Thursday, August 17, 2006

UPDATE: Downtown Condo at The Mills #405

This was actually the very first property featured on this blog back in April. It's still on the market and has taken a $25,000 price cut that puts this property into the growing list of downtown condos that is underwater over $100,000.

Type: Listed on MLS(#066026210)

Resale Price: $720,000
Cost: $795,661

Loss@6% Sales Expenses: $118,861
Loss%: 14.94%

Purchase Date: 10/07/2004
Holding Period: 22 months and counting...

Bedrooms: 3
Bathrooms: 2
Square Feet: 1702

Purchase Details: view

Prior Blog Entry: view

4 comments:

Mark in San Diego said...

Although this is a large unit, it lacks the "glitter" and neighborhood of places in Little Italy, or Marina. For this type of money, you can get a great view at the Grande, or one of the other Bosa projects. Also- too close to the freeway. Maybe they think having the grocery store in the building is a huge selling point . . .although the selection there is very limited.

Mr. Brightside said...

Hi Mark,

Also keep in mind The Mills was supposed to be a rental project and it shows. I do like Cortez Hill as a neighborhood although I think they need a lot more retail.

Also while there is a very there is a big empty lot directly in from of the view path.

Also lot's of new and unsold condos coming to Cortez Hill.

Joe Fiorelli said...

The SD condo market is dropping faster than most people realize. According to my PPSF data (92101 condos under 1M)

http://www.joefiorelli.com/SD%20Condo%20Pricing%20Power%20Index.htm

26-Jul 2-Aug 9-Aug 16-Aug
571.75 570.161 568.13 567.45

EG thats -4.30 per sq foot x 1000 sq ft= -$4,300 in less than a month!!!

Zillow.com agrees with ZESTIMATE™ of unit at 645 Front St. San Diego, CA 92101 Last updated: 08/07/2006 1 week change = -$1,574

Mark in San Diego said...

Cortez Hill

I like that area too, as very close to downtown, but quiet (especially far from the train noise). I think I speculated here before that the Cortez Blu would see HUGE price reductions to get people to move in. . .I would bet after Labor Day things will really start to move - down.