Thursday, October 26, 2006

UTC Condo at Villa Vicenza - 3550 Lebon Drive #6414

Substantial loss on a this small one bedroom condo in UTC.

I think this is a great example of the risks involved with overpaying for an apartment conversion condonium.

The price reduction history shows a once optimistic owner that has since cut the price substantially below cost from less than a year ago.

Price Reduced: 05/14/06 -- $359,900 to $270,000
Price Reduced: 06/12/06 -- $270,000 to $240,000

Type: Listed on MLS(#068035634)

Resale Price: $257,435
(Range priced $240,000 to $274,870)
Cost: $328,000

Loss@6% Sales Expenses: $86,011
Loss%: 26.22%

Purchase Date: 11/29/2005
Holding Period: 11 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 600

Purchase Details: view

Thanks to PerryChase from the site forums for pointing this property out!

1 comment:

Anonymous said...

Does anyone know the status of the lawsuit on this place?