This fairly large studio at Metrome is the fourth property from the Ballpark District complex to make the list.
I suspect that a majority of the units sold are now worth less than the current owners paid. Note the developer is still selling units in this complex.
Type: Listed on MLS(#066084019)
Resale Price: $342,000
Cost: $356,700
Loss@6% Sales Expenses: $35,220
Loss%: 9.87%
Purchase Date: 10/21/2005
Holding Period: 12 months and counting...
Bedrooms: Studio
Bathrooms: 1
Square Feet: 718
Purchase Details: view
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Of all the downtown areas, I think the Ball Park District will take the biggest hit. Lot's of inventory, no parks or other amenities, and near the drunk tank and homeless shelters.
Full fledged panic must be erupting with the sellers now.
Interesting how there seem to be two parallel universes, each talking about a different San Diego downtown condominium market. Not a word in this article about Metrome:
http://www.sandiegometro.com/2006/oct/realestate.php
"“If you own a home and sell now you will make 3 percent to 8 percent return. That’s normal. You are not going to make 50 percent on your home right now."
Quote from the article... evidentally, this guy doesn't read this blog. I wonder if he just made that number up.
I have to say though. It's funny that every "expert" that I hear from without a vested interest in the market seems to think it's a really bad time to buy, yet everyone with an interest in the market seems to think the market is still good.
Time will tell, I have to say the only really scary thing about RE right now is the high inventory. The prices haven't dropped all that much in most situations, and the sales rate is still pretty decent.
I do think there is still a lot of denial about what the market is doing. Typically in a market where there is still denial operating then we haven't hit bottom yet. The fundamentals agree as well so I think we'll be blogging for awhile.
In the end, i beleive that studio will be selling downtown for 100-150k.
I'm actually surprised someone bought a studio for $342K at this time.
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