The salespeople at the downtown Oceanside condo project reported that they sold all 29 units at the auction on Sunday, with every one of them going for more than the opening bid, some substantially higher.
If that leaves you scratching your head, it may be because you know downtown Oceanside like I do – if not, here’s a guided tour. The lesson? If you are buying real estate anywhere, know the neighborhood! Drive around, ask questions, investigate – you will probably be owning the property for a long time!
The youtube video tour:
There’s a nice Catholic Church nearby (is the Parochial school close?), and a decent Public Library. Lots of fairly inexpensive restaurants, but in my experience many panhandlers accosting you outside.
I might consider the place for its convenient public transportation and coastal climate (given the right price) if it wasn’t for the reported horrendous nightime train noise. I never noticed it during the daytime.
The train station is a big plus. I’ll bet at least half the home owners will commute on either the Metrolink or the Coaster-very nice to be able to walk a few hundred yards to the station.
As for the “red light district” aspect, as long as there’s no shootings and robberies, I personally wouldn’t care much. If this was a neighborhood of large single family houses attacking families, that might be different. But these condos are probably being purchased by singles or couples without children.
Damnit. Attracting families, not attacking families. LOL.
Wow, I’m pretty surprised by the result of that auction.
Is it possible that there was some shill bidding going on?
I used to walk around downtown all the time (daytime and night) when I lived on the beach there for about the last 3 years. It definitely has a rough edge to it. Very common to see homeless / beggars / drunks. Half the retail space in downtown is dedicated exclusively to services and products for Marines (good thing if you’re a Marine I guess).
I will say this though, that building with the condos has a really nice new restaurant Harney Sushi underneath and is always packed on the weekend with young professional types. Same goes for the new 333 Pacific restaurant under the hotel/condos at the pier. Maybe it’s moving in the right direction but there’s still a long way to go. Of course I’m optimistic, having just bought in Oceanside. I have to say that I miss the beach, but downtown, not so much.
Still nice looking condos though, but I wouldn’t risk having the view blocked. Jim you don’t seem like you think they are worth the price? You were really trashing the city in that vid. It ain’t Carlsbad but hey, those aren’t Carlsbad prices either. Price will fix it!
Geotpf,
I don’t care much either, in the beginning I called it a tour of My Oceanside. I am comfortable with it because I feel I know what is happening, and what to expect.
Imagine what might happen if one of these out-of-town buyers happens to hit the arjis.org website. Here’s what they’ll find:
Arrests since May 1, 2009 in 92054 (less than 3 months):
Homicide: 1
Burglary, Comm: 17
Burglary, Resid: 60
Robbery: 28
Deadly Weapons: 14
Prostitution: 17
Rape: 3
Sex Crimes: 10
Drunk in Public: 186
The zip 92054 covers a lot of ground, but if you look at their map, plenty of the action is right in the heart of downtown.
I wonder how many who bought a condo in this building plan on living in it?
One of the many problems facing us today, is that homes and neighborhoods across the country have been turned into investment schemes for “investors”, banks, wealthy individuals here and abroad, criminals looking to park cash, and the late, great “flippers”.
This has turned the concept of neighborhood upside down.
What use to be concentrated here and there in most communities, is now widespread and everywhere.
Here in Atlanta there is one whole zipcode-30032-where a substantial portion of single family homes are owned by outside investors. It was the scene of the most intense mortgage fraud in the entire Atlanta area.
There is absolutely nothing wrong with owning multiple properties. But the recent boom period changed, hopefully not forever, how we look at homes and neighborhoods.
Jim, in your next life you will become an Anthropologist…who owns a house and three rental properties.
that’s why i purchased near Village Park in Encinitas, the 7-Eleven here is one of the few that does not sell booze.
Great post Jim… I wonder how long this phase of “knife catchers” will last?
The key is the shadow supply. Not just the foreclosures and REO held off the market, but all the imminent defaults that will happen in the next two years.
I kinda see this one playing out with a short term stabilization — maybe four or five months — then the market is going to trade right through these guys. At the end of the day it really is as simple as our “Flip This House” society built too many sheds.
Jim,
What’s the question? After testing out a couple of the bongs and visiting the massage parlors I’d probably way over pay for a condo at an auction too.
‘course, that’s just me.
Spotty
Oceanside is definitely dirtbaggy, but it’s a pretty nice spot otherwise. I wouldn’t want to live downtown at all, but there are some great dives and cheap eats.
People say it’s just too great a location to stay the way it is forever, but they’ve been saying that my whole life. As long as Pendleton is there, Oceanside will be rough around the edges.
That said, it’s a lot less rough than it was 20 years ago.
thanks for the info, I was busy last weekend and couldn’t attend. That and Carlsbad is a long drive from RB.
Here’s another way to judge an area – are there name-brand franchise stores, especially fast-food?
Downtown Oceanside? Nada.
No McDonalds, Jack, Carl’s, In-N-Out, Burger King, etc. There isn’t ONE name-brand fast food chain west of I-5 in downtown Oceanside.
Myriad,
Contact me for the Padres tickets you won!
FYI…
http://www.usdebtclock.org/
“No McDonalds, Jack, Carl’s, In-N-Out, Burger King, etc. There isn’t ONE name-brand fast food chain west of I-5 in downtown Oceanside.”
Fine by me. I can’t eat any of that crap anyway.
As for the neighbourhood bong stores and massage parlours, I live less than a block away from an all-male health center and sauna in which all the windows have been painted over. 🙂
… but just the … thought of what might be going in … going on in there …
Classic! LMAO!!! 🙂
I think its a big gamble….sure….Oceanslide….I mean Oceanslime…I mean Oceanside…. of course was improving ‘some’ during the ‘bubble’. But who wasn’t? But how long are you gona have to live to see a profit on those condos now? I see much better places to take a chance now. This is high risk stuff.
Ah Oceanside, I refer to the downtown area as a “target rich environment”. Used to frequent the movie threatre complex when it was newer and nicer, not so much any more. I hear 333 Pacific is very good, planning on checking it out one of these days. There’s an Anita’s in Carlsbad, a fave dive Mexican food spot on our list of locals.
Speaking of which – you need to update your restaurant’s list. Mariah’s in Carlsbad is long gone, replaced with Senor Grubby’s.
There is a quizno’s next to the theatre, but you have a good point. Then again I love some of the locals like johnny mannas
Consultant, hadn’t heard about 30032 when did that happen?
I guess at Jims ripe age, he never grew up or visited Santa Monica beach area in the late 60s or early seventies. It was a carbon copy of Oceanside today. You know the average house in SM is over 3 million dollars today. You also get a small army of homeless.
Never underestimate the draw of a beach. There is only so much beach and people pay through the nose to live or vacation by it.
Also, my friend who lives just off Del Mar beach finds no lack of used rubbers and beer cans on his lawn every morning. Thats beach living for you….
You get the good with the bad.
“I wonder how many who bought a condo in this building plan on living in it?
One of the many problems facing us today, is that homes and neighborhoods across the country have been turned into investment schemes for “investors”, banks, wealthy individuals here and abroad, criminals looking to park cash, and the late, great “flippers”.
This has turned the concept of neighborhood upside down.”
All these problems would be solved if the fed wasn’t pushing interest rates artificially low. When money to borrow is “cheap” the fraudsters come out of the woodwork. When “expensive” because of high interest rates it’s harder to run scams because you actually have to have $$$.
Hey, I read the articles…
Anyway, Jim I’d love to see the public records on closing. I can almost guarantee there will be several “Dentist Investors XII, LLC” and a few contractors that took units in lieu of liens and other such nonsense.
In reality, Jim was very nice to Oceanside. Horwitz, you may be right but I would rather live in Del Mar than Oceanside. Another test, leave your front door unlocked/ open or leave something on your lawn and see how long it takes until you feel uncomfortable. What was lacking in the video are the gang whistle calls in and around Oceanside. And some of you thought they were the birds.
I’m sorry, what’s the problem here? Head shop (for my 60s memorbillia), the massage parlor (for my bad back) and the nudie bar (for a great dry martini) all withing walking distance. Sounds great!
Neighborhoods change. Oceanside will never become La Jolla north as long as the Marines are there, but it could improve over time. You never know.
I live in a great Oceanside neighborhood a couple miles inland from the beach. We thought the downtown area too dingy when we were buying back in 2001. However, we went to a movie Tuesday night in DT OC and were amazed at all the activity (in a good way). There were families leaving the beach, teens at the frozen yogurt shop, well dressed twenty somethings at the expensive sushi restaurant and dozens of people at the little restaurants outside the theater. It was a very young, exciting vibe. I don’t want to raise my family there, but it was fun for the evening.
You missed all the gang members flashing their hand signs. Might of been too early in the day.
A quick Google search on Carlsbad brought up the stats below:
Murder: 4
Forcible Rape: 14
Robbery: 64
Aggravated Assault: 184
Burglary: 496
Larceny or Theft: 1,445
Car Theft: 258
Arson: 13
Data Source:
2003 FBI Report of Offenses Known to Law Enforcement
Basically Oceanside is the last coastal area in North County to gentrify. What’s left in Southern California? Only Ocean Beach & Imperial Beach. Cheap living on the coast is a memory.
And, I was a skeptic before but there is an optimism in Oceanside even with the recession. If this auction wasn’t rigged I think it will kick-off more redevelopment.
“Here in Atlanta there is one whole zipcode-30032”
Many years ago I knew someone who bought a couple homes in Kirkwood. People in SD can’t really imagine what these places look like because SD has no bad areas compared with back east.
Any how this guy bought three homes for next to nothing. Put hundreds of thousands in to rehab and ended up with a 500k home in hood with 250 max. Lost his shirt on them all.
However he was right in the thinking, just wrong execution.
Jim,
What was the opening bid and what were the average price those condos sold for?
Thanks.
Dayum!
No smoke shops or massage parlors in Carlsbad?
I’m going to stop going to Carlsbad…I’m heading over to Oceanside on weekends from now on!
Thanks for the tips, Jim!
Oceanside isn’t ever turning into Santa Monica as long as it’s a Marine town, or on the outskirts of the metropolis. Santa Monica is also one of the first choices for beach living in LA. In San Diego, Oceanside is near the bottom of the list.
Classic commentary, Jim, but the new camera doesn’t seem to be working out so well.
Tough hood. Was that a “now hiring” sign on the first smoke shop? I haven’t seen many of those lately. If Oceanside didn’t make the list of desirable beach communities in the last bubble I’m not sure it ever will.
Oceanside is hardly a desirable community, let a lone a desirable beach community. Not that Oceanside isn’t a fine place, just that it doesn’t really make the hot list.
“No McDonalds, Jack, Carl’s, In-N-Out, Burger King, etc. There isn’t ONE name-brand fast food chain west of I-5 in downtown Oceanside.” (JtR)
*Gasp* Please don’t include In-N-Out with those other guys! I’m into natural/organic, but I have to admit, there’s nothing, nothing like In-N-Out once a year (ie the fries are made from REAL potatoes on the premises).
As for the video, Jim, another winner! I have no doubt that if you had clients considering those condos, you would have taken the time to chauffeur ’em around the neighborhood–then let them decide. #1 reason,YOU are the cream of the crop in Realtor land. Just my 2 cents…
http://santamonicapd.org/Press_Info/index.htm
At least oceanside has the train. We just have the crime
and a high cost of living. People think its nice here because tourists don’t see panhandlers and lunatics. They somehow only seem to see the beach and the shops. btw. if you want to see the police here, you can expect to have to come back multiple times to file a report (speaking from experience)
I think Oceanside would be more equivalent to Venice Beach than Santa Monica. Venice is still a hood but there are some expensive home there none the less with some great restaurants.
I consider myself of upscale in society as they come. But as scummy as some of the parts and people of Oceanside are, I LIKE IT!
I like the long sandy beach and I even like the mix of weird, young, old, dirty, and psychotic people that roam the area. Feels like LA but I like it.
Just my 2 cts.
Jim, thanks for another informative video follow up. No wonder you are such a successful real estate PRO. I just got off the phone with another barbie doll cookie-baker RealWhore trying to peddle an overpriced POS to me here in SillyCon Valley – Totally, I mean absoluyely useless and in the way. I wish you were here… PS: Do you ever drive these areas After dark? Seriously. I am not ‘in real estate’ but own (not rent fdrom the bank… lol) multiple SFH props and I always do before making any offers. Sometimes its good to get to know the local pimps and bikers and who has the juice in the neighborhood.. This might be a very funny area to view at night…? Thanks again for your Great Work. Stay Safe. John V.
Jim, how many foreclosure / RE investment funds are active around SD? I get the feeling, many of these funds are sitting on hoards of cash and feeling itchy to spend it on condos, etc.
Hoards and hoards, I get multiple calls every week from people wanting to pay cash for investment properties. Most just like the idea of investing in RE, and if I was willing to do everything for them they’d be happy to participate.
But I insist that if you’re going to invest, then you gotta hit the streets and see the product yourself. It’s the only way you can be assured of making sound decisions.
I’m with Rob Dawg… a year and a half ago half (3/4?) of these sales would have been below-board to drive up the price. What’s the reasoning for not assuming that now? It’s not like any significant number of those guys have gone to jail. They’re still floatin’ around.
Sorry for the double post, but I just saw this: “Hoards and hoards, I get multiple calls every week from people wanting to pay cash for investment properties.”
There is a contingent that is positive we are going to be paying the national debt by devaluing the dollar. Gold is definitely overpriced relative to real estate, so that’s where they’re landing right now to hedge for that.
The train noise is a definate negative.
I lived in C’bad for most of my life, lived downtown for 14 yrs., and have seen it deteriorate. What was once a sleep beach community has turned into a bar crawling town of significance. We heard the bars (7 – 8 w/in the Northwest part) nightly, public urination was not uncommon, tires screeching and the cars and cabbies racing.
No, there are no head shops, fast food chains, or massage parlors in C’bad – but I’m happy I bought in So. O.