Real Estate Supergirlhome
Specializing in Downtown San Diego Condos.
So here they go, several brand new penthouses of the Bayside by Bosa in Downtown San Diego! With the inventory in 92101 zip code being as tight as it is, (currently 192 units available for sale , including, REO’s, short sales and regular sales ) this is one of your last chances in years to come to get your piece of the brand new gorgeous construction by the famous Mr. Bosa situated Downtown San Diego…
So what’s available, what’s left?.
- unit 3302, 1325 pacific highway, 2br 2ba with the family room plus den ( or retreat as they call it ) totalling approximately 3226 sq ft and situated on 33rd floor, we have plan S penthouse listed at $3.3 m.
- unit 3403, 1325 pacific highway, 2br 2ba with family room plus den, approximately 3150 sq ft, floor plan R on 34th floor listed at $3.4.
- for the mid price range buyer, unit 2904, 1325 pacific highway, there is a 2br 2 ba, plan M, 1183 sq ft, on the 28th floor, listed at $679,000.
There are also 6 resale units currently listed in Bayside, ranging from $495,000 for 1br to $1.6 mi for 2br on the 30th floor.
There have been deals that were made in the building in the last year, so there is definitely room for negotiation on those prices, from my experience. Examples of the comps would be the penthouses on the 33rd, 34th and 35th floors, all listed in the mid $3′s m and selling in the high $2′s
ADDITIONALY!!! , there is an amazing incentive that the developer has decided to offer to buyers and that is 3 full years of paid HOA fees! That by itself is worth ten’s of thousands of dollars.. As an example if the monthly fees are $890, (they vary depending on the sq footage, etc ), then 3 years would equal to around $32,000!.. Significant savings, if you ask me!
Real Estate Supergirl
The biggest settlement yet to address the housing meltdown was just established with 5 largest lenders: Bank of America, Chase, Wells Fargo, Ally Financial and Citigroup. The deal settles potential state charges about allegations of improper foreclosures based on robo signing, seizures made without proper paperwork.
As U.S. Attorney General Eric Holder said: ”We are using this opportunity to fix a broken system.”
“No action, no matter how meaningful, is going to by itself entirely heal the housing market,” said President Obama. “But this settlement is a start.”
Most of the relief will go to those are owe much more than their homes are currently worth. The banks have the incentives to provide most of it in the next 12 months, but they have 3 years to complete the process.
1. $17 billion will go to reduce the principal of the homeowners that are both “under water” and behind on their payments; The goal is to reduce the principal of $1 million people.
2. $3 billion will go to refinancing for homeowners that are on time with their payments. Their principal wouldn’tbe reduced, but at least they could refinance at the lowest interest rates, saving them money on the monthly payments. The goal is to help $750,000 homeowners
3. $1.5 billion will go to people who has been foreclosed on in the last three years, they should receive up to $2000 each.
This is all great, but it still will help only a fraction of the struggling homeowners..
According to the Mortgage Banking Association, there are 1.5 million, that are currently delinquent on their payment 90 days, plus 1.9 million are in the foreclosure process, and scary 11 million are what we call, “under water”…
Real Estate Supergirl
Why you ask? They are cheap, and let’s be honest, it’s not like I make that much money on them! But I love helping my investors and clients find the deals that produce them returns both now and in the future.
Downtown San Diego real estate market is a great option for future appreciation, but when it comes to monthly cash flow, there is no way it could compete with other areas, like north park, mission valley, college, el cajon, etc.. Higher prices, but most importantly really high HOA’s is what doesn’t allow investors to even break even in most cases. That is why when I find a gem like the studio in the 777 Lofts, that is listed under $200,000, I get really excited!. I sold couple units in the building last year, and my clients are really happy about them, both sold to investors. I also had clients ask me about that building from time to time, but there was a dry out of inventory there and nothing available for months.
So I’m checking the hot sheets this morning, and imagine my excitement, when I see “oh so familiar” address - 777 6th ave, unit 208 just listed, first day on the market today, as a bank owned foreclosure! It is a 656 sq ft unit, called loft, but it’s pretty much a divided studio, and listed for $169,900! The only negative is that this unit doesn’t come with parking. Now before you discount it, please know that there is now way you will find a 1br or studio WITH a parking space for that price Downtown, plus in such a prime location, one block away from the Gaslamp Quarter! Plus there are a bunch of people Downtown that either don’t have cars and don’t care about parking, or can easily rent out a parking space in the myriad of different parking structure options all around starting form $100 to $180 a month. Either way, bottom line is that the last unit I sold did not have parking either and my client still had rented out and pockets $1500 for it each month.
So let’s get to the nitty and gritty of all the numbers. So the unit is listed for $169,900. I would assume it sells for something very close to the listed price. Let’s say same. So 170,000. 20% down, tha’ts $34,000. So the loan you would need to get ( that’s of course IF you will be getting a loan! ), would be $136,000. That is a payment of $655. You add tax to that around $175, plus HOA fees $280 ( which is simply AMAZING! ), totalling in $1100. These units are now renting out, MIND YOU, WITHOUT parking from $1495 and UP depending on the timing, and interior of the unt, etc. So your positive cash flow on the Downtown San Diego condo, believe it or not, is around $400. And we are not even counting future appreciation here!
So let’s make a conclusion as to why you should buy a unit in the 777 Lofts:
1. Location. It is located on the 6th ave, in the prime location Downtown San Diego.
2. Price. There is nothing currently listed with these parameters that can even compare Downtown..
3. HOA’s. This your chance to not have to complain about high fees, and get a place, with extremely reasonable HOA’s..
4. Rental desirability. It is easy to rent, because of price, and location. ( regular 1 br Downtown SD starts around $1700-1800 a month and go up from there )
I hope this covers it. Here is the link to the property details and report
Let me know if you know anybody who is interested in making money on this, and I’d love to help them,
Real Estate Supergirl
Allison James Estates and Homes
Sorry this post is late, but if you around Downtown area today and want a free burger, stop by the Burger Lounge on 528 5th avenue, in Gaslamp!
All you have to do is “like” their facebook fan page and you get a free entry of your choice!ge
I’m on my way! See you there!
Real Estate Supergirl