Vantage Pointe in Downtown San Diego in Default

by Jeffrey Douglass on July 12, 2010

in Breaking News, Communities, Downtown, Statistics

San Diego, CA.  Big Trouble Ahead For Vantage Pointe with Notice of Default Filed in April 2010

Another reason why it’s so important to work with a downtown specialist who is aware of this very complicated market.  While Vantage Pointe missed opening before the market turned that’s not the only reason for it’s failure.  Once again Kelly Bennett over at VoiceofSanDiego.org has written an excellent article.

Weighing in at 679 units, downtown’s biggest condo building, Vantage Pointe, has met with outsize trouble since 2004 when buyers first got in fistfights for the privilege of securing a unit.

The building’s trouble continues. The developers haven’t sold a single unit in the 14 months since returning deposits to the previous contracted buyers. About 40 buyers have signed contracts to buy there but can’t close the deals. More than 150 other units are being rented.

But that’s not enough to satisfy the project’s lenders behind its $210 million loan, the largest construction loan on a single residential building in San Diego history. Those lenders filed a notice of default in April, pushing the developers to the first stage of foreclosure. Now the building’s being handled like a giant hot potato. While the rest of the downtown market shows signs of stabilizing, no one has yet found a way to make Vantage Pointe profitable enough. The developers have been trying for a couple of months to find a buyer for the whole project or to become a partner. But the bank separately stuck up its own for-sale sign seeking buyers for the mortgage.

Add this to other financially troubled buildings downtown including AriaThe MarkSe Hotel, and Skylofts (Smart Corner).  Other newer buildings like Bayside, Sapphire Tower, Breeza, and Park Terrace appear to have done much better – in real estate location is everything.

The article goes on to say that downtown prices are seemed to bottomed out.  While I have seen some encouraging signs of this in the under $500,000 market I am not too sure that this will hold true for the $500,000 plus markets.  Again I am advising all my Clients to buy location and quality and plan on holding for at least 5 plus years.  Interest rates are incredible now, construction has all but ceased in downtown, and prices will go up eventually.  Of course no one really has the answer.

You can always visit my weekly market update for closed downtown sales category or active market statistics and market reports. You may also sign up for my free market update from Altos Research.

As of today Sandicor Multiple Listing Service (MLS) has reported 479 sales of attached units in 92101.  The highest sales was at $2,200,000 or $791.98 per square foot while the lowest sale was $120,500 at $110.00 per square foot.  On an average the price per square feet of the total sales is $368.51 with an average market time of 81 days.

If your curious which buildings are selling and for what here is a complete list of closed sales for 2010.

CmplxTotBdsTotBEst SFLP$SP$
El Cortez11642119,850120,500
The Mills01446129,850130,000
Portad'italia01365130,000130,000
Gaslamp City Square01472148,900150,000
The Mills01473149,000150,000
Smart Corner01472150,750150,750
El Cortez22888166,000152,000
EL CORTEZ11725140,000152,500
Smart Corner01466324,900157,000
El Cortez12888159,900159,900
Hard Rock01337160,000160,000
Palermo11599169,000160,000
Diamond Terrace01487164,900165,000
Smart Corner02495165,000165,000
AQUA VISTA11760198,000168,000
Acqua Vista11655174,000170,000
element01725179,000170,000
Smart Corner01495170,000170,000
Casiola11727186,000173,000
Hardrock Condo Hotel01340173,900173,900
Park Boulevard East11646178,000174,000
Hard Rock Hotel01331185,000175,000
Casiola11727179,500175,000
Aquavista11676179,900178,000
Park Terrace Complex01514179,900179,900
Acqua Vista11693175,000180,000
Gas Lamp01519195,900180,000
Hard Rock Condos01337220,000180,000
Union Square11720185,000185,000
Palermo11555185,000185,000
Porta D' Italia11631185,000185,000
Portico11546159,900185,000
Park Terrace01404189,000187,000
UNION SQAURE11720185,000189,000
Moto Villas11650219,900190,000
Gaslamp City Square11512195,000190,000
Aqua Vista11649215,000190,000
The Mills at Cortez Hill11841194,900190,000
11641190,000190,000
Acqua Vista11641179,000192,000
Atria01684205,000195,000
Acqua Vista11760195,000195,000
Smart Corner11592195,000195,000
Acqua Vista11749157,900195,000
Atria01638198,000198,000
Gaslamp City Square11547199,000199,000
Metrome11735200,000200,000
Aloft11619190,000200,000
Cortez Blu11580197,880200,000
The Mills11747207,000200,000
M2i01552195,000203,500
Acqua Vista11760199,000205,000
Acqua Vista11648199,000205,000
Park Boulevard11646199,500205,000
Palermo11663206,800207,000
Porta d'italia11581215,000208,000
Acqua Vista11743209,000209,000
Piazza Palermo11599200,000210,000
235 on Market11791204,000210,000
Treo11707200,000210,000
Porta D'Italia11449220,000210,000
Palermo01663224,900210,000
Park Boulevard West11689215,000215,000
Palermo01663209,900215,000
Atria on Market01577217,000217,000
Park Atria on Market01675190,000218,000
Acqua Vista11649219,000219,000
Union Square11720214,900220,000
Treo11687199,000220,000
Piazza Palermo11781214,900220,000
Alcer Studio022000275,000220,000
Laurel Bay01600240,000220,000
Acqua Vista11760225,000220,200
Smart Corner21711440,900224,000
Cortez Blue11580220,000225,000
Metrome11735234,000225,000
Union Square11710230,000225,000
Park Row11604225,000225,000
PORTICO11838229,900225,000
Palmero11658219,000225,000
Piazza Palermo11749235,000226,000
The Mills11888219,000226,000
Palermo11645234,900227,100
Palermo11829219,900228,000
Palermo11781240,000228,000
Portico11803212,850230,000
Discovery at Cortez11850239,900230,000
Union Square11720245,000232,000
Discovery11861233,500232,000
Smart Corner21865232,000232,000
Metrome11735234,000233,000
The Metrome11716233,900233,900
Atria on Market01586234,000234,000
Metrome11735244,900235,000
Lofts @ 77711749275,000235,000
350 West Ash02677224,900235,000
Waterfront11660229,000235,000
Sapphire Tower11505250,000235,000
AQUA VISTA11661259,900235,000
Palermo11721225,000235,000
Diamond Terrace11670245,000235,000
Palerno Piazza11781244,900237,000
Palermo11781239,900237,000
Smart Corner11863237,000237,000
Moto Villas11660242,900238,000
PALERMO11888250,000238,000
Smart Corner11854238,400238,400
Palermo11781265,000239,000
Union Square11821239,000239,000
PARKVIEW22930231,660239,500
Harbor View22976250,000240,000
Atria01638246,500240,000
Smart Corner11854240,000240,000
Treo11642239,000240,000
Hard Rock11438239,000240,000
La Vita11687240,000243,000
Park Terrace11696244,900245,000
350 West Ash02860245,000245,000
Park Blvd. West11738251,750247,000
Smart Corner21865247,500247,500
El Cortez221212239,900249,100
Aqua Vista22953249,900249,900
Cortez Blu12869207,900250,000
The Mills at Cortez Hill21953249,900250,000
Gaslamp Square11807240,000250,000
Gas Lamp City Square11777288,000250,000
Acqua Vista221088266,100250,000
Park Blvd West11689224,900250,000
Park Terrace11696261,000252,000
Ecco Lofts01822250,000252,001
Park Row11780237,000253,600
Acqua Vista21877255,000255,000
Treo12921265,000255,000
Porta D Italia22796255,000255,000
Aqua Vista221068270,900255,000
The Lofts at 777 Sixth11910274,900255,000
Laurel Bay11800255,000255,000
PORTICO22894255,000255,000
Gaslamp City Square11778268,790257,000
Porto Siena11739250,000260,000
Gaslamp City Square11777245,000260,000
Acqua Vista221036259,900260,000
Portico11728265,000260,000
Gaslamp Square11807235,000262,000
The Mills221145262,140262,141
Gaslamp City Square11846282,900263,000
Alta11679264,775264,775
Acqua Vista22905264,900264,900
Metrome11735260,000265,000
Park terrace11826270,000265,000
Metrome11994275,000265,000
Gaslamp City Square11736235,000266,000
Gaslamp City Square11807230,000267,000
The Mills at Cortez Hill21965239,700267,000
Atria on Market01699294,000268,000
Palermo11845267,500268,000
Metrome11735260,000270,000
Aloft11575279,000270,000
Atria11681270,000270,000
M2I11814300,000270,000
Acqua Vista22888270,000273,000
ICON11776270,000275,000
TREO121039275,000275,000
Acqua Vista221088269,900275,000
ICON11673250,000277,400
Gaslamp City Square11777255,000280,000
Smart Corner221202538,900280,000
Diamond Terrace11826280,000280,000
Atria on Market01691300,000280,000
La Vita11681299,900280,000
Metrome21966275,000280,000
El Cortez11628289,000280,000
The Mills111007295,000282,000
Park Terrace11739285,000285,000
Acqua Vista21873248,700285,000
Breeza11619295,000285,000
Fahrenheit01726245,000287,000
Smart Corner221029277,000287,000
M2i Condo21883295,000290,000
Park Terrace11651299,000290,030
Alta11764302,500292,500
Atria on Market01695309,000294,000
Treo12921299,000295,000
Icon11621299,500295,000
METROME21994317,947295,000
Columbia Place11735299,000296,757
Nexus11681309,000297,500
Solara Lofts01552297,900297,900
Laurel Bay11787314,900299,900
Atria on Market11681319,000300,000
Aria Condominiums221004317,000300,000
Hawthorn Place22924330,900300,000
Crowm Bay221023328,950300,000
Park Terrace11735295,000300,000
Acqua Vista221045299,900300,000
Cityfront Terrace11879301,100301,100
The Mills221082300,000305,000
Park Terrace11743315,000306,000
Atria11681313,000308,000
Park Terrace11767312,500308,000
Doma221042319,000309,000
Atria11695315,000310,000
Palermo22966318,000310,000
M2i11828310,000310,000
Alta11750310,000310,000
Doma12902329,000310,000
Villa Portofino221170319,000310,000
Union Square12990330,000310,000
Park Terrace11758316,000311,000
Smart Corner San Diego221029311,750311,750
Smart Corner11917313,900313,900
Union Square221095305,000314,000
Park Terrace11767322,000314,700
Atria on Market11691328,000315,000
Symphony Terrace321384324,900316,000
Lusso22927350,000317,000
Smart Corner221029317,000317,000
Park Terrace11767329,000319,000
Discovery at Cortez Hill221070319,900320,000
Acqua Vista22938320,000320,000
El Cortez221523299,900320,100
Acqua Vista22975295,000321,000
Doma231223329,900323,000
Park Terrace221017346,900325,000
Watermark121044389,000325,000
Park Blvd West22910319,000325,000
Union Square221084325,000325,000
Crown Bay22965325,000325,000
Park Terrace11765332,000325,360
Gaslamp City Square21958350,000326,000
Smart Corner221029327,000327,000
Laurel View231139325,000328,000
Aloft on Cortez Hill12847320,000328,000
Union Square221084349,000329,000
Union Square at Broadway221068319,000330,000
Cortez Blu221179330,000330,000
Discovery221070330,000330,000
Union Square221095336,600330,000
Park Boulevard East221111340,000330,000
Trellis12812359,000332,500
ARIA11849369,900333,600
PARK LOFT021298340,900334,000
Gaslamp City Square21958337,000337,000
The Mark11739339,900339,900
East Village221172335,000340,000
ALTA11653359,000340,000
Electra221025359,900340,000
UNION SQUARE221126329,000340,000
Cortez Blu221245335,000340,000
Union Square321131339,000345,000
Union Square221177345,000345,000
TRELLIS22939349,900345,000
The Mark11902374,900345,000
Palermo221106380,000345,000
Smart Corner221029345,000345,000
Samrt Corner22913574,900349,000
Park at 10th221158349,900349,000
Union Square221095349,900349,900
Union Square221084349,000350,000
Porto Siena22933339,900350,000
Bayview221275350,000350,000
Smart Corner221029656,900355,000
Union Square221170360,000358,000
M2I021003359,900359,900
Park Blvd West22883339,900360,000
The Mills At Cortez Hill221106349,900360,000
Trellis22937365,000365,000
Crown Bay22933369,900365,000
Discovery221230379,000365,000
Park at 10th Avenue221147369,500366,000
DISCOVERY231329361,000367,000
Bay Vu221435375,000367,500
Smart Corner221037369,500369,500
Sapphire Tower111100399,000370,000
Trellis22981439,000370,000
Pacific Terrace22925372,900370,000
Park Boulevard East221415379,000374,000
M2i121078399,000375,000
Solara Lofts11771399,900375,000
350 W. Ash Urban Homes221158375,000375,000
Nexus221018365,000375,000
Aperture11903399,999375,000
Laurel Bay12948359,900375,200
The Mark11902397,900380,000
marina park221282399,000380,000
Metrome221199399,900380,000
Bay Vu221310379,000382,000
Solara Lofts11780395,900385,000
Park Terrace22864399,000385,566
Gaslamp City Square22993389,900389,900
The Grande121055409,000390,000
235 on Market221123390,000390,000
Atria on Market011005390,000391,000
Smart Corner221037639,900391,902
M21121348399,888393,000
THE MILLS221106399,000393,500
PARK TERRACE221017394,900394,900
Beech Tower321348419,900395,000
Treo231139429,000397,500
Park Terrace22955415,000398,400
The Mark11902419,000400,000
M2i221003419,000400,000
Crown Bay221025399,900400,000
M2i121383375,000400,000
Metrome221224415,000403,000
Park Terrace221017404,415405,000
350 West Ash021216394,900405,000
Solara Lofts021041519,900406,000
Treo231139280,000408,500
Marina Park221282420,000409,000
Marina Park221282399,000410,000
PARKLOFT021574399,000410,000
The Grande South12899475,000410,000
Gaslamp City Square221113410,000410,000
Gaslamp City Square221113440,000410,000
ARIA221004439,900410,000
DIAMOND TERRACE22963411,000411,000
La Vita221037449,900412,000
Park Blvd West221288429,000412,000
La Vita221126429,000412,000
ICON121290419,000415,000
La Vita221253449,900415,000
Atria on Market231290427,000417,000
Atria on Market231290429,000417,000
Discovery221230425,000420,000
Marina Park221282420,000420,000
The Grande12899439,000420,000
Renaissance121158450,000420,000
La Vita221132420,000420,000
Atria231265435,000422,800
City Walk221273459,900425,000
Aperture121179444,900428,000
Atria on Market231290446,000429,500
Aperture121305430,000430,000
CITYFRONT TERRACE11975465,000430,000
Solara Lofts11978449,900432,000
M2i221372468,000435,000
La Vita221069439,900435,000
Discovery321383449,000440,000
TREO331337449,000440,000
Atria on Market231290441,000441,000
Aqua Vista231458439,000445,000
La Vita321327440,000445,000
Pinnacle221012488,900445,000
Park Terrace22978455,000445,000
PARK ROW321327479,000450,000
Pacific Terrace221251489,000450,000
Icon331600850,000450,000
La Vita321328445,000450,000
Park Terrace221004465,000450,000
M2i221348423,300450,000
Electra221491479,000450,000
The Legend22934495,000450,000
Park Terrace22978462,000453,000
Village Walk221100474,900455,000
Electra221439499,000455,000
Icon231464459,000455,000
La Vita321327469,900455,000
La Vita221109489,900461,000
Sapphire Tower11904480,000465,000
Solara Lofts221299499,900470,000
Fahrenheit121569470,000470,000
Aria221251490,000473,000
Aria321206498,900474,000
Park Terrace221004489,000474,330
Park Terrace22978499,000475,000
The Legend22973603,500477,500
Cityfront Terrace221184499,000480,000
Atria on Market331496495,000480,000
PARKLOFT221710475,900480,000
Icon221077499,000480,000
Doma221506480,000480,000
City Front Terrace231804480,000480,000
M2i221423467,800480,500
Marina Park321613499,000489,000
The Mark221126475,000490,000
The Legend22935557,300490,000
Breeza221187525,000490,000
La Vita221109509,281494,000
Village Walk231525525,000495,000
Smart Corner221422495,500495,500
Solara Lofts221168539,900499,000
Atria on Market341496514,000499,000
Atria on Market341496514,000500,000
La Vita221132549,800500,000
MARSTON PT COURT HOMES231318529,900501,250
The Legend22935566,300503,000
Bayside221196581,400505,818
THE LEGEND22973529,000520,000
Icon231265579,000521,000
Bellafontaine221485499,000521,000
Electra221370599,000530,000
Icon231265549,000530,000
The Legend231876530,000530,000
The Mark221130565,900535,000
Alta221013599,000540,000
City Walk221401550,000545,000
Parkloft022036450,000550,000
City Walk231488599,000559,000
The Legend221169632,400560,000
Park Place221353625,000560,000
CityFront Terrace221252589,000564,000
CityFront Terrace221184595,000565,000
The Grande North221325597,900575,000
Legends221115589,900575,000
MERIDIAN121380625,000585,000
The Legend221169629,000585,000
HORTONS ADD LOCKLING331756599,000594,000
Park Place221374639,000594,000
Solara Lofts221640649,900599,900
Smart Corner231551600,000600,000
CITYFRONT TERRACE221310649,000605,000
Park Place221455630,000615,000
Icon221077639,000615,000
Sapphire Tower221283645,000620,000
Electra221370640,000620,000
Pinnacle221297699,000620,000
Sapphire Tower221283655,000620,000
Brittany Tower221699699,000625,000
MARSTON ROW HOMES342207622,900629,000
The Grande North221325669,000630,000
Horizons221301679,000640,000
Electra321465699,000648,400
MERIDIAN221950749,000650,000
The Mark2213121,050,000650,000
M2i231765750,000650,000
Renaissance221384699,000660,000
Horizons221770679,000660,000
Alta221227667,000665,000
Bayside221460765,900665,000
Electra321465724,900670,000
Sapphire Tower221283695,000670,000
Watermark221550699,900670,000
Front Street Condos331864699,000675,000
Harbor Club221572699,000682,000
Renaissance231291675,876685,000
Renaissance331710690,000690,000
Sapphire Tower221283725,000692,000
Meridian222090699,000699,000
Pinnacle231290739,500700,000
Electra321465709,900709,900
The Grande South221336750,000712,500
PARK PLACE221545699,900715,000
Renaissance231281749,876726,440
Electra221488799,000735,000
Grande and Sante Fe221336749,000736,000
The Grande221325759,900747,500
Bayside321387864,000747,500
The Renaissance332306875,000762,000
The Grande South231956810,000775,000
Pinnacle221297849,900795,000
Bayside321404921,000800,000
MARSTON POINT331686888,000825,000
The Legend321587849,900830,000
Sapphire Tower221707899,000850,000
Acqua Vista342460946,817850,000
The Grande NORTH Tower321625856,900860,000
Watermark331810949,000860,000
The Grande221944849,950860,000
Marston Point342180925,000875,000
The Legend221500969,000879,000
HARBOR CLUB221572899,000885,000
The Grande2219441,075,000940,000
Bayside3325011,084,700975,000
Horizons2215301,089,000975,000
Sapphire Tower2219491,075,0001,020,000
The Brickyard, Brickyard,4427521,200,0001,100,000
Horizons2220071,195,0001,120,000
Meridian2219401,199,0001,175,000
Horizons3322601,395,0001,300,000
Bayside2318601,500,0001,310,000
Meridian2327601,475,0001,310,000
Harbor Club2320841,599,0001,367,500
The Grande2219441,545,0001,400,000
Electra3218341,699,0001,450,000
The Grande3219441,725,0001,500,000
Bayside2218941,747,0001,500,000
Harbor Club3325101,695,0001,650,000
Sapphire Tower3329812,500,0002,200,000

Now for the legal stuff. Not all sales are reported to Sandicor MLS, and sales may not be reported on a timely basis by the listing agent.  See Disclaimer for more details.