UTC/Venetian

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Submitted by SDcostal on August 24, 2006 - 9:56am

I've been following the Venetian condos in UTC for a year. The prices range from 219K for a studio to 379K for a 2bd/3ba. A year ago, the studio went for 290K. The lady at the sales office said they'd be closing the sales office within 2 months. Anyone got an idea of how far the prices will fall? I haven't really paid attention to Verano and Villa Vicenze due to the criticism on them from the people on this board.

I'm a recent grad saving up money right now, and while I can afford Mira Mesa, I'd like to live in UTC til I outgrow the place and use it as a rental later in the future for the UCSD students.

Submitted by PerryChase on August 24, 2006 - 10:18am.

If I were you I'd wait 3 more years and buy a resale unit. I guess studio will be $150k and 1/1 $180k.

Submitted by Doofrat on August 24, 2006 - 11:26am.

I love those commercials for one of the V (Villa Vicenze, or Verano, or Venetian, or Vileno, o.k. I made that last one up)developments in UTC. I think they used midgets as actors to make the places look bigger. They couldn't get a shot of the place without getting three walls in the frame they're so small.

That place will be great for UCSD students. If they like to party, the stainless steel fridge will match with the stainless steel keg.

In my opinion, in the future, people will look back and realize that some people overpaid for their houses, but the most amazing thing will be how somebody paid $379,000 for a little unit that used to be rented out to college students. At least the house will be able to be sold, in a down market, who's going to touch one of these units? What's next? Dorm room conversions?

Submitted by Doofrat on August 24, 2006 - 11:29am.

Oh crap, I didn't realize what I said until I posted it! Please, if there are any developers reading this (probably not) I was just joking about the dorm room conversions! Pretend I didn't say it, it was only a joke, do not take that comment seriously, the college students need a place to stay too!

Submitted by powayseller on August 24, 2006 - 1:34pm.

doofrat, your last post was a joke, right? If you didn't mean it, you could go back and edit your post. No harm done in your comment. I heard on the local news today that the del Coronado is selling hotel rooms for vacation visits; you can stay max 25 days at a time, and only one owner per unit.

Submitted by poorgradstudent on August 24, 2006 - 1:47pm.

I live in UCSD owned apartments in UTC, and I've noticed the prices drop in the past 6 months on the external signage on the Venitian and that other complex of conversions on Nobel Drive.

I had a friend who rented in the Venitian (it was actually a relatively good deal) and got booted out when they did the conversions.

The UCSD area has such a housing crunch thanks to the lack of dorm rooms and lack of non-"luxury" condos in the area, (thanks in part to the curse of a "La Jolla" area code), that buying a place with the intention of using it as a rental property isn't the worst idea ever. You'd have to actually run the real numbers, but at least you know there will always be rental demand in the area. Still, waiting and watching for the prices to drop further couldn't hurt.

Submitted by sunny88 on July 11, 2009 - 11:23pm.

You guys' predictions have come true! The studios have droped to the mid $100k and 1 BR condos are now in the high $100k! It's still amazing how much people were willing to pay 4 years ago. Almost any price seemed to be acceptable at that time. I remembered when they had tours on weekends on these condo conversions with 20-30 peopel touring these places every hour...

Submitted by jpinpb on July 12, 2009 - 8:15am.

It's remarkable how accurate they were in their predictions 3 years ago. Here's the thread I started last October and there's plenty of NODs in that complex. Venetian. Though not as bad as Vicenza or Lucera.

Submitted by bubble_contagion on July 12, 2009 - 9:30am.

I visited the Venetian a few days after they started selling. I kept the original price list. $500K for a 2 bedroom! The woman at the sales office said that next year (2004) those places would be going for $575K. What happened is that the prices went way down and the HOA up.

The Venetian Phase 1 Price Listing December 2003

Submitted by jpinpb on July 12, 2009 - 9:55am.

Wow! Thanks for posting that. Seems surreal now.

Submitted by Surfergirl on August 3, 2009 - 12:13pm.

The prices DID go down since 2006- alot, but that was to be expected with the whole market crash!
However, HOA fees have not changed since then.
I have lived here since april 2006, and none of our fees have increased. The only thing that changed is the HOA management company.

Submitted by jpinpb on August 3, 2009 - 12:29pm.

Thanks for the info, Surfergirl. I am surprised to hear the HOA has not changed. I would think that w/all the defaults of mortgages, that people would have also stopped paying HOAs and the rest of the owners would have to make up the difference.

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