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
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3 comments:
No question San Diego is in a precarious position in this market. All the quantitative information points to a correction in prices. The big question is how far down will they go.
Should be interesting.
What happens when the accumulated interest on unsold units in new condo buildings plus construction loans exceeds current asking price for comp units?
anon 6:02
I have that very question in my mind as well, frankly I do believe that there is a point where these apartment conversion projects "go red" meaning the money sunk in the project is more than the place is currently worth. I think that a lot of projects are heading in that direction quickly and that somewhere late summer you should see some corporate breakdowns start to occur.
Just my humble prediction. :)
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