Discovery #1201

Current Price: $649,000

Purchase Price: $710,000

Loss @6% Sales Expenses: $99,940 (OUCH)

Purchase Date: 9/13/2004

MLS#: 068045655

Purchase Details: view

It's Starting to Get Interesting

I have about ten more specific examples of downtown condos that are listed at less than the owner paid for the property.

I also have some new resources that show foreclosure activity in San Diego. The 92101 zip shows a number of condos that are in or going into foreclosure. The details show several units that are behind in payments where based on the current market the owner can't simply sell to get current and walk away with any equity. What this means to me is that these units will become Real Estate Owned (REO) by the various financial institutions and will be listed for sale at prices that further drive comparable prices down.

Portico #412

Current Price: $425,000

Purchase Price: $459,000

Loss @6% Sales Expenses: $27,500

Purchased Date: 6/27/2005

MLS#: 061043535

Purchase Details: view

The Mills #102

Current Price: $289,000

Purchase Price: $352,987

Loss @6% Sales Expenses: $80,388

Purchased Date: 8/13/2004

MLS#: 066040219

Purchase Details: view

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Acqua Vista #618

Purchased for $442,000 on 8/16/2004. The price was cut on 5/26/2006 from $459,000 to $425,000.

MLS#: 066011744

Based on the pictures of the unit it's vacant. Based on a 6% sales cost assumption that's a loss of at least $26,000.

Purchase data from the County of San Diego: view