Thursday, November 30, 2006

UPDATE: Downtown Condo at La Vita #1804

Pretty amazing price action on this unit at La Vita. It's been price cut again and is now down to $360,000. According to the unit was priced at $292,000 by the developer, we appear to be well on our way back to original/developer pricing at La Vita.

Keep in mind that this is a short sale which means a deep pocketed financial institution is talking the loss not the current owner. It's in banks interest to work with the owner to avoid keeping a non-performing loan and their books. I think this is a very good example of how fast prices can be cut, even below the cost as the reality is this unit was never really worth it's sale price of $455,000 back in April 2005.

Type: Listed on MLS(#066092848)

List Price: $360,000

Cost: $455,000
Loss@6% Sales Expenses: $116,600
Loss%: 25.63%

Purchase Date: 04/29/2005
Holding Period: 19 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 706

Purchase Details: view

Note if you want to read the original post about this property simply use the Google site search below.

1 comment:

Anonymous said...
This comment has been removed by a blog administrator.