The Grande is a twin tower luxury high rise project built by Bosa Development and is located in the Columbia District. This large unit is in the south tower which was the first tower completed.
Type: Listed on MLS(#061050873)
List Price: $1,050,000
(Range priced $1,000,000 to $1,100,000)
Cost: $1,150,000
Loss@6% Sales Expenses: $163,000
Loss%: 14.17%
Purchase Date: 10/19/2004
Holding Period: 26 months and counting...
Bathrooms: 2
Square Feet: 1625
Purchase Details: view
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3 comments:
Something looks fishy about these sales numbers:
Sales History
Date Price
10/19/2004 $1,150,000
09/30/2004 $743,300
Did someone really make over $300k in less than 3 weeks?
Anon,
The Grande was new back then, that sale was almost assuredly the original buyer (flipper) that had contracted to buy that unit at that price 2-3 years before delivery.
That was an amazing time in terms of profits, those profits fueled the investor frenzy that is now going the other direction and is resulting in losses, short sales and foreclosures.
brightside,
Your scenario makes sense. Precontruction purchases are a good deal sometimes. Looks like the original purchaser walked away with a tidy profit on this deal.
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