Metrome is a new building that still has developer units for sale.
I think this transaction illustrates nicely the pending scenarios for thousands of condos that are being delivered downtown in 2007. Investors or even regular buyers close on their unit from the developer only to compete with many brand new units for sale in the same building.
The loss numbers don't include staging or negative cash flows from holding a vacant property.
Resale Price: $501,000
Loss@6% Sales Expenses: $38,960
Resale Date: 07/05/2006
Purchase Date: 09/14/2005
Holding Period: 10 months
Square Feet: 994
Purchase Details: view
Resale Details: view