Palermo is located on "Lower Cortez Hill" and is right on the border with Little Italy. Designed and built as rentals it was converted into condominiums at the end of the development of the building. There was even an "Apartments for Rent" sign on the building at one point. This is the third unit featured on this blog.
It's also noteable that this unit has been reduced to below the initial purchase price from the developer.
Price cut history:
Price Reduced: 06/09/06 -- $535,000 to $499,000
Price Reduced: 08/28/06 -- $499,000 to $490,000
Type: Listed on MLS(#066032843)
Resale Price: $490,000
Loss@6% Sales Expenses: $34,390
Purchase Date: 05/23/2005
Holding Period: 15 months and counting...
Square Feet: 1096
Purchase Details: view