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.”