Union Square is deep in the East Village in a somewhat rough area.
This unit is one of the very nice loft units. Other very similar loft units sold for over $600,000 at the height of the boom. This unit sold in late 2004 for $565,000 and has since gone into foreclosure.
Foreclosure.com indicates the unit is now owned by Morgan Stanley which is a very large financial services firm.
Resale Price: $499,900
Cost: $565,000
Loss@6% Sales Expenses: $95,094
Loss%: 16.83%
Purchase Date: 12/10/2004
Holding Period: 22 months and counting...
Bedrooms: 2
Bathrooms: 2
Square Feet: 1250
Purchase Details: view
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3 comments:
This unit will wind up selling for under 300k. Max rent is $2000 per month, and why buy it with a negative cash flow since there will be no appreciation for 3-5 years, and there are hundreds of others like it sitting vacant downtown? The only hope the lender has is to cut the price $100k to $399,000 and sell it before December 1st when everyone will have figured out the market has collapsed.
East Village is a dump. The redevelopment efforts have not made it inhabitable yet- unless you are next door to the ballpark. This place is really going to be a bloodbath.
"somewhat rough area". . .yes, that is a nice way to put it - although the police headquarters is nearby. . .a few years ago, when condo craze would make this a good investment, the neighborhood might have improved as more and more new buildings were built. 2006 is a new ball game (no pun intended) no new buildings will be built for at least 5 years once the current under construction buildings are dumped by developers. I walk the area every few weeks, and see no signs of new business moving in. I DO see section 8 type housing, and homeless and winos on the streets. On a related note - there was a good article in North County times on foreclosures in SD county - 4062 in some state of foreclosure in September. . .I think the whole SD market is really in trouble - not just downtown. Let's hope those SAIC new millionaires buy some condos!
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