Monday, October 09, 2006

Luxury Condo at Cityfront Terrace sells for less than it did in 2004 - #508

CityFront Terrace is a luxury condominium project in the Marina District downtown.

This unit has closed sale for ~7% less than the price it changed hands for two years ago. I have been reading quotes from sales people lately that state "We are down to a normal 5-6% annual appreciation downtown". I don't know where they are getting these numbers and I'd love to get a sense for what they are referring to.

Type: Closed Sale

Resale Price: $565,000
Cost: $612,500

Loss@6% Sales Expenses: $81,400
Loss%: 13.29%

Resale Date: 07/11/2006

Bedrooms: 2
Bathrooms: 2
Square Feet: 1046

Purchase Date: 10/08/2004
Holding Period: 21 months

Purchase Details: view

Resale Details: view

5 comments:

Mark in San Diego said...

Most realtors seem to live in a fantasy world. . .that is a kind thing to say. . .some of the other RE blogs are for tar and feathering them. I suppose if they average over 5 years, then that is a correct statement.

Sven said...

Depends on the 5 years. If you average over the first five years of this decade, real estate is an incredible investment. If you look at 1992-1997 in San Diego, real estate is like buying a car.

Lindismith said...

I'm so used to hearing baloney from real estate salespeople, that I automatically assume they're making it up, or spinning it to suit their needs.

Lindismith said...

I'm so used to hearing baloney from real estate salespeople, that I automatically assume they're making it up, or spinning it to suit their needs.

Anonymous said...

Mr B, I love your site. I (and some of my friends) will eventually buy in Downtown SD. We rely on your site to feel the pulse of the market. Nothing like real world examples.