People have asked about the condos in downtown Oceanside that are being auctioned tomorrow beginning at 3pm at the Carlsbad Sheraton, which is an interesting choice. Why wouldn’t you do it on-site so buyers could get more emotionally-involved? Do a big breakfast bash with mimosas?
A hotel-ballroom auction makes you think of guys running around in tuxedos too.
Twenty-nine residential units (of 38) are on the block, with opening bids from $295,000 to $625,000. In the video, I say that there were no salespeople in sight, but they were on the top floor.
The sales history, by floor:
1st floor – sold all 7 retail units to one family, total of 10,368sf. No price given.
2nd floor – 13 office condos. Seven sold, six for sale, from $256,035-$345,960.
3rd floor – 10 residential, five in front sold, five in back for sale, from $295,000-$355,000.
4th floor – 10 residential, none sold. Ten units for sale, 1,765sf to 2,191sf from $335,000-$475,000.
5th floor – 10 residential, two front units sold $665,000 & $725,000 this year, eight for sale.
6th floor – 8 residential, two front corner units sold, and six for sale, from $445,000-$625,000.
From the MLS tax rolls it looks like 23 sales have closed with cash buyers, and 35 to go.
They’ll try the 29 residential units tomorrow, and if they have 29 bidders show up, they should blow them out at the opening bid price. If they refuse, and make some comment about how the opening bids are “giveaway prices” and nobody would consider selling them for that, then they are crazy – take what you can get.
They’ll probably need at least 50 bidders in attendance to sell out, because so far buyers have gravitated to the premium units – the ones with a glimpse of the 16-screen movie theater next door might not get a bid.
(I said 59 on the video, but I think there are 58 units). Here’s the youtube video tour:
Here’s the price list:
oceanside-condo-price list (with original prices)
Here’s the floor/unit diagram:
Oceanside-prices-floor-diagram
Realtor Roberta’s quote, from Kelly’s article:
http://www.voiceofsandiego.org/articles/2009/07/17/survival/215oside062409.txt
These last few months we were limited to cash offers that could close quickly. At the end, we had several cash buyers offering over $300 per square foot (who could close within days) and they were rejected by the builder.
In today’s San Diego real estate market, if financing is in place and prices are reasonable, there is no need for properties to go to auction.
We still don’t know why these offers were rejected–other than the builder and auctioneer believe they will be able to do better via the auction process.
My prediction: the action will fail. No or very few bids will be above a certain undisclosed minimum bid, and the seller will invoke a clause in the bidding agreement that allows them to get out.
Then in another month the seller will try some other kind of gimmock that has nothing to do with pricing them at market value.
Jim, what’s around the 301-601 column of condos? If someone doesn’t need a pristine view, and the back of the building isn’t too unsightly, at $355K for floors 3 and 4, that seems like a pretty good deal for what you’re getting. Even if it was actually just under 2000 sqft of usable floor space, it’s still a pretty decent price.
I didn’t check out the back units, but if they have a window facing east, they’re looking at the flat roof (with 100 air conditioners on it) of the 16-screen movie theater next door.
But you’re right, they are $162/sf to $203/sf, which is a deal, relatively…….if they are willing to sell at the opening-bid amounts. They should!
FYI Jim – it ain’t the Coaster that’s the problem, it’s the massive freight trains that run at all hours (typically 3-4am) that are required to honk their horns like a NY cab driver through every crossing. It’s about 5x as lound as Coaster..
Thanks Jim! It’s too bad I don’t live in the SD area. I would have gone there just to check out the layouts and see what could be done with the places. Sometimes a single floor change can make a huge difference.
Jim, I just “visited” the place on Google Earth. The x01 units don’t appear to have any windows facing East at all. Most likely, they’re all facing South inside the courtyard.
Also, using the shadows cast by the two buildings as a reference, the theatre’s height appears to end just above the fourth floor of the condo complex. So if you purchase unit 401, the AC units on the roof of the theatre will be above you, both out of sight and out of earshot.
The location of unit 401 also isolates it from the noise of the passing freight trains. Both the condo complex and the theatre will act as noise barriers. The position of the windows will also ensure you have plenty of sunlight during the day even though the unit is facing an inside courtyard.
People noise from the theatre itself shouldn’t be a problem since the main entrance appears to be located on Mission Avenue. The back of the condo complex doesn’t appear to have a street at all.
Man! If I was in the market for a new place in the Oceanside area, I definitely would have made a bid on unit 401!
These could be a good buy, but you take a risk that rests on Oceanside. If Oceanside does well, these will do well. If Oceanside slides, these will be a terrible buy.
The trend in other cities has been positive for developments like this, but… they aren’t some hour away from job centers.
That may kill these. ‘Real’ people won’t want an hour long commute each way plus the current risk that is Oceanside imho.
Jim, here in austin – we had condo tower mania and most of them sit empty at night. Quite disgraceful. Here is the latest propaganda from the Spring which is one of the largest towers here in austin. Enjoy and look at sq footage assumptions and pricing. Joke – this is austin texas not san diego.
Cheers
Bridges on the Park, a luxury mid-sized downtown condominium building, is offering 30% + discounts on its 22 remaining residences. We are happy to share with you, that The Boutique Real Estate is one of the first companies chosen by the developer to include in this sale.
Attached are the notes from our meeting with the representatives from the Bridges on the Park. The developer is selling these luxury residences for bank minimum prices.
With the sale, 10 units are already under contract. We anticipate these units will move fast.
Attached is the latest availability with:
One bedrooms starting from $253,000-$291,000 (862 square feet-1016 square feet)
Two bedrooms starting from $345,000-$488,000 (1369 square feet-1645 square feet)
With Austin continuously landing on top 10 markets to invest and live in, we believe that Austin will return to a $400+/square foot market. Bridges on the Park current sales offer is for as low as $230/square foot. So if you are thinking of purchasing as a primary, secondary, or investment property, this can prove to be a very good investment opportunity.
The building is well located, offers high-end finishes (Bosch, Kohler, granite, hardwoods, etc.), and loaded with amenities. The 1600-1645 sf two bedroom is a large unit size that given market trends will most likely be hard to find in the future.
Location-One block to Lady Bird Lake and the hike and bike trail; 1.5 blocks to Barton Springs Road and its restaurants (‘restaurant row’) and Zilker Park where several renowned music festivals such as Austin City Limits are held annually; walking distance to the Long Performing Arts Center and Auditorium Shores.
I used to spend a lot of time at the beach in Oceanside. I would drive that street very often.
It can be a tougher crowd and a bit more unsafe than other beach side towns. Go to the movies on a weekend night and see how many cop cars are out in front of the movies. I used to go to the beach there early in the morning until I realized it was just me, the homeless guys, and the cops looking at me wondering what I was doing there.
I finally got the hint and choose a beach in Carlsbad.
One would hope a revitalization would happen, but currently I would never buy in that location even with those amazing prices.
JimB-
>>‘Real’ people won’t want an hour long commute each way plus the current risk that is Oceanside imho.<<
I agree completely with you that Oceanside is a risk. However, that location might not be too bad from a commuting point of view. Quite a few of the commuters in Oceanside are headed for jobs in Southern Orange County because Oceanside is a bargain compared to the beach cities in O.C. And, if you want to work in downtown San Diego, you can just take a short walk to the Coaster and relax the rest of the way. There are also good connections from the transit center to some of the colleges, so if you have a student in the household it could work for them as well.
Agree Big E, on the sound of the freight train – you can hear it ten miles away it’s so loud.
Let’s make sure to note that this is another example of cash buyers in the marketplace, and also that apparently these are appealing to the second-home purchaser too.
Mailing addresses include Indian Wells, Laguna Niguel, Irvine, La Jolla, Spring TX, and Fayetteville AR.
The last time I was in Austin(Years ago), I happened upon some nice new homes near.. I think TX2222.
First question, I mean THE first question her asked was “You from CA?”
He had two prices. A CA price and another price. Both were north of 400k.
I suppose if you work in Carlsbad it’s not that bad either. Seems to me more of a place for close by out-of-stater’s to have weekend condo’s.
The all cash part would make sense with this reasoning too.
Yes austin like portland and other liberal college towns are bubblicious looking to prey on california carpetbaggers with overly inflated central texas hill country real estate. It is special in austin.
Being that near the train station strikes me as a big plus for people who can commute using the Coaster or Metrolink (only station where trains from both stop at). I’m sure that was one of the main thoughts behind building the project in the first place.
Thanks for pointing out the Top Gun house. Everyone seems to have forgotten about it. You’re right about the great view eventually being obscured by a huge hotel in that dirt lot, if it ever gets built!
> Agree Big E, on the sound of the
> freight train – you can hear it ten
> miles away it’s so loud.
When I first made my foray downtown, I ended up in a unit called the Brickyard that sits on top of a coffeshop on G St and Kettner – beautiful 2-story unit, but probably 200 ft from the tracks. It never occurred to me that freight trains run at night. I thought they were like airplanes in that they had to stop running at certain times. (chuckle)
My first night there – I got the ol’ 3am wakeup from those frickin’ conductors. It was absolute hell.. I lasted 3 months and broke my lease.
I imagine those train guys have a nice laugh every time they drive through any of the crossings near residential units at 3-4am…
Jobless rate tops 10% in S.D. County
Big E-They have to blow the horn-it’s mandated by federal law that they do so. They don’t want to disturb people-they just don’t want to run over some idiot.
Now, there IS a way around that-the city can put in speakers by each crossing that are aimed at the street, and make a train horn noise that is only aimed at the street (with the train itself no longer using the horn)-much, much quieter to local residents. My apartment in Riverside was about 150 feet away from the tracks-after the city put in said horns, the train noise problem all but went away (still some noise and vibration from the train itself).
The problem is the parking lot and the empty lot leading to the beach:
If O’side does poorly in general, you keep your ocean view and your price stays mediocre.
If O’side does well in general, you lose your ocean view and your price stays mediocre.
sounds like a lose/lose.
if I have money to blow on a 2nd home condo, I would go with La Jolla first, then Downtown.
@Geotpf – yes, I’m aware it’s mandated by law. But some conductors are judicious with the horn, and others lay on it most of the way through downtown. No rhyme or reason – just depends on who’s driving I guess.
I’m not sure why they don’t have two horns – a Coaster-style for urban areas, and the big one for rural areas.
But I do like the sound (no pun intended) of those speakers – sounds like a good solution..
Will we get an update on the results of the auction?
JH checked in with this auction report:
Just got back. Stayed for about 9 auctions. The room was filled. Most of the people were pre registered. Opening prices had multiple bidders on each unit. I mean maybe 10 bidders. Most units went out for 50% of original pricing.I m sure they sold every unit. The auctioneer was great. They served quality hour dervs. Not just plain cheese and crackers. Very professional auctineer.
So the auction worked?
Also, I would try and get over the train issue. Doesn’t seem to keep people from living in Del Mar or from making the Marina District in Downtown San Diego the priciest part of town.
I live near it now and when I lived downtown. Didn’t phase me.
I think the transit in this location is a plus, both the Metrolink and Coaster makes for a much bigger market.
At 50% above the minimum bid, it definitely worked! The gamble paid off!
As for the freight train issue, if more upscale condo buildings are added to the downtown core, I wouldn’t be too surprised if “arrangements” were eventually made to redirect the freight trains elsewhere, or at the very least mute their horns.
The commuter trains will definitely stay since they serve an extremely useful purpose. Even an hour commute goes by pretty quickly when all you have to do is sit back and relax. And because the train appears to be at the end of the line, you’ll always get a seat!
And people still ask me why I’ve never owned a car. 🙂