It’s official. Vantage Pointehas refunded deposits to buyers and is changing the way they approach selling the development. Buyers were unable to secure financing since the lending laws require that 70 percent of the units in a development be presold. The largest San Diego condo project has been 4 years in the planning, and now needs to revamp their plans.
The project now will be divided into five phases, so that each phase can easily secure the number of presales necessary for loans.
Vantage Pointewill re open to the public with new pricing, new amenities, and increased buyer interest. Incentives are in the works for current buyers who will be given the option to repurchase.
In San Diego, Market Street is a major destination. Conveniently it is a major thoroughfare, and one which works well with residential and mixed use development near the water. Upscale dining, shopping and amenities for everyday living are here.
The breathtakingSan Diego scenery and the excitement of “the world’s best ballpark in America’s finest city” can be in your neighborhood if you live inSan Diego condosin the Petco Parkarea. Located adjacent to the San DiegoConvention Center and area hotels, the Petco Park neighborhood is vibrant, contemporary, and full of great place to live and fun things to do. The home of the San Diego Padres is arguably in one of the most beautiful locations in the world.
Highrises that surround Petco Park include the following:
TheseSan Diego condo towers have some of the most spectacular views in the world, and feature the finest luxury living amenities. All this and thePadresbaseball too. Who could ask for more?
We’ve been watching the setup for the Red Bull Air Races that are returning to downtown San Diego for the third consecutive year this weekend (May 9 and 10). The Air Races are held over water in the San Diego Bay. Pilots race aerobatic prop planes in speeds over 250 mph (individually against the clock, of course!) in a preset configuration through 6-story high inflatable obstacles known as “Air Gates,” which will be anchored to floating platforms in the Bay. There are three types of Air Gate which determine the maneuver the pilot must execute–blue gates are crossed in level flight, red gates in vertical flight (at specified right or left angles) and slalom gates with a weaving motion. Time penalties are issued for incorrect maneuvers (2 seconds) or touching the Air Gates (6 seconds), which are specially designed to collapse on impact. Because the Air Gates are constructed as a cone in 6 separate pieces held together with zippers and velcro, they are easily repaired if damaged by the Red Bull “Air Gators” course personnel.
The Embarcadero Marina Parks North and South will be the ticketed viewing areas for the races. Our admittedly brief investigation determined single-day tickets are $24 for Saturday. Of course, we won’t pay that much! Luckily, since the races are held about 6 stories above the Bay, they’re viewable from many other Downtown San Diego locations. Condo residents with roof decks can enjoy bbq and drinks with neighbors while watching the races–without crowds.
Icon: the Icon skybox looks over Petco toward the Bay and the second half of the race course.
Harbor Club: the best option, west facing units are like front row seats for the races.
The Metropolitan: another great option for west facing units to see the second half of the course.
Park Place: luck Park Place residents get to see the racers entering the course as well as seeing the finish.
Pinnacle:another one of the best options. Pinnacle has an ideal Marina District location with views of the north side of the Bay, Coronado and past the Bridge to Mexico. some condos here will see almost the entire course.
Other options we’re considering include:
Seaport Village: right by the Embarcadero and on the water. Probably unobstructed viewing. Expect large crowds.
Back of the Convention Center: the Convention Center terraces are about 4 stories above the Embarcadero. Might be heavy security to keep people moving so the Center remains accessible. Expect large crowds.
The Gaslamp Marriott (660 K Street) is ahead of the curve and the only hotel advertising viewing for the Races at its open-air Altitude Sky Bar on the 22nd floor…with NO cover! Doors open 11:30 am Saturday and 10:30 am Sunday. Altitude has a great view into Petco Park and usually has a DJ. Expect to spend about what you would’ve on tickets to the event, but for food and drink.
The Top of the Hyatt bar on the 40th floor of the Manchester Grand Hyatt (One Market Street) should have an impressive view from above the event. Space on the Southeast windows will be at a real premium, though. Disclaimer: Top of the Hyatt opens at 3 pm, so it’s probably only a good bet for stragglers. They will allow children before 8 pm.
One last locale we’re curious about is the new Hilton Bayfront (One Park Blvd). Its Odysea bar has outdoor seating on the Bay that should have an excellent view, albeit from the Race’s end as opposed to the side. Caveat: Odysea opens at 3 pm, too.
Parking downtown this weekend for the Air Races will probably be difficult. The Trolley will be a good bet to arrive cheaply and on time. The MTS Trolleys are running Special Event Service from Qualcomm, Old Town, and the Santa Fe Depots. Qualcomm has plenty of free parking, and the MTS Family Weekend Promo allows 2 children 12 and under to ride free with every paying adult. If you plan to arrive via trolley, you will want to take it to the Convention Center station, then walk to your viewing destination as outlined above.
While the general idea about San Diego condominiumsis that there are too many of them, investors have been buying them for rentals – and in San Diego, that appears to be a good thing. San Diego’s rental homes have a 95 percent occupancy rate, and rents are expected to increase by at least another one percent over the next two years.
San Diego’s 8.8% unemployment rate is only slightly higher than the national average. We have strong employment in technology, universities, and the military. While people rent a San Diego condominium, investors maintain a cash flow and build equity.
Here are some buildings that are good opportunities forSan Diego condominium investors:
Little Italy in San Diego is one of the most popular spots in the city. Little Italyis known for restaurants, great markets and specialty food stores, a convenient location, and it is one of the most affordable areas in San Diego for the quality of the building and residence.
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