Thursday, September 13, 2007

Major Developments with Seaport Luxury Homes

Seaport Homes (The Monster) now under construction directly next to the Ponte Vista site, on Western Avenue has been converted from a condominium project to a project consisting of LEASING 136-units!

You are all welcome to visit their Web site at:

The lowest priced RENTAL is stated for the 763 square feet unit to be $1,500.00 per month and the largest 3-bedroom unit will be RENTING for $2,750.00 per month.

According to an extremely reliable source, the developer of the project claimed that only 15% of the units had been pre-sold.

It seems that a developer can plan, get approval for, begin constructing, and selling condominiums, then change his mind and change the project to APARTMENTS.

I am glad that we now see what can happen to a condominium project that finds so few buyers next to Ponte Vista. This is an very powerful warning that we must keep focus on Ponte Vista, what Bob really intends on doing, and how we must question whether he should be allowed to build 1,950-units, with some or all potentially becoming RENTAL units.

If Seaport had to go with LEASES, what makes anyone truly believe that Ponte Vista might suffer the same fate, IF Bob gets his way and starts building 1,950 units?

This is one, rock solid reason why Bob must not be allowed to build anywhere near even 1,200 units and it makes the argument for R1 at Ponte Vista, that much stronger.

I am sure that by the time that any construction is approved of at Ponte Vista, the housing market will probably be better, but with the current conditions and not really knowing the future, we must stay away and concerned about the potential of having any condominiums at Ponte Vista becoming APARTMENTS.

Seaport Luxury Homes now gives us the opportunity to watch how folks move in and what kind of turn around we may see with APARTMENTS instead of condominiums. Having "only" 136 units, it can give us clues to watch out for.

Traffic will get worse on Western Avenue because Seaport is going to leases and I am not sure why they either didn't get, or do not need approval to change the type of housing they are building. Many of us will be looking into that in the coming days.

I don't know if or how the change of Seaport will affect decisions by decision-makers. I have no idea what Bob thinks of this change.

It is true that leases can differ from rental units, but even with a lease, units can be turned around more often than usually occurs with purchased units.

Whatever happens adds some more interesting tidbits into the mix, I think.


Anonymous said...

Ms. Janice Hahn, City Council, and Mayor Antonio Villariagosa need to protect the R-1 Zoning Laws, especially at Ponte Vista.

The ITE numbers used to predict the generated car trips do not apply in San Pedro (Los Angeles) or anywhere in CA.

L.A. City Council should take the lead and adopt a best practice that will discontinue the ill practice of allowing the developer to conduct its own EIR as currently done.

The best practice should include hiring well qualified engineers, with bonuses at the end of the year, who will conduct the EIR for any development in this city while always keeping the best interest of the constituents in mind, NOT the developer.

Anonymous said...

it'll be fun watching seaport go belly up. they never should have built that damn thing in the first place.

nobody in their right mind is going to pay $1,500 for a condo/apartment when they can get a 3 bedroom for the same price in town.

what a ripoff!

Anonymous said...

No they shouldn't have built Seaport in the first place....but the planning commissioners approved the plan so it happened!!!!
It will be really fun watching what the planning commissioners do with Bisno's request for zone change! . Can't hardly wait for the public hearing!

Anonymous said...

ponte vista: bob's ghetto.