This is a very interesting property as I believe this is the Acqua Vista unit discussed in this Union Tribune article from April of 2005.
This is more evidence of speculators taking losses on downtown properties. How many of the thousands of condos to be delivered downtown are under contract with speculators? Keep in mind that the buildings that are underway all started sales during a very pro-downtown "can't lose" environment.
Additionally interesting is that the Park Boulevard West unit discussed in this article generated approximately $75,000 in profit. The simplified loss on this unit is $46,060 however I doubt it sells for this price and as noted in the UT article it was a negative cash flow rental. County records show property tax of $5,986. Since this unit has only one parking spot and it's in a marginal building that was initially developed as a rental project it's unlikely it'll sell at this price point. At this point this investor experience downtown between the two properties is breakeven at best.
Type:Listed on MLS(#066037976)
Resale Price: $489,000
Loss@6% Sales Expenses: $46,060
Purchase Date: 08/02/2004
Holding Period: 25 months and counting...
Square Feet: 987
Purchase Details: view