University City is morphing into a suburban city. Traffic jams, gigantic malls and an automobile-focused culture characterize its suburban side, while density, skyrocketing property values, cramped living spaces and looming office buildings depict its urban flair.
As condo converters capitalize on the contested space, lavish living blends with communal living and city concierge, bringing upscale city living to University City suburbia.
Such is the case at Regents La Jolla, 9253 Regents Road, where high-end, convenient living replaces the upkeep of large homes, and two-bedroom condos sell from $525,000 to $625,000.
Even as buyers trade square footage for convenience and affordability, they are still pampered with suburbia assets in their quasi suburban-city community. All they have to do is share.
Residents at Regents La Jolla have access to a large clubhouse with a massive kitchen and living room, complete with a baby grand piano, as well as an adjacent sports club with a billiards table and numerous TVs.
Cooking classes convene in the kitchen and the living room is geared toward large gatherings, such as weddings, receptions and parties. Movies are regularly shown in the small theater and the business center offers a full meeting room, computers, telephones and a fax and copy machine.
“It gives people the opportunity to entertain on a very large scale without having a 6,000-square-foot home and the upkeep and maintenance that goes along with that,” said Beth Shaffrey, chief operating officer for Montecito Property Company, owner of Regents. “They can have the best of both worlds.”
As for music by the poolside, neighbors will have to agree upon that as well.
The full-time concierge service creates more of a resort ambiance than an apartment atmosphere. Cooking lessons, movie nights and community events are organized. Valet dry cleaning service is offered. Arrangements for transportation, childcare, pet care and gift baskets can be made. The concierge will even compile sightseeing and tourist information for visiting guests.
Outside the bubble of Regents La Jolla, residents can walk to a nearby plaza of delis, dry cleaning and offices “” city living at its best, but with an adjacent eight-lane thoroughfare.
As condos crop up, it’s clear that traditional neighborhoods don’t fill the demand for affordable housing in University City. Plus, it’s a cash cow for property owners. More developers have submitted tentative maps for apartment conversion in University City than anywhere else in the city.
In 2005, five projects with a total of 1,980 dwelling units submitted applications for conversion in University City; only one project with 302 units has been approved. Uptown followed suit with the second largest number of apartment conversions requested, at 82 projects totaling 1,596 units. Mission Valley has approved the most apartment conversions at 1,200 for two projects, according to San Diego Association of Governments (SANDAG).
University City isn’t any different from other communities crowded with apartments, according to Shaffrey.
“Whenever you see a dense area of for-rent housing, you’ll see those trends and hotbeds,” Shaffrey said. “It follows suit that there’s more for-rent units.”
Unlike many conversions, Regents La Jolla was originally built in 1999 to be sold as condos. Developers were just biding time by renting the two-building complex until the market was ready for sale, said Susan Bejeckian, spokeswoman for Montecito.
“They don’t look like apartments; they look like condos,” Bejeckian said.
Comfortable renters will not be forced to leave the complex, however, as Montecito can instead sell the condo to an investor, who will then manage the property under the same lease agreement, according to Bejeckian. Rent ranges from $1,400 to $2,000 per month.
However, it’s too early in the sales process to identify the investor trend, Bejeckian said. Throughout University City, 38 percent of condos are owner-occupied, according to SANDAG.
Renters were given first priority to buy, as mandated by city policy, and 65 had decided to purchase as of March 24. Occupants also receive a 3 percent discount if they decide to buy within 90 days of the conversion notice, as well as a $5,000 discount to purchase with one of Montecito’s preferred lenders.
“We really see the renters as a great pool of customers who have already identified that they love to live here,” Bejeckian said. “That’s why they’re renting here.”
Montecito bought the 574-unit apartment complex in 2004. At that point, the Integral Group had sold 127 condos after a year of sales. Montecito opened with a bang, selling 71 units during its grand-opening weekend in March.
Montecito sold 45 two-bedroom condos for $525,000 apiece, and 26 one-bedroom condos for $375,000. Condos with two bedrooms, two bathrooms and a den are priced at $625,000.
For more information about Regents La Jolla, call (866) 411-1853 or visit www.cometoregentslajolla.com.