Wednesday, August 23, 2006

Downtown Condo at Portico #513

Portico is located downtown in Little Italy. This building is only a year old but already has several units that are listed at a loss to the original owner. Since these units are very bare bones, most don't have balconys, very low budget finishes and only one parking spot. Portico was designed and developed to be a rental project and was converted into condos before completion

Type: Listed on MLS(#066050329)

Resale Price: $452,000 (Range priced $439,500 to $464,500)
Cost: $475,000

Loss@6% Sales Expenses: $50,120
Loss%: 10.55%

Bedrooms: 2
Bathrooms: 2
Square Feet: 934

Purchase Date: 06/30/2005

Holding Period: 14 months and counting...
Purchase Details: view

4 comments:

tugg49 said...

I've been thinking of cashing out of my 6YO Lakeside custom 3000SF SFH and moving downtown to "urbanize" and get off the interstate. I'd cash out with 500K and look forward to renting a downtown condo..to try it out. Years ago you could see the speculators out there running on the edge and hoped for a correction like this. I'm hoping to get a nice downtown condo on the foreclosure market. Be nice ot get a nearly new one for cost!

Mr. Brightside said...

If you happen to work downtown moving here approaches no brainer status.

Makese sense to rent until the big wave of new towers hits the market next year.

I am working a post that lays all this out. There is a chance I'll post it over the weekend. Check out the Icon post on this blog (search below) for some interesting chatter about Phase 1 pricing there.

downtown sideliner said...

Brightside,

Not sure if you already posted this one, but it's a massive realized loss at Treo #817:

2004: http://www2.sdcounty.ca.gov/ARCC/SalesSearch/search_detail.asp?pb=533&pp=394&pn=10&pi=24&sd=10_14_2004

2006:
http://www2.sdcounty.ca.gov/ARCC/SalesSearch/search_detail.asp?pb=533&pp=394&pn=10&pi=24&sd=6_8_2006

Mr. Brightside said...

Hi downtown sideliner,

As it turns out that's in my database but hasn't been posted. Thanks for bringing it up as I'l post it shortly.

It is a very large loss.