Monday, August 07, 2006

Large Loss on Luxury Downtown Condo at The Grand South #1305

This property has been on the market for over a year. It was purchased from the original buyer and relisted six months later. Either this was a "double flip" unit or the owners can't sleep at night with the trains that go by all night long.

The MLS pictures look staged, if so this unit is kicking off a lot of negative cash flow to go with the below cost sales price.

Resale Price: $1,050,000 (Range priced $1,000,000 to $1,100,000)
Cost: $1,150,000

Loss@6% Sales Expenses: $163,000
Loss%: 14.17%

Purchase Date: 10/19/2004
Holding Period: 22 months and counting...

MLS: 061050873

Bedrooms: 2
Bathrooms: 2
Square Feet: 1625

Purchase Details: view


Anonymous said...

This is definitely one to watch.
Based on the other units in the north tower, i don't think that this unit is worth anything more than $850k.

Mr. Brightside said...

It's interesting to note that the first buyer (it's already changed hands once) paid Bosa $743,000 for the unit. You have to wonder if all these condos are heading towards 2002 prices.

Anonymous said...

Here is a listing in the North Tower for $889k with many reductions already.
The view is not as good and it's on the 8th floor, but still...
MLS# 066035992
I cannot find purchase info for that condo.

Mr. Brightside said...

Interesting, I can't find cost for #806 either, however I did find the units above and below which show the same square footage, etc. It's very common to have a stack of units w/ the same floorplan.

Given the prices below this unit belongs on the Loser Watch List as it's listed right at cost. Looks vacant too.

#906 $895K, 1,684 2/2

#706 $834K, 1,684, 2/2