Thursday, September 28, 2006

Another High-End Downtown Condo Lists for a Loss - Cityfront Terrace #1601

Cityfront Terrace is a mid-rise development in the Marina District.

In a bit of irony it was developed as condos during the previous real estate boom and bust cycle and couldn't be sold as condominiums so it was reverted to a rental property for a number of years. The units were then sold off as condominiums again when the now busting boom cycle was underway.

Type: Listed on MLS(#066082869)

Resale Price: $839,000
Cost: $880,000

Loss@6% Sales Expenses: $91,340
Loss%: 10.38%

Purchase Date: 12/08/2005
Holding Period: 9 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1492


Purchase Details: view

7 comments:

Anonymous said...

Mr. Brightside: Thank you for the latest information. You perform a great service--- I read your blog twice a day. What will you do when the number of sales with big losses becomes too hard to track? By the way, I noticed Notices of Default filed on two units in the Grande.

Mr. Brightside said...

Hi anon,

When the losses get big enough I'll come up with a way of fully automating the changes. I will say it takes a lot of time and money and even with the ads on the site this really is a "community service" and not a business. :)

I see the number of defaults rising downtown as well, I'll probably put up a post that discuss the activity.

Thanks for stopping by, I'm glad you find the site useful.

Sven said...

Hey Brightside, from what I hear Ramona is having some serious problems. A few properties are underwater, and a bunch of NOD's have been sent out recently (7 in one week). This is close enough to San Diego that it might be worth looking at. A lot of people do commute from there.

Bob Flippa said...

Great San Diego Housing Flip site

http://thisoldhouseflip.blogspot.com

Anonymous said...

Does it help you if we click some ads? Am I allowed to ask that?

Mr. Brightside said...

Hi anon 12:14,

Thanks for the offer but I'd only want you to click if you are truly interested in a sponsor's products or service and of course buy if you can since all that stuff is tracked.

In particular if you buy stuff from Amazon do the search from the search on the right.

I do like the idea of building more onto the what's going on here since I find the data very interesting and useful. Even someday when prices are attractive again I'd just switch over to reporting on the best deals in the market.

Anonymous said...

Over the past few years I have noticed that the HOA fees in some of these downtown condos have become outrageous! Cityfront in particular is approx. $800 per month. It is a horrible investment to buy a condo with high HOA's like this. Do you see any of these developments possibly lowering their HOA fees in the near future due to the poor market conditions?