Wednesday, October 04, 2006

UPDATE: Yet Another Acqua Vista Condominium - #1406

A roughly $35,000 big price cut just went throughh on a prior entry. I think the pain here is starting to amp up a bit as this is a lot of money to lose on a small one bedroom condo.

Note this unit was listed, expired, and has now been relisted with a new MLS number which is noted below.

Type: Listed on MLS(#068084575)

Resale Price: $325,000
(Range priced $320,000 to $330,000)
Cost: $381,000

Loss@6% Sales Expenses: $75,500
Loss%: 19.82%

Purchase Date: 03/09/2005
Holding Period: 19 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 655

Purchase Details: view


Anonymous said...

Hope all is well Mr. Brightside We appreciate your hard work.

Sven said...

Check this out. Could anyone find out what the hell is going on at:
4015 Crown Point Dr

I was updating my own (the pacific beach one) bubble blog with some of the units in the complex that are seriously underwater right now, but right now I found units currently for sale in the complex that are all underwater (between about 10k and 130k). I know Brightside has much better tools than I do for investigating this stuff, and I'd like to know if this is just a flipper hangout of if the complex had a bad assessment.

The Units to look at: 106, 203, 305, 307, P-3 and P-7.


Mr. Brightside said...

Anon 7:56,

Thanks for the feedback!


I think 4015 Crown Point Dr has come up before, based on my analysis it's a fairly old complex, it looks like the units got bid up during the peak of the bubble. It may be that a lot of the buyers were of the PB demographic so they may have unwittingly stretched their finances way beyond the breaking point. Acqua Vista has a slighly older yet similiar profile which is one reason we are likely seeing the problems there, it's a low quality building that got bid up by a lot of people that didn't really understand the market. I would expect projects like these to be the first causaulties of the bubble.

Also, post your blog link, I'm interested in seeing what you have going on.

Sven said...
I just started posting on it not too long ago, but there are a lot of places in this area that are losing money.