Thursday, September 21, 2006

Downtown Condo at Acqua Vista #433

Here's another unit at Acqua Vista that's listed below the price the current owners paid the developer.

Also interesting is that they listed this unit for a loss without putting the unit at a higher price, not getting any offers (or likely no walkthroughs) and then cutting the price. Perhaps we are at a point where almost everyone including real estate agents recognize the market for having made a clear move down.

Going back to my point about listing below developer price, there were a fair number of flipped units in this building so the losses must be mounting.

Type: Listed on MLS(#066081157)

Resale Price: $384,900
Cost: $391,000

Loss@6% Sales Expenses: $29,194
Loss%: 7.47%

Purchase Date: 04/01/2005
Holding Period: 17 months and counting...

Bedrooms: 2

Bathrooms: 1

Square Feet: 877

Purchase Details: view


Anonymous said...

I have been to Acqua Vista. The hallways are like a dimly light dorm hallway. I also keep hearing that it was originally built as apartments then converted to condos. I can imagine it being hard to sell a unit, when each one only comes with one parking space.

Mr. Brightside said...

Hi Josh,

Acqua Vista was indeed designed and developed as rental apartments.

Some of the units do have two parking spots, I've also heard you can easily rent another one.

Anonymous said...

HOA over $400!?

Mr. Brightside said...

The HOA at Acqua Vista is very high because they have a staff of people to run the valet parking.

To me this is a double negative, I hate valet parking and the high HOA for what you are getting is a huge turnoff.

downtown sideliner said...

Highrises always have high HOA's. Is this because of insurance? Low rises (under 4 stories) usually have low HOA's, even if they have a pool, serurity, etc compared to highrises. I don't think $400 is too bad for a high rise, especially compared to some others in SD - Harbor Club $700+, Cityfront Terrace $700+, Pinnacle $800+, Horizon $700+, ....

I feel very sorry for Acqua Vista owners, it is a bad situation for sellers there.