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
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3 comments:
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.
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
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.
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