Tuesday, August 22, 2006

The Secret is Out: Downtown Condo at Village Walk #409

This property has a number of interesting things going on, another $100,000+ loss, the third unit featured from Little Italy's Village Walk development and most interesting is the text from the MLS listing:

"Wow!This condo is priced $111,000 less than paid for 2 years ago!" This is the first time I've seen the market downturn acknowledged in a MLS listing.

Also this condo is hitting the market on day one with such a reduced price relative to where it sold in October 2004. Many of the properties that I've featured on the site have been on the market for quite some time before the owners cut the price to become realistic.

Type: Listed on MLS(#066072619)

Resale Price: $519,000
Cost: $630,000

Loss@6% Sales Expenses: $142,140
Loss%: 22.56%

Purchase Date: 10/13/2004
Holding Period: 22 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1264

Purchase Details: view


Sven said...

Inventories at a 13 year high... even the national association of realtors is saying that sellers really needs to start dropping their prices.

Anonymous said...

This is a very unusual transaction. It appears that the seller received the condo from her parents mortgage-free. Why sell at a loss when nothing is owed on the property?

Mr. Brightside said...

That is interesting to say the least. The price from 2004 isn't incredibly out of line for that time period.

Perhaps she wants to buy something else now that the market has changed a bit?

I am very curious as to where you figure out the mortgage details on this transaction? Care to share the details either here or via email?

Anonymous said...

It's very easy. Go to the purchase details for this property. The document number is at the bottom of the screen. In this case, the document number is 0556685. Go to the SD County grantor/grantee index. In the search window, add the year to the document number, in this case, 2006-0556685, and you can find out who purchased and sold the property, and whether any trust deeds were filed at the time of the sale, defaults, etc. It appears that the seller's parents bought the condo for cash, and then transferred the condo to the seller. The seller appears to own the property free and clear.

Anonymous said...

The year and the document number are incorrect in my post above. The correct year is 2004 and the correct document number is 0974496

Mr. Brightside said...

Thanks for the tip on that. Their website appears to be down, oddly the link brings up a radio website in Firefox and a DNS error in IE.