Friday, September 22, 2006

Luxury Downtown Condo at Horizons Listed Below 2004 Cost - #905

Horizons is a Bosa development in the Marina District.

This luxury unit has been on the market for almost three months.

Price cut history of this unit:
Price Reduced: 08/03/06 -- $829,900 to $819,900
Price Reduced: 09/07/06 -- $819,900 to $799,900

Type: Listed on MLS(#068054852)

Resale Price: $799,900
Cost: $810,000

Loss@6% Sales Expenses: $58,094
Loss%: 7.17%

Purchase Date: 09/10/2004
Holding Period: 24 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1245

Purchase Details: view


Mr Vincent said...

Does anyone have any pics of these condos?

They must be some kick-a** places to be worth 800k.

Anonymous said...

Horizons is actually a cool looking building from the outside, but when you're inside I'm not sure it matters. There sure do seem to be quite a few buildings going up to block the view around there.

Click here to see the bldg

Sven said...

I dig the blue look to it. I can't say I was ever a big fan of the people filing cabinets though. I prefer SFR's.

David Ashley Gilbert said...

Your blog entry was very interesting. I am a realtor specializing in Tampa Bay Florida Real Estate .

Anonymous said...

I just noticed over the weekend on Lew's site that a condo at Discovery was reduced to $395K. Is there anything interesting about this, i.e. is it a loss?

Sven said...

I think that's 850 Beech St #902, and I can't find a record on the county assessor's site of that unit ever selling in the past few years. It may be under a different street number, or this may be the developer simply lowering the price of this unit.

There was a lower level unit that sold #502 in the same complex for $420,000 on 5-5-05. I assume that the numbering from floor to floor is consistent. with identical unit floor plans.

I imagine Brightside has some better tools to dig this up than I do.

Mr. Brightside said...

Anon and Sven,

That Discovery unit last changed hands on 9/18/2003 for $335,000 so while it's not a loss per se it does represent a new low for one bedrooms at Discovery as that's a high up one bedroom.

This also illustrates how fast the market can go down, in this case the people that own the unit did some upgrades (per MLS pictures) and now want to move on. They have plenty of room to cut the price and still walk away from the closing with a decent check. The puts the 2004/2005 buyers further underwater.

Anonymous said...

Thanks Mr. Brightside- this is interesting to me because it is in a high quality building on a higher floor. I believe I've read a couple of prognosticators saying that only the less-desirable units are going to lose a lot of value and this seems to buck that prediction.

Mr. Brightside said...

Hi Anon,

I've heard the same type of forecast about lower end properties going down while the higher end units hold their ground or even go up. Nat Bosa has been quoted saying this a few times. I do think the higher end is going down as well as this post and the one I just put up both illustrate.