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Monday, May 4th, 2009 at 3:53 PM

VP Train Wreck

Kelly has a nice update on the Vantage Point condo complex downtown:

http://www.voiceofsandiego.org/articles/2009/05/04/housing/840vp050309.txt

From the article, the big picture of the downtown SD condo market:

“It is unclear even yet what effect the building’s opening will have on the rest of the downtown real estate market, already weighed down by more than 850 finished unsold units, according to MarketPointe Realty Advisers.”

“The homes at Vantage Pointe and another 148 at another under-construction project downtown will double that number.”

Just 1,600+ new condos and 599 resales on the market? 

It should make for an attractive market for tenants who are looking to move….

Posted on Monday, May 4th, 2009 at 3:53 PM in Thinking of Buying? | 17 Comments » | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 17 Responses

  1. I’m going to make an offer tonight.

    arizonadude | May 4th, 2009 at 4:19 pm

  2. My god.

    Kwaping | May 4th, 2009 at 4:50 pm

  3. Is this near 6th and Market or thereabouts? Mrs. Dawg and I were down there in February for some event. I forget, a hazard of approaching 50. Anyway, this thing was positively transparent. We were wondering how many people would want to live there.

    Peak Urbanism?

    Rob Dawg | May 4th, 2009 at 5:59 pm

  4. What a wreck this thing is. How about the developers? Could their timing have been any worse to put up the LARGEST condo building in downtown? Unbelievable. Really, unbelievable. How do people with these decision making skills get control of so much money? The smartest move these “buyers” can make is walk away from their 5% deposits. It’s not even a decision, really.

    Did I mention how unbelievably stupid the developers are?

    The Blur | May 4th, 2009 at 6:01 pm

  5. yes, it’s the whole block between 9th and 10th, and I think it’s a little north of Market.

    I’ve been following the internet forums, and it’s a hoot. The developer has refused to communicate anything with the buyers who have been waiting patiently for five years.

    There is no way buyers will get financing, but the developer must think that if they can produce habitable units this week, they can justify keeping the deposits.

    It is sad when the primary goal is to screw the buyers out of their $25,000+ deposits. They won’t get away with it, but after they lose in court, they’ll BK like everyone else and leave the bank & buyers holding the bag.

    Jim the Realtor | May 4th, 2009 at 6:31 pm

  6. Why would the developer NOT get to keep the deposits? I mean, it’s immoral, possibly evil, but strikes me as legal-they have a binding contract. This is why I would never put down a deposit for a condo (or house) years in advance-things change.

    Geotpf | May 4th, 2009 at 6:54 pm

  7. I love how the would-be owner calculates that owning would be twice the cost of renting.

    tj and the bear | May 4th, 2009 at 7:16 pm

  8. Rats–if Rob Dawg is only approaching 50 that surely makes me the oldest commenter here…

    shoppingaround | May 5th, 2009 at 5:51 am

  9. Hmmm $392,000 for a two bedroom plus $450 a month HOA? Ouch.

    doug r | May 5th, 2009 at 6:35 am

  10. Everyone’s looking at this the wrong way. In 10 years, this will be great public housing. Already, I can see the Mexican flag hanging from a balcony. Pets will scamper around the ground floor area.

    Hey, this is San Diego, right?

    Consultant | May 5th, 2009 at 6:43 am

  11. Consultant,

    I was thinking the same thing.

    shadash | May 5th, 2009 at 6:54 am

  12. No doubt this monstrosity will become the “affordable housing” project of downtown SD. Get out now.

    306 | May 5th, 2009 at 9:03 am

  13. This project is a disaster. It’s actually on 9th & 10th, between A & B. The sales office is on 6th.

    The design is substandard, small, with little going for it. The only hope is that someone could put some units together.

    However, I wouldn’t read too much into this project impacting the overall market downtown due to location on the fringe and low quality of the product.

    Mozart | May 5th, 2009 at 9:30 am

  14. No financing? No worries, everything will be fine. We’ve got Fannie Mae to the rescue! Ummm… scratch that… I meant the owners of Fannie Mae: you and I and Jim and Mr Dawg will pick up the tab, no problemo. And the $210 million loan? I think we’re about to buy a piece of that, too, aren’t we fellows? Everything is under control.

    Daniel | May 5th, 2009 at 11:57 am

  15. This is WAY north of Market, not even close really.

    This is the monster building as the 163 turns into 10th Ave.

    Technically I think it falls into the Columbia district, but it shares the same problem with everything located on Cortez Hill……it’s downtown but basically a bedroom community.

    There is some stuff on B street open during the day, but other then the Spanish restaurant you’re talking about a 5+ block walk to find anything open after 5pm.

    Mark | May 6th, 2009 at 8:33 am

  16. Anyone see this? Sounds like downtown will be a mess for a while.

    http://www.voiceofsandiego.org/survival/

    Myriad | May 7th, 2009 at 9:03 pm

  17. DOWNTOWN SAN DIEGO — Nearly 300 buyers in downtown San Diego’s largest high-rise condominium were notified by the developer yesterday that their deposits will be returned, and they will be offered incentives to later repurchase units in the 679-unit complex.

    http://www3.signonsandiego.com/stories/2009/may/08/1m8condo002733-deposits-go-back-buyers-condos/?uniontrib

    shadash | May 8th, 2009 at 3:18 pm

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