Friday, November 17, 2006

UPDATE: Downtown Condo at Victorian House #7

This property has endured another price cut, the loss is now over $100,000.

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The Victorian House is a small seven unit complex in Little Italy.

This unit is listed below the original developer price/value from early 2004. The price cut history below shows a long process of price cutting. In addition to the general market slowdown, the fact that this is a very large condo with only one parking spot in a non-amenity building is likely hurting the resale efforts of this unit.

Price Reduced: 06/13/06 -- $650,000 to $599,000
Price Reduced: 08/09/06 -- $599,000 to $589,000
Price Reduced: 08/31/06 -- $589,000 to $579,000
Price Reduced: 10/06/06 -- $579,000 to $574,000
Price Reduced: 11/11/06 -- $574,000 to $549,000

Type: Listed on MLS(#061013465)

Resale Price: $549,000
Cost: $617,400

Loss@6% Sales Expenses: $101,340
Loss%: 16.4%

Purchase Date: 02/27/2004
Holding Period: 33 months and counting...

Bedrooms: 2
Bathrooms: 2.5
Square Feet: 1492

Purchase Details: view

2 comments:

Mark in San Diego said...

Thanks for bringing this up to date. I doubt if this unit was bought by a flipper, but you never know. It seems like the type of unit someone bought to live in, as the complex is very small. . .I am in Ohio this weekend (go Buckeyes) and I am very embarrased to tell people what condos and houses sell for in SD. . .$350K would buy a VERY nice home, and 500K would mean I was showing off with a minimansion. . .many places still go for around 200K here. . .of course it IS 42 degrees and overcast. . .and this is GOOD weather for this time of year!

Anonymous said...

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http://homepricehistory.blogspot.com/

If interested I'll run a San Diego report. Visit my site for details.