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Old 12-30-2010, 01:11 PM
 
Location: Oxnard, CA
1,552 posts, read 3,244,368 times
Reputation: 1239

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Quote:
Originally Posted by Winston Smith View Post
From what I hear, Target basically saved the day. Earlier this year word on the street was that the Whole Foods developer was dangerously close to default.

Saw an article in the paper that Food 4 Less might move into the old Target location. Also hear murmuring of speculation to build a high-rise at the current Food 4 Less, but I cannot see how the current economic state of commercial development could possibly justify that. Then again, I'm no expert and a lot of this comes out of the rumor mill, so....
I have heard the same things....not sure what will happen. I just take it day by day! I heard there was going to be apartment buildings near the old Wagon Wheel area...not sure if that is still in the works.
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Old 12-30-2010, 06:02 PM
 
Location: Shallow alcove hidden from the telescreen
2,766 posts, read 9,260,320 times
Reputation: 1388
Quote:
Originally Posted by LadyKLO View Post
I have heard the same things....not sure what will happen. I just take it day by day! I heard there was going to be apartment buildings near the old Wagon Wheel area...not sure if that is still in the works.
Glad to see things moving forward at the Whole Foods area ("The Collection," I believe its to be called.)

Wagon Wheel redevelopment is still a go. A recent VC Star article said that the main holdup was the lawsuit over the demolition of the Wagon Wheel Motel. Well, not the whole thing, but parts of the front office, sign and El Ranchito restaurant. My opinion: just do something! Tear it down, save it, I don't care, but for god's sake, do something with that area.

Also understand that there are early proposals to build a California Discovery Museum at Levit'z! Great ideas for the area, but, goodness, it's taking a long time to see any change.
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Old 12-31-2010, 09:46 PM
 
Location: Oxnard, CA
1,552 posts, read 3,244,368 times
Reputation: 1239
Quote:
Originally Posted by Winston Smith View Post
Glad to see things moving forward at the Whole Foods area ("The Collection," I believe its to be called.)

Wagon Wheel redevelopment is still a go. A recent VC Star article said that the main holdup was the lawsuit over the demolition of the Wagon Wheel Motel. Well, not the whole thing, but parts of the front office, sign and El Ranchito restaurant. My opinion: just do something! Tear it down, save it, I don't care, but for god's sake, do something with that area.

Also understand that there are early proposals to build a California Discovery Museum at Levit'z! Great ideas for the area, but, goodness, it's taking a long time to see any change.
Wow, I didn't know about the museum...that will be awesome. I passed by the Carnegie Museum today and I was thinking we should have more museums in the area!
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Old 01-05-2011, 09:46 PM
 
Location: Oxnard, CA
1,552 posts, read 3,244,368 times
Reputation: 1239
I passed by the Collection area earlier today..I could have sworn I saw some action going on over there...LOL..I will keep you all posted!
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Old 01-06-2011, 12:05 AM
 
Location: Shallow alcove hidden from the telescreen
2,766 posts, read 9,260,320 times
Reputation: 1388
Quote:
Originally Posted by LadyKLO View Post
I passed by the Collection area earlier today..I could have sworn I saw some action going on over there...LOL..I will keep you all posted!
Haha. Well, they have a huge crane over there, I noticed. Surely it's doing more than just holding up that tiny flag at the top! Though I must say, the flag seems to get a nice breeze way up there.
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Old 01-21-2011, 08:45 PM
 
2 posts, read 3,840 times
Reputation: 10
Driving by on the 101 and noticed 4 flags up now. Target, Whole Foods, REI and one other i forget. Call to REI and they said opening in May 2011. Nothing on their website however. Just the REI-Santa Barbara "coming soon".
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Old 01-21-2011, 08:48 PM
 
Location: Oxnard, CA
1,552 posts, read 3,244,368 times
Reputation: 1239
Thanks ssherlock, I've been meaning to post this since last week! The signs showed up late last week. There is a lot of work going on in that Target building...I will give it until summer to see what will happen!
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Old 01-23-2011, 09:54 AM
 
5 posts, read 11,855 times
Reputation: 13
Quote:
Originally Posted by SBRN View Post
My husband and I have been looking at a Riverpark Condo in Oxnard. It seems like a really nice community with schools and the prices do not seem to be too bad compared to what the list prices are for older condos in not as good neighborhoods in Oxnard. Would it be wise to buy into these homes or to wait a little bit? We're thinking of submitting a low ball offer since it seems as if the prices will probably drop more in the next six months. Do you know if the places are selling there or if these builders are getting desperate? Thanks.
I think it's a good time to buy now. You just can't wait forever because the slump won't last forever. The new shopping center will really be a big draw, meaning more people will become interested and the frenzy will begin. The housing prices will not drop or increase significantly prior to the completion, watch out though because the longer you wait as the newer developments begin to move full steam ahead people are going to want to move in. Really suggest you doing the low ball offer as soon as possible.

HoundHead
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Old 01-23-2011, 10:05 AM
 
5 posts, read 11,855 times
Reputation: 13
Quote:
Originally Posted by Winston Smith View Post
I'd have to second this post by investtt. Oxnard is in a slump for the moment, but it won't last. Riverpark -- agree or disagree with the development -- is well underway and will be a city within a city when it's done, with all destinations close by even walking distance.

One thing you might consider is that this area of Oxnard will see tremendous change in the next years. Across the 101 from Riverpark, the Wagon Wheel area, is slated for a complete tear-down. Most of the businesses and residents have already moved out. It's supposed to be replaced with two possibly three 25-story high-rise condo buildings and several four to six story buildings, mixed use, a new transportation hub and train station. One-half mile down Oxnard Blvd at the old Levitz site, the Channel Islands Center is proposed with yet another mixed-use development including a 45-story skyscraper (hotel/condos/commercial).

Bottom line, buy in Riverpark, but consider the future for the immediate area. Some welcome it, some hate it. Ask yourself how you feel about it. Oxnard will be beyond recognition in a few years, and, barring a major catastrophe, property values will soar.
A lot people in the local area have no clue the ease of obtaining access to the freeway is from RiverPark compared to all the other nearby areas and in other cities. One of the worst areas is Ventura, absolutely horrible from all directions no matter where you live in the city. I used to live on telephone thinking it was easy just to hop on the 101 as I usually traveled south, but want to go north, forget it. Then I lived in east Ventura, what a nightmare. The 126 is only convenient if going to Santa Barbara or Santa Clarita but even access to this freeway is a pain unless you live in a neighborhood close to Kimball. Getting to the freeway in no more than 5-6 minutes anywhere in RiverPark is a big selling point. The new transportation hub so badly needed will make it much easier for anybody wanting to commute and if you don't want to deal with downtown Oxnard you can always go to Ventura's station in Montalvo. The other beauty of RiverPark is that it's closer to some of Ventura's shopping center. RiverPark residents are closer to some of these shopping centers than Ventura residents are.

HoundHead
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Old 01-23-2011, 10:06 AM
 
700 posts, read 990,052 times
Reputation: 185
Price stability is 100% dependent on Fannie/Freddie/FHA. Once Uncle Sam starts his retreat from the home loan business, all bets are off. And retreat he will, it's just a matter of time.

In fact, it has already started, as borrowing costs will increase across the board for FNMA/FMAC loans (80+% of the purchase market) within 90 days:

Quote:
Mortgage borrowers need to be made aware of some internal policy shifts that are taking place within the industry right now. Starting on April 1, Fannie Mae and Freddie Mac will have increased their fees on certain loans. However because the underwriting and loan delivery process takes about 30 days, lenders are implementing these new costs now. Specifically, borrowing costs have increased on deals with "loan to values" over 75%. This applies to even the most creditworthy borrowers. It is totally based on the amount you wish to borrow relative to the value of your home.
Here is the matrix of loan level pricing adjustments. LINK

This is the first of what I believe will be a long line of 'retreats' for the US government from the mortgage business. Whatever your politics, there's just too much risk and cost to the taxpayer, and the political climate isn't supportive at this time.

Outside of that, it's the typical things to watch-- distressed sales, unemployment, interest rates+MBS market, etc.

There is really nothing to point to that indicates a bottom in home prices, locally or nationally. Even when interest rates were at or near 4% in Q4 2010, the housing market was on life support. 30 YEAR FIXED, AT 4% WITH 3.5% DOWN (FHA, of course). Think about that for a minute - buyers had an opportunity to lock in nearly free money with almost no risk and they still sat on the fence (or they simply don't exist).

And I share this all as buyer in escrow on a property in Ventura!
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