Friday, July 14, 2006

UPDATE: "777 Lofts at 6th Avenue - “For my age group, there's no way I can lose”"

Last month I posted an entry about the Lofts at 777 6th Ave.

At that time nine out of 103 units had been sold. The County of San Diego database has been updated and shows that three more units have closed sale.

At that pace the project will take over two and half years to sell out.

9 comments:

powayseller said...

If you consider the RATE of decreasing sales, it will take 8 years to sell out. Making up the number, but the point is: the sales are decreasing by 10 points every quarter.

Anonymous said...

I know of a complex in Rancho Bernardo that is being converted to condos, and they've sold 4 in the last year or so. They have 160 more to go!

Mr. Brightside said...

Anon,

By all means post the name of the project and the address if possible. I'd love to post an entry about the project and keep an update going.

Dupree said...

The dip in sales is a return to normalcy and the downtown condos will sell out in rather short notice. Downtown housing is in demand and people are just waiting for things to level out.

Ass for 777. The layouts suck.

Anonymous said...

They will never sell 80% of the downtown condos at there current bloated prices. They will wind up turning into rentals.

Anonymous said...

Is the san diego county database available online?

Mr. Brightside said...

To some degree the database is online. They only show the last few years.

Anonymous said...

I know the guy that lived alone in the project across the street from the convention center. Beautiful building, the economy turned and it sat forever. Projects sold for land cost in the mid 90's (that means you got the building for free) we are going back to that, what is worysome is that lending practices are more loose than then. Where will we bottom 3 years from now?

Mr. Brightside said...

anon 11:39,

I think that odds that we have a major overcorrection to the downside are higher than even a few months ago. I see sentiment changing for more and more people.

Also it used to be I had to dig very hard to find example properties that sold/are selling at a loss. It's pretty easy now...

Thanks for stopping by