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-   -   SAN DIEGO | Boom Rundown, Vol. 2 (https://skyscraperpage.com/forum/showthread.php?t=126473)

ucsbgaucho Jul 9, 2007 11:35 PM

Quote:

Originally Posted by Derek loves SD (Post 2942965)
I like! Fiesta Island isn't the greatest of places anyways. A trolley stop could go there too.;)

I was just thinking the same thing, that since there is a little noise about a new basketball/hockey arena, add that to the development. Turn the Q site into a huge football stadium with adjoining basketball arena, convention center that can be used in conjunction with the arena for big indoor events, hotels, retail and condo. Then you can have two big parking structures for the whole place. You've got trolley access already, lots of land, a developer with money for the football/convention center/hotel part and another for the new sports arena. Pool all those resources together and get it done all at once.

mello Jul 9, 2007 11:46 PM

^^^ Absolutely Qualcomm has the existing infrastructure, I was just thinking Fiesta Island may be a bit more enticing because of the Bay/Ocean views to be had and the fact there is usable beach front to relax on. But like I said NIMBYS would go bananas if you proposed something big on Fiesta, they want it for their damn dogs and over the line tournaments :rolleyes:

Seriously why not have Spanos/Gaylord/and Anshultz guy who built I believe Staples and the MLS stadium at CSU Dominguez Hills all get in on this. All three are Billionaires, all three have vision. Plus you could maybe have the Clippers play 20 to 30 games a year in a San Diego arena, because I doubt a NBA team would come here. Maybe if Katrina hadn't hit New Orleans the Hornets would move but now that manuever would be frowned upon.

Derek Jul 9, 2007 11:55 PM

Too bad nobody who has the power to do something about our ideas can't think of them on their own and do something about it.

mello Jul 10, 2007 12:13 AM

^^^ Well I'm sure Mark Fabiani and his staff (you know who he is write, Chargers guy appointed to find stadium sites) have called every big developer of stadiums, ballparks, arenas, resorts, etc. in North America and probably some in Europe too. Whether or not he has actually met with all of them and thoroughly shown them ideas/plans is another thing.

The problem lies in developing BIG projects in this county, it is just really hard as we have seen time and time again. Look how long Petco and the Convention Center took! Vegas, Miami, Atlanta, and Texas cities seem to be much more adept and pulling off large endeavors.

I do have some connections with Bill Walton's brother (my mother was married to him in the 90's) and I am going to call Bruce and see if he knows Ernie Hahn or Anshultz and maybe he could be a conduit for getting my/our ideas heard.

Derek Jul 10, 2007 1:03 AM

^Now that's some good connection! ;)

bmfarley Jul 10, 2007 1:54 AM

Quote:

Originally Posted by jesseasi (Post 2942948)
I have been quickly browsing through the thousands of posts here on the site and while most of the discussion has to do with new high rises and the growth of San Diego – a few of you live in condos and have good feel for the market. If my post is not appropriate for this forum – please excuse this question.

I am in the market to buy a condo and have a unit on reserve at the Legend. I have until this weekend to decide if I am going to buy it or let it go.

My main fear in investing in a condo like this are:

1. HOA Fees – they seem super high – but not just here – most everywhere HOA fees are going to be $500+. That money that is not tax deductible and if you are not taking advantage of the property – it is down the toilet.

2. Prospectors – the Legend will start closing their units this fall. Would it be wise to buy a unit right now at full price or wait till there is a flood of prospectors trying to unload their units. I am sure many of the buyers got in super early have great prices locked in. Taking a cool quick 10-20% profit might be a chance for me to land a better unit at about the same prices I am getting right now.

3. The whole San Diego market in general – every real estate agent I talk to in San Diego tells me prices are going up and up. That “we are past our little correction”. I am not sure I believe them.

My goal in buying a condo is to have a great 2nd home. I live up in LA and San Diego is a great place to visit. I am a season ticket holder for the Chargers and go down there every chance I get. I want something that is unique and special – not the run of the mill condo. I feel like at the legend I am getting an above average unit in a very unique and special building.

Any input or advice would be greatly appreciated.

Thank you
(potential new San Diego resident!)

Don't be suckered in. The market IS falling and likely will for the next 12 to 24 months!!! Count on it. Whn Legend units fall to about $375 per sq ft... on the 10th floor.... that's probably the time to start thinking of jumping in. Add $5 per sqft per additional floor, or -$5 for lower floor.

Here are 2 webites to visit and study up on before you lay down $500,000 for a condo unit (b/c that is still a lot of money):
Housing Bubble Bog
San Diego Market Monitor
Downtown San Diego Realestate

bmfarley Jul 10, 2007 2:05 AM

Quote:

Originally Posted by mello (Post 2942941)
Here is an idea I know locals and environmentals will go ape shit over but here it is: Fiesta Island -- Hotel, luxury condos, Chargers Stadium, and possible arena if there is room. You get Gaylord and Spanos and maybe Ernie Hahn and his cronies to invest. Build a huge freeway offramp from I-5 directly into Fiesta Island.

What do you guys think. Centrally located, views, beaches, parks etc?? Might work... But would be HUGE NIMBY fight lol!

I suggested this idea in mid February. It's a dead site with plenty of good views... perfect for a stadium. Northwest of I-8 & I-5 is a perfect spot. It's not big enough for a stadium and related parking areas, but it could push into Mission Bay. And if the shoreline to Fiesta Island were re-aligned a little, the island can be retained and the waterway kept to enable boating access.

It would be a perfect opportunity to also add to the exisitng short list of harbor slips for boats... maybe turned into some mixed-use residential and retail... kinda recreational harborish in nature.

And, parking could be shared with Sea World.

Below is a picture I posted illustrating Qualcomm at the same scale as the discussed portion of Mission bay Park... to point out the similarity of sizes.
http://i109.photobucket.com/albums/n...AtSeaWorld.jpg

But, I followed up and researched Mission Bay Park. Apparenlty it is in some type of conservatory or something... securing it's use as a park for the foreseeable future.

jesseasi Jul 10, 2007 2:55 AM

Quote:

Originally Posted by bmfarley (Post 2943297)
Don't be suckered in. The market IS falling and likely will for the next 12 to 24 months!!! Count on it. Whn Legend units fall to about $375 per sq ft... on the 10th floor.... that's probably the time to start thinking of jumping in. Add $5 per sqft per additional floor, or -$5 for lower floor.

Here are 2 webites to visit and study up on before you lay down $500,000 for a condo unit (b/c that is still a lot of money):
Housing Bubble Bog
San Diego Market Monitor
Downtown San Diego Realestate

Thank you so much for the tips. This has been a really tough decision for me. I think I will take a gamble and let this unit go and sit on the outside waiting to jump in.

I had been looking for sites just like the ones you referred me to - thanks again!

keg92101 Jul 10, 2007 3:37 AM

Quote:

Originally Posted by bushman61988 (Post 2941794)
IMO i think you guys are complaining WAY too much about the Shapery Park Tower.

Sure, the design is a little odd, and there's above ground parking, but at least they tried to hide with glass and some of that weird exterior. Plus, it's something different! It's so NICE to have something DIFFERENT for once, and like someone said earlier, having this being built by the architect who made the Emerald Plaza definitely gives him some credibility. Plus, you got a rooftop restaraunt at one of the best locations possible, LEED certified, AND a glass elevator! (i'm sorry, but to me, that's really cool)


C'mon guys, AT LEAST the architect is trying to make something decent for San Diego and isn't half-assin the design like so many towers out there (to name a few The Mark, Allegro Tower, the Legend, Fahrenheit, Cortez Blu).
LIGHTEN UP!!

What architectural significant building do you live in? Last time I checked, Farhenheit won the Orchid this past year.

keg92101 Jul 10, 2007 4:11 AM

Quote:

Originally Posted by bmfarley (Post 2943297)
Don't be suckered in. The market IS falling and likely will for the next 12 to 24 months!!! Count on it. Whn Legend units fall to about $375 per sq ft... on the 10th floor.... that's probably the time to start thinking of jumping in. Add $5 per sqft per additional floor, or -$5 for lower floor.

Here are 2 webites to visit and study up on before you lay down $500,000 for a condo unit (b/c that is still a lot of money):
Housing Bubble Bog
San Diego Market Monitor
Downtown San Diego Realestate

So a 1,000 SF unit in the Legend is going to only cost $375,000. Yeah, that's going to happen. Especially since units are still closing at above $500 per SF.

My advice to the guy would be if you are going to buy something that you want to keep for a while, and you are only going to be using it for weekend getaways, buy a resale from some poor chap that bought at the peak hoping to flip the unit, and will take the lesser loss now to stop the bleeding. Developers build these for about $350 per SF, and they will hold on to the units for a long time before cutting the prices too low

keg92101 Jul 10, 2007 4:15 AM

Quote:

Originally Posted by Derek loves SD (Post 2942794)
If Shapery Park submerges all of it's parking, I might consider liking it more. ;)

Underground parking costs $90 per SF, and that is only going down 2 levels. This puts you at $9 million before even getting to grade, not to mention all the time loss going down and coming up. Read the print. They are not putting parking at the ground floor, but 3-5, like the Kimpton, which has great street presence.

bmfarley Jul 10, 2007 4:35 AM

Quote:

Originally Posted by keg92101 (Post 2943573)
So a 1,000 SF unit in the Legend is going to only cost $375,000. Yeah, that's going to happen. Especially since units are still closing at above $500 per SF.

My advice to the guy would be if you are going to buy something that you want to keep for a while, and you are only going to be using it for weekend getaways, buy a resale from some poor chap that bought at the peak hoping to flip the unit, and will take the lesser loss now to stop the bleeding. Developers build these for about $350 per SF, and they will hold on to the units for a long time before cutting the prices too low

$500/sft is the average or median RIGHT NOW. $375/sft is ONLY 25% off. That is certanly plausible! And, I'd bet on it!

Btw, there are some units right now, other than the older east bloc looking buildings, going for under $400/sft right now too. Aqua Vista and Palermo...

If it cost developers $350/sft to build... gee, I don't think we'll see many new residential towers starting any tim esoon, I regret.

jesseasi Jul 10, 2007 5:14 AM

Quote:

Originally Posted by bmfarley (Post 2943638)
$500/sft is the average or median RIGHT NOW. $375/sft is ONLY 25% off. That is certanly plausible! And, I'd bet on it!

Btw, there are some units right now, other than the older east bloc looking buildings, going for under $400/sft right now too. Aqua Vista and Palermo...

If it cost developers $350/sft to build... gee, I don't think we'll see many new residential towers starting any tim esoon, I regret.

Well as a buyer waiting in the wings - I would jump all over any top unit at Legend at $400 /sft. I pray you guys are right!

Derek Jul 10, 2007 5:52 AM

Quote:

Originally Posted by keg92101 (Post 2943590)
Underground parking costs $90 per SF, and that is only going down 2 levels. This puts you at $9 million before even getting to grade, not to mention all the time loss going down and coming up. Read the print. They are not putting parking at the ground floor, but 3-5, like the Kimpton, which has great street presence.

Oh, thanks for the information! I missed that it would be 3-5 floors up.

SDCAL Jul 10, 2007 6:47 AM

Quote:

Originally Posted by jesseasi (Post 2942948)
I have been quickly browsing through the thousands of posts here on the site and while most of the discussion has to do with new high rises and the growth of San Diego – a few of you live in condos and have good feel for the market. If my post is not appropriate for this forum – please excuse this question.

I am in the market to buy a condo and have a unit on reserve at the Legend. I have until this weekend to decide if I am going to buy it or let it go.

My main fear in investing in a condo like this are:

1. HOA Fees – they seem super high – but not just here – most everywhere HOA fees are going to be $500+. That money that is not tax deductible and if you are not taking advantage of the property – it is down the toilet.

2. Prospectors – the Legend will start closing their units this fall. Would it be wise to buy a unit right now at full price or wait till there is a flood of prospectors trying to unload their units. I am sure many of the buyers got in super early have great prices locked in. Taking a cool quick 10-20% profit might be a chance for me to land a better unit at about the same prices I am getting right now.

3. The whole San Diego market in general – every real estate agent I talk to in San Diego tells me prices are going up and up. That “we are past our little correction”. I am not sure I believe them.

My goal in buying a condo is to have a great 2nd home. I live up in LA and San Diego is a great place to visit. I am a season ticket holder for the Chargers and go down there every chance I get. I want something that is unique and special – not the run of the mill condo. I feel like at the legend I am getting an above average unit in a very unique and special building.

Any input or advice would be greatly appreciated.

Thank you
(potential new San Diego resident!)

Obviously nobody knows what the market is going to be like in the short-term future, whether it be a realestate agent or someone on this site. It's all speculation and nobody has a working crystal ball.

The one thing about realestate, like other risky investments, is the longer you plan on having the investment, the better your chances of making a good profit. If you goal is simply to make money in the short-term like so many tried when the market was hot, I say don't do it.

If it's a property you like and plan on staying for a minimum of 5 years, then absolutely do it. I live downtown and I like my unit and am confident the market will rebound, it is just a question of how much further the market will slip before it starts the climb back up.

This is not a time to be buying with quick profit turnaround in mind, but if you are seriously looking for a place you like and want to live in for awhile it's a good time to buy

SDCAL Jul 10, 2007 6:56 AM

a charger stadium is needed, but why doesn't anybody ever talk about the library that is not getting built? I think this should be a higher priority for the city right now. Has anyone been to the downtown library lately??? It's like going back in time to the 40s or something, it is as big of a joke as our airport. I think if the library waas to be built, that area of EV would start to show more signs of development instead of the dead proposals there now

we have a barren lot for a library across the street from a barren lot for a library tower, very sad to see especially considering how long both have been there collecting dust :(

SDCAL Jul 10, 2007 7:06 AM

Cosmo Square
 
so, on the CCDC site which was last updated 27-JUNE-2007, the cosmo square project which used to say it would start "spring of '07" now says starting "late '07". Do you think there are really plans to groundbreak this year or is CCDC just updating with phantom dates so their site doesn't look out of date?????????

bushman61988 Jul 10, 2007 7:48 AM

CCDC Design Review
 
I'm planning on going to the design review tommorow evening cuz i really wanna see these new marriott towers by petco park. i'll try to take pics too, but does anyone else know where the hell it's suppose to be at Exactly? I know it's near horton plaza right in front by the NBC building, but im not sure where exactly...

Derek Jul 10, 2007 1:35 PM

Quote:

Originally Posted by SDCAL (Post 2943858)
a charger stadium is needed, but why doesn't anybody ever talk about the library that is not getting built? I think this should be a higher priority for the city right now. Has anyone been to the downtown library lately??? It's like going back in time to the 40s or something, it is as big of a joke as our airport. I think if the library waas to be built, that area of EV would start to show more signs of development instead of the dead proposals there now

we have a barren lot for a library across the street from a barren lot for a library tower, very sad to see especially considering how long both have been there collecting dust :(

I agree. I've said this before but that entire region needs a new library. Think of all the other communities it would serve like Barrio Logan and Golden Hill etc. The current downtown library is basically a homeless hang out now.

Derek Jul 10, 2007 1:36 PM

Quote:

Originally Posted by bushman61988 (Post 2943888)
I'm planning on going to the design review tommorow evening cuz i really wanna see these new marriott towers by petco park. i'll try to take pics too, but does anyone else know where the hell it's suppose to be at Exactly? I know it's near horton plaza right in front by the NBC building, but im not sure where exactly...

If it's in the Downtown Information Center, it's located on the left side of the plaza where the ice rink is in the winter.


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