Here's a Pacific Station flipper who bought a 2-bedroom for $860,000, pimped it out, and is trying to sell for $975,000. HOA fees are $460 a month, taxes will run you about $1000 a month, and your mortgage will be about $4000 a month. Grand total: $5500 a month for two bedrooms wedged between the train tracks and the late-night bars.
That's not providing housing for working families. That's a vacation home for a rich out-of-towner.
At least he has street lights and sidewalks. The train should/ could have been lowered when SB had theirs done. But nooooo. Who knew elements of the KLCC existed then??
ReplyDeleteKeeping it crappy...join the KLCC and receive some dead weeds as a gift.
Let's cut to the chase here. "Affordable housing" is lingo to get liberals on board. This is simply about maximizing developer profits and tax revenue at the expense of existing property owners.
ReplyDeleteThe Cabezon (a liberal)
In the end it's all about revenue for pensions.
ReplyDeleteThat particular unit is not the "affordable" housing unit. The AHU is the $500,000, 700 sq ft loft. What a bargain!
ReplyDeleteA friend of mine bought three of the units for $425 ea. But he doesn't live there.
ReplyDeleteFred; And therein lies the problem. People with money buy the alleged affordable housing, although I hardly call $425,000 affordable to most, then they don't live in them, and sell them again for a higher price, and make money. Something is wrong with this picture, unless I am way out in left field, which I have been known to be.
ReplyDeleteAnd you have a problem with someone taking a chance to make a profit?? You aren't in left field, you are in that section called Marist - Leninism. And if he lost $150K on each unit would you care or chalk it up to ...????
DeleteTrust me in 30 years those unit will be selling for $3-5 million or more. But you won't object to the capital gains tax now will you. I didn't think so...
I didn't think I said anything about being a Marxist, or a lover of Lenin (although I do have to say I am a big fan of John Lennon, and he was sort of a Marxist, so maybe I am never thought about it until now. Thanks 5:11-I appreciate the insight.
Delete5:11 - make a profit all day long, just don't try to call it affordable!
DeleteThey were never pitched as affordable. That's just a ruse to divert your attention.
DeleteWas Pacific Station ever pitched as affordable housing?
ReplyDeleteI was told that it has one affordable unit and that gave the project a density bonus. Anyone know differently?
ReplyDeleteThat is correct, and therein lies the joke that Lisa, tony, and Teresa won't get. Muir and Gaspar get it just fine, all day long.
DeleteDENSITY BOGUS it should be called.
ReplyDeleteDESTINY BOGUS
ReplyDeleteBut I still like Pacific Station regardless of it's handsome pricetag. And far more than the Coast Disgrace tin box.
ReplyDeletePacific Station hands down the worst project ever in Encinitas. Cheap, dense & ugly.
ReplyDeleteDensity Bonus is bought on by Developer profits increasing at the expense of existing citizens quality of life. Just look at the shit built in Leucadia lately.
ReplyDeleteCouncil should be doing all it can to collaborate with other CA cities and focus the state legislator to reverse Density bonus and restore local zoning control.
Council won't ever get between a developer and his profits: not only do they seem to think developers are their only constituents, they're all too aware that they have a pension gap to fill. Over-development is the road to riches for them and the council will never , ever choose the average resident over developer interests.
DeletePacific Station sucks.... like all density bogus projects.
ReplyDeleteDel Mar plaza proved you can build and enhance. Pacific Station proved council in a trance. I can't even think of anything uglier in the whole county including Santee!
ReplyDeleteDel Mar Plaza ???
ReplyDeletePacific Station Flop.
Walmart- Jerome Stocks result and just like his style. Generic and dead of soul.
Pacific Station isn't a density bonus project. It required 4 affordable units to be allowed the 33' height limit as per the Downtown Specific Plan. Affordable units are required to be maintained at the affordable rental no matter who owns them.
ReplyDeleteAnd the definition of affordable is...? Not the same to city hall/developers as it is to the average person. Not even close.
ReplyDeleteThe perk, though, is to be right next to all the bars. No risk for DUI checks when you are stumbling back to your $800K.
ReplyDeleteThe perk, though, is to be right next to all the bars. No risk for DUI checks when you are stumbling back to your $800K.
ReplyDelete