Here's another Portico unit that's been listed on day one at a loss.
Since this unit doesn't have a patio and is very small in an building that was designed as rentals and then converted into condos the real value of this unit is probably no more than $1,200 a month. When you run the numbers including taxes and HOA the value of this unit is around $175,000. I'm not sure they will go that low but that's all it's really worth if you think in terms of monthly payment.
The sales history shows the first sale which was likely from the developer to the first owner in the low $200,000s so this unit appears to be in pretty big trouble.
Portico is in downtown's Little Italy neighborhood.
Type: Listed on MLS(#066091539)
Resale Price: $304,000
(Range priced $299,000 to $309,000)
Loss@6% Sales Expenses: $34,240
Purchase Date: 06/22/2005
Holding Period: 17 months and counting...
Square Feet: 553
Purchase Details: view