Monday, Dec. 10, 2007 | Here are the facts that make us feel that the use of the photo (“In Downtown, Foreclosure Tugs on Prices,” Dec. 7), in the context that was, is misleading to the reader, especially referencing the Grande North by name.
1. The Grande North has 221 Units.
2. At any given time, 50 to 65 units are used for long term lease tenants by investor owners, therefore these units come up for renewal and new potential tenants, from time to time, and they are shown the units for lease via the lock box process. (Nothing to do with economic downturn.)
3. The Grande North was built by Bosa Development. Bosa has also built the Electra and the Legend. As a Bosa owner, we were given first priority to purchase at the Electra and the Legend, and now Bayside. Quite a few of our owners took advantage of being at the top of the list for condo location and selection, and did purchase in these new buildings, which are not starting to occupy, and these owners are now in the process of selling their units at the Grande North so they can move on to their new homes in the new Bosa buildings. (Nothing to do with economic downturn.)
4. The picture used showed approximately 20 Lockboxes. Based upon the above, the vast majority of these lock boxes have nothing to do with the economic downturn in San Diego, they were anticipated sales and lease renewals that are a standard part of condominium living. There are a handful of foreclosures, but they represent a small minority of the lock boxes shown in the picture.
My point is that lockboxes pictured are not necessarily predicated upon negative proposition of the article, and in our case we feel it is quite the opposite. Not knowing what I have just explained to you, and uninformed reader could interpret that there is some type of economic exodus occurring at the Grande North, which is completely untrue.