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
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3 comments:
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.
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.
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.
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