They've taken to hawking them on Encinitas Boulevard like $5 pizzas.
Just as we noted a month ago, the cheaper railroad-view and loading dock-view condos are selling OK, but the nicer units are struggling.
I wonder if they'll end up renting them like the Moonlight lofts, or drop the prices to sell them all.
Yea, you're going to sell million dollar condos by twirling a funkie sign down the street. That should have been part of Dalager's contrition - dressed as a clown, hawking the local monstrosities brought upon the city by his tenure in office.
ReplyDeleteThey have been open for sales for 12 weeks and have made 15 sales. That seems pretty good to me considering it has been winter and the Whole Foods Market is not even open yet. Also, the human signs are used by all the big developers when they have new home construction and the sales office is newly open. I've seen Shea, Pardee etc. all use this kind of marketing. Pare for the course!
ReplyDeleteAgeed!! It looks to me that 18 are sold and one reserved, I believe you are WRONG that they are struggling.
ReplyDeleteI know that this project had some controversy in the beginning, but it's built now, so there is no reason for negativity and poor wishes towards them. As a local, I would rather have owner occupied condos, with a Whole Foods, that raises my property values then having Pacific Station go apartments with constant turn around. At this point, I'm wishing them luck!
ReplyDeleteI don't see condos as inherently better than apartments.
ReplyDeleteI'd rather see young professionals move in at high rent rates (they're not going to price like slums, obviously) than see somebody get in over their heads on a big mortgage with big HOA.
The lofts at Moonlight went rental, and that certainly didn't seem to damage the neighborhood.
Today's high-end renters are perhaps as good neighbors as maxed-out buyers.
If you own a property in Encinitas then you want these condos selling at a high price in a timely manner! Rentals will do nothing for your property value. Pacific Station is here to stay, we might as well benefit from it!
ReplyDelete@ W.C. - these buyers can't max out anymore. Do you know what it takes to get a loan these days?? That's the beauty of buyers being required to put 25% down, proving stellar credit scores, and showing 12 month reserves... the chances of them "maxing out" or walking from their investments is hugely reduced.
ReplyDeleteAnd, your comparison of Lofts at Moonlight to Pacific Station is flawed. The Lofts hit the market at $1000 per SF. Pacific Station comes in around $500 per SF. Do the math. Sure, they rented just fine; I'm sure the developer is real thrilled about that outcome.
Even with PS selling, this doesn't mean there won't be young high-end renters. It just means there will be a mixed bag at the end of the day. A symbiotic coupling of renters and owners. Seems like everyone wins!!
If you own a property in Encinitas, you should enjoy it as a great place to live.
ReplyDeleteProperty values only matter if you're selling, or sucking out all your equity to get up to your eyeballs in debt, something I don't recommend. And with price/rent and price/income still at extreme levels in Encinitas, I wouldn't count on big appreciation any time soon.
Your house is a home, not a get-rich-quick scheme. Learn to love it.
Wow, I thought that Pacific Station was going to sell the nicer units faster than the ones by the railroad! Maybe it is time for them to lower their asking price?
ReplyDeleteEarlier in the year Pacific Station Property LLC sold all 47 units to Pacific Station Condo Sales LLC for $19.4 million.
ReplyDeleteThanks Anon.
ReplyDeleteAny idea what the purpose of that transaction was?
This is every developer's worst nightmare. I think it is less expensive (and more effective) if they just advertised this on Craigslist and other websites than getting those guys to hold the signs.
ReplyDeleteJust came across this site, all lofts and 1 bedrooms are sold out, only a few 2 bedrooms are left. They did a great job selling this place out at top dollar.
ReplyDelete