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
Market analysis, news and reviews of specific properties that are for sale or have sold at a loss.
3 comments:
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.
sorry, meant to say that still does not sell
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.
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