Sunday, August 13, 2006

Downtown Condo at Hawthorn Place in Little Italy #105

This is building is only a few years old and is located on the main strip in Little Italy.

The building is fairly nice but doesn't have any amenities.

Type: Closed Sale
Resale Price: $515,000
Cost: $564,000

Loss@6% Sales Expenses: $79,900
Loss%: 14.17%

Resale Date: 08/24/2005
Purchase Date: 10/08/2004

Holding Period: 10 months

Bedrooms: 2
Bathrooms: 2
Square Feet: 1018

Purchase Details: view

Resale Details: view


Anonymous said...

Not a bad loss for a 10 month holding period, hell thats more than most people make in that time frame. One question though, isn't the goal to make that much money?

Mr. Brightside said...

It is the goal to make money, it's not as easy as a lot people said it was.

It's interestng to note that the "Rent vs. Buy" calculators out there don't see to factor in depreciation into the equation. If you factor in the loss of some of these units the monthly costs could easily approach 10x what the unit was rent for.