Tuesday, October 17, 2006

Downtown Condo at Palermo #201

Palermo is another apartment conversion that's made this blog on a number of occaisions. This one is noteable as this isn't a flipper unit as it was purchased from the developer.

This development is located on "lower" Cortez Hill on the border with Little Italy. If you come downtown using 5 South and take the Front Street exit you'll drive right by this property.

Type: Listed on MLS(#066079965)

Resale Price: $699,000
Cost: $719,990

Loss@6% Sales Expenses: $62,930
Loss%: 8.74%

Purchase Date: 06/30/2005
Holding Period: 16 months and counting...

Bedrooms: 3
Bathrooms: 2
Square Feet: 1568

Purchase Details: view

4 comments:

downtown sideliner said...

Mr Brightside,

How do you determine that it was purchased from the developer, as opposed to an individual investor or homeowner?

Is there another site besides the ARCC that shows sale history?

Thanks

Mr. Brightside said...

Hi downtown sideliner,

I can tell because I have access to a system that displays all transactions on a property. The county site does not do this. The first transaction will be the purchase from the developer.

Anonymous said...

Mr. Brightside, have you seen any numbers on the almost-completed Aloft on Cortez Hill? I am curious as to how many units have been sold.

Mr. Brightside said...

I have heard that it's "Over halfway sold out", but I also have friends in the neighborhood that say there is very little sales activity there during the walk throughs.

It should be finished soon. It will be very interesting to watch how the project proceeds.