Wednesday, August 30, 2006

Downtown Condo at Gaslamp City Square #604

Gaslamp City Square is in the heart fo the Gaslamp and was completed in late 2004.

The second phase is just being completed and there are many unsold units for sale by the same developer of Cortez Blu and Acqua Vista.

Type: Closed Sale

Resale Price: $470,000
Cost: $478,609

Loss@6% Sales Expenses: $36,809
Loss%: 7.69%

Resale Date: 05/04/2006
Purchase Date: 01/18/2005
Holding Period: 16 months

Bedrooms: 1
Bathrooms: 1
Square Feet: 799

Purchase Details: view

Resale Details: view


downtown sideliner said...

I'm surprised they were able to unload this 1br 799 sq ft at that price. There are 2br 1000+ sq ft condos in the area listed only 50K more.

I don't think this building offers water views, so the premium is only for "Gaslamp". Buyer is already underwater!

Mr. Brightside said...

Hi downtown sideliner,

I don't think this was a bargain at all. I've seen people pay way too much for condos downtown. It almost makes me want to get a real estate license or do some consulting to help them out. It's too bad as this unit is probably worth max $425,000 before sales expenses.

Mark in San Diego said...

Just by chance, I walked past this building last evening - I saw about 8 real estate lock boxes on the 5th street iron gate! Not great advertising - at least the 50 plus lock boxes here at La Vita, and the countless lock boxes at Treo are in a nice HIDDEN box. . .some of you may have seen pictures of the famous "bubble bench" back in DC suburbs. . .it had about 50 lock boxes on an iron bench. . .after the picture was published, they went into hiding. . .

Steph said...

I am actually looking to buy a unit in the building also. what is the current market price per sqft in the building and neighborhood?

Steph said...

I heard the builder for Acqua Vista was horrible too, Hovnanian.