Saturday, July 08, 2006

16.44% Loss in Less Than One Year - 350 West Ash #104

350 West Ash is a condominium project in downtown San Diego. It's an office building that was converted into condos.

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 $70,318 to the owner.

Resold Price: $380,000

Purchase Price: $427,518

Loss @6% Sales Expenses: $70,318

Resale Date: 5/31/2006

Purchase Date: 6/16/2005

Purchase Details: view

Resale Details: view


Anonymous said...

I'm sure this person lost more than 16.44% as the unit was vacant for awhile as I live in the area and noticed it listed for sale.

Whoever bought it has torn up the floors, I wonder if they are making it retail space?

Stackoverflow said...

I will say that I enjoy the postings about actual properties. So often people are discussing aggregate numbers that are not very useful as it doesn't really prove anything other than maybe more luxury properties closed versus entry level units.

Reading about property bought in 2004 or 2005 that has sold for less in 2006 is as clear an indication I need that San Diego real estate is going down in value.

Lindismith said...

Yes, it's on it's way down. Condo's I've been watching on Zip for sale, are now showing up in Craig's List for rent. It's going to get really nasty in a few more months.