This development is taking a real beating as this is the fifth unit that I've posted on in this blog. This illustrates the danger of an apartment conversion purchase. The quality just isn't there, as the market corrects I suspect that converted units will take a larger percentage loss than the higher quality properties.
Resale Price: $316,000
Cost: $331,000
Loss@6% Sales Expenses: $33,960
Loss%: 10.26%
Resale Date: 06/08/2005
Purchase Date: 12/13/2004
Holding Period: 18 months
Bedrooms: 1
Bathrooms: 1
Square Feet: 758
Purchase Details: view
Resale Details: view
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6 comments:
Mr. B, thanks for your post. I love your site. Looks like you know downtown really well.
I'm looking for a cheap 1br condo downtown once prices drop drastically. I'll be watching for the market low before i buy anything.... Something nice and under 200k with low HOA if possible.
What developments should I be watching for? I'm new to this. Thanks. Rich
Hi Rich,
I imagine that the first one bedrooms that will make it down to that price level would be at The Mills, Acqua Vista or Palermo. All of these projects were conceived and designed to be rentals and were converted to condos while they were under construction.
I think they have been overpriced relative to the higher quality buildings but at the right price they are reasonable places to live.
I too think that the HOA a AquaVista are ridiculous..
I'm looking for someplace downtown with very low or now HOA... perhaps a townhouse when prices crash?
I agree that Acqua Vista is low quality, the valet parking is a huge turnoff for me as I really don't like valet parking even when it's the only option when going out.
There aren't many low HOA townhouses downtown. Citimark on Cortez is very nice, not many units and very low HOA, something like $70 per month.
Regarding HOA fees I don't think I mind paying as long as the services are good. If you get a lot of packages it can be a real pain as I've had to drive to Chula Vista a number of times to pickup UPS packages that need signatures.
less than $100/mo HOA is perfect for me. I can receive packages at work so I don't need the services. I don't want a conference center or a club house, or a swimming pool. A good urban apartment is all I want. All i care is the quality of my place inside.
Mr. B., thanks again for your blog. I enjoy and helps me look for my future home.
We are looking to buy a vacation rental in downtown San Diego and have been looking at the aqua vista. Any comments on this?
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