Monday, July 03, 2006

The Mills #531

As noted in a prior posting, the loft units at the Mills are quite possibly the most overpriced real estate in all of downtown San Diego. The Mills was built to be a rental community which was converted into condos at the end of the construction of the building so the quality just isn't there.

Here is another loft unit that's listed to leave the current owner with a loss. While I'm only counting the loss between purchase price and the current list price this unit has a ton of upgrades, much more than the typical Mills unit so this owner is out easily over $100K and that's if it sells for this price, fairly unlikely given the low quality of the building relative to what's going on in the rest of the market.

Current Price: $579,000

Purchase Price: $609,900

Loss @6% Sales Expenses: $65,640

Purchase Date: 3/16/2005

MLS#: 066009493

Purchase Details: view

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