Cityfront Terrace is a mid rise building located in the Marina District. This project is unique as it was developed during the prior real estate boom and ended up as rental project for a number of years as the condo market crash at the time made selling the building as condominiums unfeasible.
This particular unit is listed for sale below its prior price sales price from the summer of 2004. The MLS listing is offering an additional $4,500 for closing costs which is not factored into the loss calculation below.
The unit has endured the following price cuts:
Price Reduced: 08/11/06 -- $535,000 to $525,000
Price Reduced: 08/22/06 -- $525,000 to $500,000
Type: Listed on MLS(#066055232)
List Price: $507,500
(Range priced $500,000 to $515,000)
Cost: $532,000
Loss@6% Sales Expenses: $54,950
Loss%: 10.33%
Purchase Date: 07/21/2004
Holding Period: 29 months and counting...
Bedrooms: 1
Bathrooms: 1
Square Feet: 975
Purchase Details: view
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3 comments:
Let's see... Half a million bucks for a shoebox? Decisions, decisions..
-jcr
Take a look at Lew Breeze's site for the ICON - not even open, and looks like half the building is being dumped. . .guess those reservations weren't honored??
http://www.sandiegodowntown.info/current.html#Horizons
Respond to Mark in San Diego... LAST NIGHT I VISITED A FRIEND WHO JUST MOVED IN A ICON CONDO, I COULD NOT BELIEVE THAT PEOPLE ARE PAYING THAT PRICE.
THE KITCHEN QUALITY WAS BAD AND LOOKS LIKE IT WILL NO HOLD UP FOR NO MORE THAN 24 MONTHS. EITHER THE DEVELOPER IS BLIND OR THE BUYERS ARE SO STUPID... LOOKS LIKE THERE WILL BE A LOT OF LAWSUITS IN THE FUTURE...
PS: TOO BAD THE OUTSIDE LOOKS VERY GOOD...
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