To think less than a year ago drunk sheeple were lining up to plunk down $800,000 on 1-bedroom apartments in San Diego, lured by the promise of models lounging at the pool, and a pot of gold to be made without working.
Alas, there were no models. No pot of gold. $800,000 didn't turn into $1.8 million.
And strangely, when some of the suckers who actually planned on living there moved in, there were no neighbors. Just a bunch of empty pre-foreclosure condos owned by desperate flippers looking for the exits.
Yup, March 2006 was a million years ago. A different world. People were laughing at HP'ers back then.
No more.
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"Hey, let me top off that drink of yours. These condos can only go up and up in value! Sign here!"
Today's prices for Atria have dropped 20% from 2/06.
Studios from 537 to 586 Sq. Ft. - priced from $327,550
Lofts from 626 to 1593 Sq. Ft. - priced from $378,800
1BR - 1BA Condos from 681 to 727 Sq. Ft. - priced from $389,550
2BR - 2.5BA 2-story Townhomes from 1265 to 1360 Sq. Ft. - priced from $625,650
3BR - 3.5BA 3-story Townhomes from 1496 to 1566 Sq. Ft. - priced from $762,960.
I could have had a V-8.
nice Vespa,
were the builders trying to hint that if you buy here you wont be able to afford a car?
maybe if they had a blond on the Vespa this bubble would naver had poped
800,000 for a 1 bedroom?
There better be a pizza somewhere in there! Albeit a small one!
C'mon! Everyone's got a chance with a model!!!
Nice 'Knockers' on the chick on the scooter!
Usually, in normal economies, you'd see these types of parties adjacent to (or at least inviting) successful companies: VC firms, biotech parks, etc, trying to woo their execs into parting with their cash to buy marked up condos. Today, at least up until mid-2006, you'd see ordinary Joes hanging around pre-builts reading brochures as if they were moneymen looking to diversify into real estate from their trades. How pathetic! That's a real wannabe culture if I've ever seen one.
Look at those stupid liberal sluts thinking they're cool.
Friend would not listen...bought one and was making payments in San Diego but still living in Monterey...
Gets talked to by "Friend of the family" to buy another...kid takes home $3000 but payments for both plus association and shit are running on an interest only loan at about $3200 combined...
So he and his girl are working to just pay...tried to rent but near SDSU means bad renters...kid is working about 10 OT shifts to just maintain...felt sorry for him but man he's well educated and seemed smart just did ZERO checking on the market before signing away his immediate future.
Ahhh I forgot about "the fashion show"!
Aieeee, its just too strange.
Thanks Keith.
Hey, let them know I will give them 350k for the 3bedroom model
Now it's our turn to laugh, and the joke is on them!
See, money doesn't grow on trees!
"Hey babe. I just invested in 4 units. I'm going places. Wanna ditch this party, and head to my place?" - Guy who took out several liar loans to hot babe in black clothing.
She would have done better cruising the local housing projects for a suitor.
Looking at those pictures reminded me of a pyramid scheme party I went to in the early 1980's. Festive environment and free liquor to loosen everyone up a bit before taking the plunge.
reminds me of a time I almost got hustled in mexico to buy a time share
lots of free booze and the feeling we'd all get rich
didn't happen
Still, those prices sound good compared to that British broom closet for 178,000 pounds or about $350,000.
kid is working about 10 OT shifts to just maintain...felt sorry for him but man he's well educated and seemed smart
Works OT shifts and is well educated? Nobody who is well edumacated works shifts my friend.
I got out of my house in March '05.
Never would touch a condo with a 10 foot pole. There's an empty lot by our apartment that should have 448 condos built on it sometime in the future, but there's supposed to be 10,000 empty condos in San Diego already!
I hope they build the condo project anyway. It should make our rent go down.
This is so hard to believe! Eveyone will look back on this and think how stupid it all was.
Reminds me of those dotcom parties companies threw for employees back in 1999- right before the crash!
666 said:"Looking at those pictures reminded me of a pyramid scheme party I went to in the early 1980's".
Amway??
"nice Vespa,
were the builders trying to hint that if you buy here you wont be able to afford a car?"
Follow the link to the original thread on capitalstool.com and read the comments on the pics, they're thinking the same things.
'"Hey babe. I just invested in 4 units. I'm going places. Wanna ditch this party, and head to my place?" - Guy who took out several liar loans to hot babe in black clothing.'
What's hilarious are the homedebtors telling themselves that renters can't get laid. I'd hate to see their expression when someone lets them in on the big secret that you can get laid for less than $500K over 30 years.
"Ok, I'd tap that brunette on the bike -- probably even lay down a few bucks for it. But no booty is worth 800 large.
Idiots. Losers."
Of course, she's not really available to those wankers anyway. She's getting it from some biker boy or "personal trainer" in his crappy studio.
For sale? I don't think so, go to their website, they are RENTING.
http://atriadowntown.com/
I guess they gave up trying to sell.
Also follow the post links to the original blog, the dude's comments are friggin' hilarious....
the firsts of the before and afters. this will be fun.
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