Monday, November 27, 2006

Downtown Condo at The Grande #801

The Grande is a twin tower luxury high rise in the Columbia District downtown.

This unit has changed hands twice since the building was completed by Bosa Development in 2004. The second transaction is resulting in a significant loss

Type: Listed on MLS(#066076553)

List Price: $899,000
(Range priced $899,000 to $899,000)
Cost: $920,000
Loss@6% Sales Expenses: $74,940
Loss%: 8.15%

Purchase Date: 07/14/2005
Holding Period: 16 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1684

Purchase Details: view

5 comments:

Anonymous said...

$663 a month for HOA fees... yikes!

Anonymous said...

That's a major turn off for me. What do you get for such a high fee?

Mark in San Diego said...

Actually, for two bedrooms, the montly fee is over $700. . .the 663 is for one bedroom units. . .you get a nice guy at the desk to call a taxi. . .me thinks that a year from now, he will be GONE. . .just like El Cortez HOA is broke according to the newspaper. . .when liens are filed in units on short sales, etc. there is no money left for homeowner associations. . .the main reason I am not buying now has less to do with prices, and more to do with foreclosures in buildings. . .I don't want to get stuck in a HOA with major problems. . .at this point I would favor places that are 5 years old or more.

Anonymous said...

The majority of the people that are buying in the last 18 months in the eastvillage of San Diego project like ICON and simlar projects. Will lose 15-25% of there money in the next two years, which will bring huge amount of lawsuit againist the developer. We will be going to see more cancellation of reservation in the next six months, which will leave the developer with a huge amount of inventory, which they will sell for about $350 to 450 per square foot, which will bring the idea that now each buyer shall use and carry their own lawyers to handle the transaction (real estate). The trust is now gone...with the brokers, escrow and title companies. It seem to me that party of making easy money is over for now. To much inventory and greed...

Anonymous said...

Anonymous -

Prices may go down in the Icon building. But no one has bought there in the last 18 months - the first units have just closed there in the last 30 days.