Saturday, September 21, 2013

Does high-density bring affordability?

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.

26 comments:

  1. 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??

    Keeping it crappy...join the KLCC and receive some dead weeds as a gift.

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  2. 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.
    The Cabezon (a liberal)

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  3. In the end it's all about revenue for pensions.

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  4. That particular unit is not the "affordable" housing unit. The AHU is the $500,000, 700 sq ft loft. What a bargain!

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  5. A friend of mine bought three of the units for $425 ea. But he doesn't live there.

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  6. Fred; 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.

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    1. And 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 ...????
      Trust 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...

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    2. 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.

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    3. 5:11 - make a profit all day long, just don't try to call it affordable!

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    4. They were never pitched as affordable. That's just a ruse to divert your attention.

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  7. Was Pacific Station ever pitched as affordable housing?

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  8. I was told that it has one affordable unit and that gave the project a density bonus. Anyone know differently?

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    1. That 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.

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  9. DENSITY BOGUS it should be called.

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  10. But I still like Pacific Station regardless of it's handsome pricetag. And far more than the Coast Disgrace tin box.

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  11. Pacific Station hands down the worst project ever in Encinitas. Cheap, dense & ugly.

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  12. Density 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.

    Council 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.

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    1. 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.

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  13. Pacific Station sucks.... like all density bogus projects.

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  14. Del 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!

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  15. Del Mar Plaza ???

    Pacific Station Flop.

    Walmart- Jerome Stocks result and just like his style. Generic and dead of soul.

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  16. 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.

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  17. And the definition of affordable is...? Not the same to city hall/developers as it is to the average person. Not even close.

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  18. The perk, though, is to be right next to all the bars. No risk for DUI checks when you are stumbling back to your $800K.

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  19. The perk, though, is to be right next to all the bars. No risk for DUI checks when you are stumbling back to your $800K.

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