The Voice of San Diego reports "...an example a small apartment building in North Park that has sold four times in six years.
The building, 4525 Florida Street, sold in March 2004 for $2.1 million to an investor who planned on converting the property to condos. The investor spent tens of thousands of dollars getting the building permitted for condos but then decided to bail on the project as the condo market slumped. He then sold the property as an apartment building in May 2006 for $1.7 million -- netting a loss of at least $365,000."
My guess is that the loss here is much for than $365,000 as there is likely quite a lot of legal work and carry costs that the investor is also out.