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


ronw said...

Thanks for the interesting blog.

How did I find it? I started at the piggington site, or voiceofsandiego dot org... saw your comments to another blog/discussion.

I recognized your name from Lew Breeze's site/blog.

Anyway, my wife and I have been interested in downtown highrise condos. Last weekend we looked at a unit in La Vita. Nice view.

The unit is currently empty.

We are waiting for prices to come down. We can afford to buy now, but we figure: with dropping prices we'll get an even better unit (higher up, better view, better building, or some combo thereof) for the same price or less.

We're admittedly, "Bubbleheads."

Though it hurts us to think of people getting hurt in a down market, our greedy sides are looking forward to some reasonable prices in the future... maybe even some bargains.

Anonymous said...

I'm qualified up to 500k fixed with almost 50k for a down and am with you 100% on waiting. Why buy a house that will just loose money? I currently rent 2 blocks from the beach in PB for $1200. I get to watch all the pretty girls and hang out with people that have no idea what a housing market even is. Every month I stash away another 2-3k.

I can't wait for the bubble to really get going with all the foreclosures and short sales.

It'll happen it's just a matter of time...

Mr. Brightside said...

Hi ronw,

Welcome to the blog, I do think that prices will continue to decline well into 2007. I could be wrong but the trend is pretty clear.

In the meantime it makes sense to watch the market and figure out what you like.

citydude said...

I flipped unit 704 in April of last year for $410k. I had bought it from the developer for $265k. It appears to be worth about $375k now according to your analysis, although I just met a guy in the building recently who said he bought 804 a couple of months ago for $420k.

Mr. Brightside said...

I see that transaction, he didn't get a very good deal IMO. I do think there are people out there buying real estate and paying the current prices without bargaining or working a deal. I met a woman at a bar recently and she had bought a place recently as well. She got a terrible deal as well.

While I'm not in real estate sales I almost think about going into it or just acting as a consultant since there are much better relative deals out there, even in La Vita one bedroom condos.