Wednesday, June 28, 2006

3142 Sycamore Hts., Escondido 92027

Once again thanks to CA Renter for tipping me off to this and the Oceanside post.

This property is in foreclosure and is for sale. Type zip code 92027 into the Foreclosure search box on the right to see this foreclosure and the rest of the growing list in San Diego.

Foreclosed Offering Price: $849,900

Purchase Price: $924,900

Loss @6% Sales Expenses: $125,394 WOW
(Does not include loss on upgrades, carry costs, etc)

Purchase Date: 10/29/2004

Purchase Details: view

4942 Gabrielieno in Oceanside, 92057

Thanks to CA Renter for tipping me off to this and the next post.

Resold Price: $475,000

Purchase Price: $507,000

Loss @6% Sales Expenses: $60,500
(Does not include loss on upgrades, carry costs, etc)

Resale Date: 2/6/2006

Resale Details: view

Purchase Date: 9/28/2005

Purchase Details: view

Saturday, June 17, 2006

Portico #309

Another tiny Portico two bedroom (less that 900 square feet) that's listed for a loss. This is yet another building that was designed to be rental apartments that was converted to condos at the height of the boom. Based on the MLS pictures the unit is vacant and has never been lived in so you have to assume that this has been a pretty big cash flow drag on the investor.

Current Price: $425,000-450,000

Purchase Price: $469,000

Loss @6% Sales Expenses: $46,000
(Assuming highly unlikely full price offer of $450,000)

Purchase Date: 7/29/2005

MLS#: 068030667

Purchase Details: view

Park Boulevard West #1316

Here's another downtown condo that has changed hands twice and is on the market again listed at a loss to the current owner.

Current Price: $365,000-385,000

Purchase Price: $405,000

Loss @6% Sales Expenses: $43,100 (Assumes an unlikely full-price offer of $385,000)

Purchase Date: 3/11/2004

MLS#: 066033814

Purchase Details: view

This unit was purchased from the developer by the first owner for $347,940 on 9/14/2004.

Friday, June 16, 2006

3**8 Via Baldona, Oceanside, CA 92056

I found this example of property listed below 2004 prices on the Piggnington site.

This loss comes in at $31,800. While I haven't reviewed the analysis it's pretty sound and follows my methodology. It's good to see other people watching their local markets for price movements as we just aren't hearing about these examples in the regular media.

Tuesday, June 13, 2006

Union Square #2502

This unit has changed hands three times in two years. While the original investor made a compelling profit the second owner didn't do very well.

I do wonder what made something worth $423,000 in 2004 suddenly worth $240,000 more a relative short time later.

I suspect that prices may go down as the original price of low 400s for units like this one.

Date Price Gain/Loss@6% Details

3/4/2006    650,000    $49,000

6/15/2005   660,000    196,510    view

6/10/2004    423,890    N/A      view

Monday, June 12, 2006

777 Lofts at 6th Avenue - “For my age group, there's no way I can lose”

This post doesn't examine a specific unit that is listed or has already sold for a loss, rather this is an entire project that appears to be in serious trouble.

The 777 Lofts at 6th Avenue is an apartment conversion located in the Gaslamp Quarter. San Diego County records as of May show that only nine out of 103 condos have been sold. The project has been for sale for close to a year. The project website is noting that a "MAJOR PRICE REDUCTION" has taken place.

The San Diego Union Tribune published a story with the below:

"Kristian Cabuago, a 27-year-old dentist in Tierrasanta, hopes to spend his first night in the first home of his own, a 950-square-foot top-floor condo at 777 Sixth Ave. in the Gaslamp Quarter. It cost him $550,000 and he thinks he timed his purchase just right when he signed a sales contract earlier this year.

“At that time the news was forecasting condos in downtown and everywhere were suffering,” Cabuago said. “I thought that was a perfect time to buy.”
He negotiated the price down from $591,000 and considered it a bonus that his homeowner association fees will be $250. And he's happy to be moving with his girlfriend from a Rancho Peñasquitos apartment to the lively night life downtown.

“For my age group, there's no way I can lose,” he said. “You can't ask for more.”

Wednesday, June 07, 2006

Discovery #1503

This unit has already been resold. It was owned for slightly less than a year and assuming 6% cost to sell lead to a loss of $84,860 to the owner. Without consisidering sales costs this was a 6% decline in value in one year.

Resold Price: $681,000

Purchase Price: $725,000

Loss @6% Sales Expenses: $84,860

Resale Date: 9/14/2005

Purchase Date: 9/30/2004

Purchase Details: view

Resale Details: view

Saturday, June 03, 2006

The Mills #524

The loft units at the Mills are quite possibly the most overpriced real estate in all of downtown San Diego. The Mills was built to be a rental community which was converted into condos at the end of the construction of the building so the quality just isn't there.

While this unit shows a loss of $46,840 the unit looks to be highly upgraded with pretty good looking wood floors and stainless appliances so the loss is probably close to $75,000.

Current Price: $549,000

Purchase Price: $562,900

Loss @6% Sales Expenses: $46,840

Purchase Date: 4/1/2005

MLS#: 066001168

Purchase Details: view

Friday, June 02, 2006

La Vita #1804

La Vita is an interesting building as the one bedroom units like this one are essentially identical with only view, ground floor patios and stainless kitchen appliances as the only real differences. The owner listed this unit at $470,000 and recently cut the price to $455,000 which is exactly what was paid just over a year ago.

There are several one bedrooms currently listed including unit 1504 which is in the same stack and is listed at $429,000-439,000. An 8th floor La Vita view one bedroom sold for under $380,000 recently. My numbers below assume a sale at list price which is pretty unlikely.

Current Price: $455,000

Purchase Price: $455,000

Loss @3% Sales Expenses: $13,650 (Listed w/ HelpUSell so I'm using 3% sales cost assumption for this unit although I doubt it will sell for list price.)

Purchase Date: 4/29/2005

MLS#: 066037517

Purchase Details: view