One Paseo Apartments For Rent: 92130

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Submitted by flu on June 8, 2019 - 11:39am

Submitted by FlyerInHi on June 8, 2019 - 1:43pm.

Luxury apartments that cater to millennials are growing likely mushroom.
Millennials like the convenience

Even in Vegas, a “low cost” city which is not so low cost compared to the rest of the country. $2500 for 1 bedroom!?
https://www.reviewjournal.com/business/h...

Submitted by Myriad on June 10, 2019 - 6:20pm.

http://fortune.com/2016/03/28/millennial...

I'm interested in seeing what happens in cities as millennials age and before Gen Z population peaks.

Submitted by The-Shoveler on June 11, 2019 - 8:04am.

Myriad wrote:
http://fortune.com/2016/03/28/millennials-leaving-cities/

I'm interested in seeing what happens in cities as millennials age and before Gen Z population peaks.

IMO I see this whole trend of building residential condos above retail shop space a big waste doomed to be the future empty strip mall of the future (except in a "very" few locations) it would need to be on the Main street in a touristy type place, anything a block away or too far away from the main attraction is doomed to failure IMO).

Anyway the amount of this type of housing that can realistically be successful over the long term is vanishingly small and statistically insignificant IMO.

Submitted by spdrun on June 11, 2019 - 10:02am.

I think the death of all retail is overblown, especially in urban areas -- it's really NOT more convenient to wait for delivery than buy what you need, if the store is sufficiently close. Plus, being able to try and view items in a store (especially food/clothing) is a good thing.

Submitted by The-Shoveler on June 11, 2019 - 10:33am.

Big Box stores sure, a few restaurants in the right locations, a few auto-parts stores, supper markets etc..

Touristy type shops in touristy places.

I am seeing more and more empty strip malls even within big city locations (in LA even).

Our favorite restaurant (that would be open until midnight) in a strip mall near LAX was closed down when we went there last month. Made me sad a little as it was convenient to grab something nice to eat coming home late from LAX. The whole mall was about 2/3 empty and it was next to a ranch-99.

Submitted by Myriad on June 11, 2019 - 2:33pm.

The 99 Ranch in Gardena?

Submitted by The-Shoveler on June 11, 2019 - 2:45pm.

Pioneer Blvd, Artesia

Maybe we are talking the same place or maybe not

just off the 91 heading back to the 15 (easiest fastest way back for us).

Submitted by FlyerInHi on June 11, 2019 - 4:12pm.

Our urban plans are decades old, post WWII, and preserved by baby boomers who are clinging to dear life and the lifestyle that they are most familiar with. Therefore it’s nearly impossible to innovate and deliver new housing products.

Just sell Mira Mesa mall to a Chinese developer and give him carte blanche to innovate and you will see what’s possible. You may not like the end products, by other people will, and they will gladly buy. It’s not about anyone in particular, it’s about delivering innovative products that people want to buy.

Submitted by The-Shoveler on June 11, 2019 - 4:39pm.

Meh USA (SoCal) is not China (maybe NYC comes a little close).

Anyway If I want to go to a nice shopping Mall etc.. (maybe once every 6 months or something), I jump in my car and go to the mall.

Then I go to Costco fill the car up with stuff and drive home and park in my three car garage (I don't need to live at the mall).

Submitted by FlyerInHi on June 12, 2019 - 10:36am.

I’m sure if there were high rises at Mira Mesa mall, Qualcomm engineers will rent in droves, especially when the first arrive into town to start their contracts. Qualcomm would likely provide commuter vans.

Make it integrated with shopping, food courts, coworking spaces, athletic facilities..... it will be successful. Tech executives can have pied a terres also.

Shoveler, It’s about innovation and developing new housing products. You can stay in your suburb and enjoy. But why would be you against opening up legal and physical space for housing innovation?

Submitted by The-Shoveler on June 12, 2019 - 11:10am.

What ever rocks your boat, I just would not invest in it myself.

Most of the engineers I know are fairly stingy LOL.

Submitted by flu on June 12, 2019 - 11:50am.

The-Shoveler wrote:
What ever rocks your boat, I just would not invest in it myself.

Most of the engineers I know are fairly stingy LOL.

there is a luxury complex already in Mira Mesa.

https://www.gardencommunitiesca.com/comm...

engineers tend to be stingy. they are saving for home ownership

Submitted by Myriad on June 12, 2019 - 4:56pm.

Quote:
there is a luxury complex already in Mira Mesa.

https://www.gardencommunitiesca.com/comm...

engineers tend to be stingy. they are saving for home ownership

LOL, that place. non-luxury rentals for luxury prices. Also, mostly forgot about transit when they built that place.
Probably the biggest hindrance to creating density in CA is that most people with families want SFH. Most people aren't ready to accept living with kids in a small condo. Then there's the whole school/school district preferences.

Submitted by Myriad on June 12, 2019 - 4:56pm.

.

Submitted by FlyerInHi on June 12, 2019 - 5:07pm.

It doesn’t have to be a high-end development. Maybe something engineers from India or China are familiar with. You’d need economies of scale that integrate the facilities and stores that people needs.

One of Irwin Jacobs’ son is a developer. Maybe he’s listening.

Another thing, is why doesn’t the City not leverage location and lease out pads at parks (other than balboa park) to Starbucks, Dunkin’ Donuts, 7 Eleven at city parks? It would add convenience and a source of income. Again, it’s about innovation. You have to try it to see if it’ll work. Some neighborhood parks are busy and could support businesses.

I have a tenant from Greece who complains to me that America has no butchers or small stores to buy daily stuff. I told him that there are some in the village of La Jolla, or New York or San Francisco. Some in hillcrest and north park.

Back to millennials, there are now more “luxury” apartments in suburban areas, near job centers catering to them. Developers are building on spec then selling to private equity, hedge funds

Submitted by flu on June 12, 2019 - 10:58pm.

Myriad wrote:
Quote:
there is a luxury complex already in Mira Mesa.

https://www.gardencommunitiesca.com/comm...

engineers tend to be stingy. they are saving for home ownership

LOL, that place. non-luxury rentals for luxury prices. Also, mostly forgot about transit when they built that place.
Probably the biggest hindrance to creating density in CA is that most people with families want SFH. Most people aren't ready to accept living with kids in a small condo. Then there's the whole school/school district preferences.

yup.... I was saying just putting a complex that looks like high end with high end prices isn't going to work ....

Submitted by AN on June 12, 2019 - 11:23pm.

flu wrote:
yup.... I was saying just putting a complex that looks like high end with high end prices isn't going to work ....
Why do you think it doesn't work? Several of my millennial coworkers are either living there or will be living there soon.

Submitted by flu on June 13, 2019 - 12:02am.

AN wrote:
flu wrote:
yup.... I was saying just putting a complex that looks like high end with high end prices isn't going to work ....
Why do you think it doesn't work? Several of my millennial coworkers are either living there or will be living there soon.

it won't work for the demographics that Brian mentioned ... It might work for other demographics. But then it also depends on how much over average rent is

Submitted by temeculaguy on June 13, 2019 - 12:50am.

FlyerInHi wrote:
Our urban plans are decades old, post WWII, and preserved by baby boomers who are clinging to dear life and the lifestyle that they are most familiar with. Therefore it’s nearly impossible to innovate and deliver new housing products.

Just sell Mira Mesa mall to a Chinese developer and give him carte blanche to innovate and you will see what’s possible. You may not like the end products, by other people will, and they will gladly buy. It’s not about anyone in particular, it’s about delivering innovative products that people want to buy.

Funny you'd say that, my personal experience is the opposite. Having raised some millennials and now seeing them choose their housing I see that they will not venture South of the 52 and certainly not the 8. They shy away from transit and they shy away from "innovative products." Perhaps it is because getting married and starting to think of having children changes their priorities. Maybe it's because they have lived in urban cores in other countries and lived for years without a passenger car makes them crave a car and a garage and a yard. I'm not sure, but I wouldn't bet my money that Brian's generation won't slowly start abandoning him. If the recent years increase traffic from highway 76 and northwards on the 15 is any indication, they are moving to the burbs in droves.

Submitted by The-Shoveler on June 13, 2019 - 7:04am.

flu wrote:
AN wrote:
flu wrote:
yup.... I was saying just putting a complex that looks like high end with high end prices isn't going to work ....
Why do you think it doesn't work? Several of my millennial coworkers are either living there or will be living there soon.

it won't work for the demographics that Brian mentioned ... It might work for other demographics. But then it also depends on how much over average rent is

I had a co-worker who used to rent his high end suits and shoes while everyone else in the Office was wearing blue jeans and T-shirts.

Hard to figure what some people will spend money on.

Anyway he got laid off don't know where he is now.

Submitted by FlyerInHi on June 13, 2019 - 10:07am.

Temecula guy, maybe we hang out in different circles. People I know would die to move to Hillcrest, north park, mission hills. But they live north of the 8 because they have no choice.

I am not against the suburbs. But the sprawling out should not be the only option. Let’s have innovation and see if people buy into the new housing products. The free markets can decide.

Back in the 90s nobody wanted to live downtown. Try to buy or rent now. Times change and housing products should change too. We should not be bound by urban plans that old people who are likely dead now developed decades ago. The world should belong to young people who still have a long lifetime ahead.

Submitted by The-Shoveler on June 13, 2019 - 10:11am.

I would not want to be the investor in these high end downtown apartments when the fad fades, but that is just my opinion.

Submitted by flu on June 13, 2019 - 10:42am.

The-Shoveler wrote:
I would not want to be the investor in these high end downtown apartments when the fad fades, but that is just my opinion.

There's a need for luxury apartments, and there's demand for it provided the economy is good.

However, I wonder once the economy turns south, just how much "luxury apartments" demand will there be.

I don't know, I guess some people who are use to New York City rent prices might think things like One Paseo is a great deal... But exactly how many people would like to spend this much on housing that is not even their own... I don't know.

Then again, many Americans do like bling, and how I choose to use my money isn't necessarily representative of how most Americans use their money....

Submitted by FlyerInHi on June 13, 2019 - 10:58am.

I have a friend, my age. His parents told him never to buy a condo because “you only own the air”. Anyway he’s followed the advice and lives in a boring Florida suburbs, a place you don’t need to visit more than once. Even once is too much.

I can tell you that my condo investments have tuned out better than his house non-investments.

Incidentally, China allowed housing ownership only in 1992. Those condos are worth a fortune especially in major cities. So many owners do sell and buy houses in USA. There is value as long as people are willing to pay.

Back to One Paseo, I wish Kilroy a lot of success. Maybe they can flip the project to an REIT then start on more projects in San Diego. We need more high density projects.

Submitted by The-Shoveler on June 13, 2019 - 1:51pm.

flu wrote:
The-Shoveler wrote:
I would not want to be the investor in these high end downtown apartments when the fad fades, but that is just my opinion.

There's a need for luxury apartments, and there's demand for it provided the economy is good.

However, I wonder once the economy turns south, just how much "luxury apartments" demand will there be.

I don't know, I guess some people who are use to New York City rent prices might think things like One Paseo is a great deal... But exactly how many people would like to spend this much on housing that is not even their own... I don't know.

Then again, many Americans do like bling, and how I choose to use my money isn't necessarily representative of how most Americans use their money....

IMO I think when it comes to the new downtown Luxury apartment fad (especially in downtown LA) it is already starting to fade (not enough Jobs near there) they have to get on a freeway and drive north to the Burbs mostly.

Maybe the same for SD downtown I don't know.

LA was kind of developed backwards since the 60's LOL

The Jobs and biggest companies are in the Burb's.

A lot of the recent homelessness was caused by bad policy that forced gentrification of the downtown LA area displacing a lot of working poor, maybe it will self correct.

Submitted by AN on June 13, 2019 - 2:18pm.

flu wrote:
AN wrote:
flu wrote:
yup.... I was saying just putting a complex that looks like high end with high end prices isn't going to work ....
Why do you think it doesn't work? Several of my millennial coworkers are either living there or will be living there soon.

it won't work for the demographics that Brian mentioned ... It might work for other demographics. But then it also depends on how much over average rent is


What demographic are you referring to? The few people I know that either lived there, living there, or will be living there soon are all young Asian engineers

Submitted by The-Shoveler on June 13, 2019 - 2:31pm.

AN do you know what the rent is there?

If it is in line and not completely outrages for the area it could explain why.

if it is 3X times average rent for the area (or something close) then it would boggle my mind why anyone would rent there but whatever they want.

We have a recent grad driving a new Porsche working here, not something I did first starting out but maybe he has more passion for driving than I did LOL

Submitted by flu on June 13, 2019 - 2:46pm.

AN wrote:
flu wrote:
AN wrote:
flu wrote:
yup.... I was saying just putting a complex that looks like high end with high end prices isn't going to work ....
Why do you think it doesn't work? Several of my millennial coworkers are either living there or will be living there soon.

it won't work for the demographics that Brian mentioned ... It might work for other demographics. But then it also depends on how much over average rent is


What demographic are you referring to? The few people I know that either lived there, living there, or will be living there soon are all young Asian engineers

specifically, as Brian mentioned, first generation from China or India, the type that are on H1B.

Submitted by AN on June 13, 2019 - 4:05pm.

flu wrote:
specifically, as Brian mentioned, first generation from China or India, the type that are on H1B.
One of my coworker who is living there is Chinese H1B who just graduated from UCSD.

Submitted by AN on June 13, 2019 - 4:08pm.

The-Shoveler wrote:
AN do you know what the rent is there?

If it is in line and not completely outrages for the area it could explain why.

if it is 3X times average rent for the area (or something close) then it would boggle my mind why anyone would rent there but whatever they want.

We have a recent grad driving a new Porsche working here, not something I did first starting out but maybe he has more passion for driving than I did LOL


It's about $200-300/month more. Definitely not outrageous. If you like new places and the amenities, then you can easily justify the $200-300/month more. That comes out to about 5-15% more that older condo/apartments.

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