cortez is the subject of a lot of debate as the developer wants to add a second tower to the site. This unit is listed well below the developer sales price from the fall of 2004. At this point the El Cortez is likely another downtown condominium project in which all the units are worth less today than the original developer sales prices.
Type: Listed on MLS(#076024235)
List Price: $389,900
Cost: $445,000
Loss@6% Sales Expenses: $78,494
Loss%: 17.64%
Purchase Date: 10/08/2004
Holding Period: 29 months and counting...
Bedrooms: 1
Bathrooms: 2
Square Feet: 888
Purchase Details: view
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13 comments:
The developer is screwing the residents by putting up a new building right in their backyard. The proposal would wipe out recreation and greenspace, increase traffic, mess up the views of some on lower floors, and make the whole place less desirable to live.
It will also not be good for those in other parts of Cortez Hill, such as the Discovery. When I lived there I had a pretty view of the El Cortez from my balcony.
I would not like to see an ugly modern tower block much of the view. The neighborhood is already too densely built.
Although it is unclear to me how any developer could get funding for yet another empty condo development. . .even Bosa has not sold out the Ledgend - the first time I am aware of that one of their buildings will open without a sellout. . .
There is a web-site that explains the El Cortez issue. Take a look at www.elcortez.info for more information.
As much as I like old buildings, they tend to be beset with maintenance issues. Because of that, they should be selling at a discount. In Japan, structures are depreciated to eventual replacement.
I don't understand some of the sales at El Cortez. In March of last year a studio was listed for 359K. It closed escrow for 405K. It is now in forclosure. Are the HOA members stuck for the dues? Who made money on this deal?
Hey Brightside,
This one finally sold in the last week or so:
UPDATE: Downtown Condo at The Mills #522
I don't have the data but I can't imagine it was for more than $460K-$470K before sales commissions etc. This had to be at least a 20% net hit.
Keep up the good work!
Actually, I found the Mills unit. It was sold for $486K. I'm shocked, but there's no accounting for idiocy. So, the loss after sales expenses was likely on the order of 18%-20%. Interesting nonetheless. I'll find out the loan details; should be interesting.
dave,
I'm interested in the loan details as well. I think this is one of the first units to sell in quite some time.
I checked out www.elcortez.info and was shocked! I'm going going to join their efforts to try to stop this idiot developer’s greed.
I hope others will check out the El Cortez web site and join the fight to prevent the building of another condo within about 40 feet of the iconic El Cortez. Stopping the developer will take huge community effort. If you attend the meetings you know that the people who have the power to let this happen act like it is a done deal- the developer just has to come up with the right design. I do not llive within site of the El Cortez. (I am in the neighborhood.) However, anyone who cares about San Diego will jump on this band wagon and stop this developer.
I live in Little Italy, I'm not a developer or a real estate agent, just your neighbor.
I think this building should get built. I don't know what the big stink is about.
Cortez needs more people and stuff going on, the city is going to grow. You'll never stop it nor should you try. There are so many places in San Diego that are low density suburbsesque I don't know why we have to cram that boring approach to the city.
I really love The El Cortez Hotel. I've always wanted to live there. But, prices for the condos are way over priced. Also the HOA's are $500+ a month.
The El Cortez is such an amazing piece of architecture downtown. But, HOA prices are just stupid. The Homeowners need to get together and hire a company to manage all the weddings and professional events that get scheduled there. They also need to reopen the Sky Bar. Bring a top notch restaurant company and make a cut of the profits go to the HOA and building costs.
HOA fees start at $582 for a one bedroom. The "Don Room" where the weddings and events are held was kept by the developer so he gets all the profits. The pool and the parking under the terrace also belong to the developer so the condo owners have to pay to use the pool and parking.
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