Friday, December 08, 2006

Tiny Condo, Huge Loss - Downtown Condo at The Mills #514

The Mills is located on Cortez Hill, it was designed and developed as rental apartments but was converted into condominiums almost at the exact high in the market.

I used to watch people queue up on Saturday mornings for the various sales phases. At this point every single property at this project is probably underwater relative to original developer cost. While the Mills is low grade housing the studios there like this property have the distinction of being the worst design of any condos built during the large development wave. This is all in my opinion of course but if you've seen these unit you'll probably agree.

Type: Listed on MLS(#066098986)

List Price: $239,000

Cost: $295,500
Loss@6% Sales Expenses: $70,840
Loss%: 23.97%

Purchase Date: 08/19/2004
Holding Period: 28 months and counting...

Bedrooms: Studio
Bathrooms: 1
Square Feet: 450

Purchase Details: view

3 comments:

bub said...

On the MLS listing.

For Property Style "None" is the chosen description.

Realtwhores you gotta love em. Just be sure you have "protection".

Anonymous said...

Idiot owner paid $655/sq-ft.

Jessica said...

For those of you who were commenting on the Cortez Hill neighbourhood, I thought I would direct you to an agreeable little restaurant in the Quality Inn building. It is on 6th, in between Ash and Beech--closer to Ash. Indigo Cafe. The food is quite good (although nothing fancy), the service is excellent, and it is cheap. A lot better value than you will get a few blocks closer to Gaslamp. They do a good breakfast, too. The owners are really trying to build up regulars and are very nice. It is a low key place to grab a bite.