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

6 comments:

Anonymous said...

here is a house in rancho bernardo
10151 PRAIRIE FAWN DRIVE

per zillow bought on 10/29/2004: $734,500

is now on sale for $740,000, is one of the cheapest priced house on the area but still does not sales.

Anonymous said...

sorry, meant to say that still does not sell

CA Renter said...

Here's one:

3142 Sycamore Hts., Escondido 92027

purchased 10/04 for $924,900

went into foreclosure and is REO listed at $839,900.

A loss of $85,000 or a 9% decrease (still hasn't sold, though) since 2004.

CA Renter said...

Here's another:

4942 Gabrielieno in Oceanside, 92057

Purchased 9/05 for $507,000. Cheap "flipper" improvements then made.

Sold 2/6/06 for $475,000.

A loss of $32,000, plus improvement costs. That's a 6% loss in just a few months.

Mr. Brightside said...

CA Renter:

Thanks for the heads on those properties. Do you follow North County in particular?

I have added these as entries in the blog. Very interesting thanks again.

Let me know if you want an account on the Blog to post these directly as blog entries.

CA Renter said...

Thank you, Mr.Brightside. Yes, I've been following certain zips and areas in North County for a few years now. I'm compiling a list of addresses where I think foreclosures are coming. As they sell for less/foreclose, I'll let you know.

I'd like to post as a comment here so you can check and confirm what I'm writing. If there is a better way to inform you of my findings, please let me know.

Thanks for the blog! :)