Thursday, August 24, 2006

Massive Loss on Another Condo that Sells for less than 2004 Value - Treo #817

Treo is a mid-level quality high rise condo in the Columbia District.

This example of our market in decline is yet another example of property selling for less than it was purchased for in 2004.

Type: Closed Sale

Resale Price: $800,000
Cost: $914,000

Loss@6% Sales Expenses: $162,000
Loss%: 17.72%

Resale Date: 06/08/2006
Purchase Date: 10/14/2004

Holding Period: 20 months

Bedrooms: 3
Bathrooms: 2
Square Feet: 1629

Purchase Details: view

Resale Details: view

Thanks goes out to downtown sideliner for helping to find this property

7 comments:

Lindismith said...

Wow! I guess he should consider himself lucky he actually sold it. Unreal.

anonymous75 said...

Check out 1002 Leroy Street, in Point Loma San Diego 92106
1,405 square foot house on a 5,000 sf lot, with a peak view of the ocean

05/04/2006: $629,768
10/08/2004: $751,000

per Zillow.com
There are three active notice of default on other single family homes within a 5 block radius, per realtytrak.
And it is for sale again

anonymous75 said...

1002 Leroy Street, after a remodel, is now for sale for $799,000.
realtor.com listing here:
http://www.realtor.com/Prop/1064473614

Sven said...

I'd be really suprised if his remodel cost even 10k, nevermind the 160k more that he is trying to get for the unit. I think he's going to find out the hard way that prices aren't going in that direction.

powayseller said...

what's the name of the sdg&e building with the condos on top? i saw a photo of it in San Diego magazine, and it looked stunning. Is it sold out, or vacant? any foreclosures yet?

Sven said...

PowaySeller: I thought those were rentals. I read a story about Sempra fixing those units up. (but nothing about them being sold)

Lew Breeze said...

PowaySeller, It's Electra and is sold out.

It won't be complete for another 1.5 years or so.