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
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4 comments:
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.
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.
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
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.
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