Friday, August 18, 2006

Another Downtown Luxury Condo Posts a Big Loss - Park Place #1405

This site's biggest recorded loss to date is $220,000. This unit is challenging for the biggest loss title as it's coming in at $176,000. Interestingly enough both of these large loss units are located at Park Place (check the search below or the archives to find the other unit).

Park Place is a Bosa development in downtown's Marina District.

Also noteable is that unit is listed for 10% less than it's value in late 2004!

Price cut history:

Price Reduced: 07/30/06 -- $965,000 to $945,000
Price Reduced: 08/10/06 -- $945,000 to $925,000
Price Reduced: 08/17/06 -- $925,000 to $865,000

Type: Listed on MLS(#066049547)

Resale Price: $865,000
Cost: $990,000

Loss@6% Sales Expenses: $176,900
Loss%: 17.87%

Purchase Date: 12/02/2004
Holding Period: 20 months and counting...

Purchase Details: view

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