Monday, September 11, 2006

Huge Loss on Foreclosed Condo in Pacific Beach - Crown Point Villas #7

Listed on Foreclosure.com as fully foreclosed and bank owned this Pacific Beach condominium carries a massive loss of $129,000 and that's not including the $5,000 carpet and paint credit offered at closing.

You can discern from the price cut history that the lender that owns the unit wants it off of its books:

Price Reduced: 07/01/06 -- $515,000 to $505,000
Price Reduced: 07/17/06 -- $505,000 to $495,000
Price Reduced: 08/25/06 -- $495,000 to $485,000

I'm very curious what the rules are, accounting, regulatory or otherwise, that the banks are financial institutions are under when holding foreclosed properties. These institutions would seem to be highly motivated to cut the price in order to get a buyer into the unit. Of course this has downward price pressure ramifications for the rest of the market.

Type: Listed on MLS(#061047870)

Resale Price: $485,000
Cost: $585,000

Loss@6% Sales Expenses: $129,100
Loss%: 22.07%

Purchase Date: 01/31/2005
Holding Period: 20 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 913

Purchase Details: view

Thanks to Gary for finding this property!

16 comments:

Anonymous said...

I believe that this is one of several units on sale that is constantly advertised on CL. How long has it been forclosed on? The adverts for it, or a similar unit have been on CL for quite a while.
Josh

Sven said...

What's interesting is while you can find this property on a search with realtor.com, I did a search through one of the realtor's sites (http://homes-in-pacificbeach.com/) and they didn't even list it as one of the units for sale in crown point villas. Instead, they show a few of the mid 560's 2 bdrm units. I guess they don't want to show a listing that 75k less than all the others in the same complex.

I bet it'll sell in the mid 300's

Sven said...

Brightside, do you think you could focus a little more on the rest of San Diego in your searches? I'm really curious to know more about what's happening in UTC and PB, and no-one else really has a service like this for this area.

Mr. Brightside said...

Sven,

I'd love to do more non-downtown examples. I'm working on a better way to do that, in the meantime if you have any tips for a property in trouble let me know and I'll do the research and a post.

Also now sure why it's not showing up on that website, if I were an agent I'd be showing the best deals regardless of if they are in foreclosure or not.

Anonymous said...

Here is an interesting story on the Verano complex in UTC

http://www.signonsandiego.com/news/business/20060802-9999-1b2condo.html

bub said...

Damn, looks like they dropped it another 5k today.Listed at 480k now.

http://www.cbsocal.com/property/propertydetails.aspx?propertyguid=2f8d5ac0-90ff-4ec4-8fa3-8afcb38c4512&agent=2913&abrand=0

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