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 sdlookup.com 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.

Monday, November 27, 2006

Downtown Condo at The Grande #801

The Grande is a twin tower luxury high rise in the Columbia District downtown.

This unit has changed hands twice since the building was completed by Bosa Development in 2004. The second transaction is resulting in a significant loss

Type: Listed on MLS(#066076553)

List Price: $899,000
(Range priced $899,000 to $899,000)
Cost: $920,000
Loss@6% Sales Expenses: $74,940
Loss%: 8.15%

Purchase Date: 07/14/2005
Holding Period: 16 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1684

Purchase Details: view

Sunday, November 26, 2006

Downtown Condo at Harbor Club #3302

This luxury unit last changed hands in the summer of 2005.

Harbor Club is the twin tower "older" complex across the street from the Convention Center. It's an interesting development to watch as the price history on SDLookup.com goes back to to the early 90s. Pretty amazing price action.

You can view the price history here: view

Type: Listed on MLS(#066092124)

List Price: $1,549,000
(Range priced $1,499,000 to $1,599,000)

Cost: $1,650,000
Loss@6% Sales Expenses: $193,940
Loss%: 11.75%

Purchase Date: 08/05/2005
Holding Period: 15 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1474

Purchase Details: view

Tuesday, November 21, 2006

Downtown Condo at Trellis #411

This downtown condo is listed as fully furnished for the right offer. Most likely this infers that that unit was an investment or second property and given the loss the owner is taking this is pretty time to move on for the current owner.

Trellis is located on the southern end of Fifth Avenue which is the main street in the Gaslamp Quarter

Type: Listed on MLS(#066084546)

List Price: $439,000
(Range priced $439,000 to $439,000)
Cost: $480,000
Loss@6% Sales Expenses: $67,340
Loss%: 14.03%

Purchase Date: 06/17/2005
Holding Period: 17 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 803

Purchase Details: view

Monday, November 20, 2006

Scripps Ranch Investment - 11049 Caminito Arcada

This home is owned by a real estate investment outfit called "EKM Properties LLC", it was purchased back in the summer for 2004 for just under $500K and recent went into pending sale status with a list price of $448,900.

Type: Listed on MLS (#066060971)

Resale Price: $448,900
Cost: $499,000
Loss@6% Sales Expenses: $77,034
Loss%: 15.44%

Purchase Date: 07/09/2004
Holding Period: 28 months and counting...

Bedrooms: 3
Bathrooms: 2.5
Square Feet: 1172

Purchase Details: view

Sunday, November 19, 2006

From whirlwind to tailspin | The San Diego Union-Tribune

Here's a very interesting update on how real estate agents and brokers are doing in the current market conditions. I would add to this article my observations that a lot of real estate and mortgage sales people seem to be active in investment property as well.

From whirlwind to tailspin The San Diego Union-Tribune

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

Monday, November 13, 2006

Real Estate Agent Owned Downtown Condo at Union Square #2409

Here's a short sale that's owned by a real estate agent. The sale also includes three flat panel televisions. These are not included in the loss calcuation.

There were a lot of these 700 square foot units at Union Square that were flipped so one could speculate that there are a number of simiilar units all worth less than what the current owner paid.

Union Square is a three building low rise condo complex in downtown's East Village.

Type: Listed on MLS(#068089931)

List Price: $345,000
(Range priced $325,000 to $365,000)
Cost: $385,000

Loss@6% Sales Expenses: $60,700
Loss%: 15.77%

Purchase Date: 09/29/2004
Holding Period: 26 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 710

Purchase Details: view

Sunday, November 12, 2006

Scripps Ranch Single Family Home Listed Below 2004 Price - 12838 Hideaway Lane

The MLS listing description indicates this property is vacant and the seller if motivated. The SDLookup.com report shows only one sale so this property is likey trading below the developer price from 2004.

Type: Listed on MLS(#068033953)

List Price: $875,000
(Range priced $850,000 to $899,000)
Cost: $916,990

Loss@6% Sales Expenses: $94,490
Loss%: 10.30%

Purchase Date: 11/09/2004
Holding Period: 24 months and counting...

Bedrooms: 5
Bathrooms: 2.5
Square Feet: 3390

Purchase Details: view

Wednesday, November 08, 2006

Downtown Condo at 235 Market #403

235 Market is a low rise condo in the Marina District very close to the Gaslamp Quarter.

This one bedroom has declined in value a solid 10% since the last time it changed hands in early 2004. SDLookup.com shows a price of $271,810 in August 2001, if we look at the market as rolling back in price and time you have to wonder if we're heading as far back as 2001.

Price cut history:
Price Reduced: 06/19/06 -- $439,900 to $424,900
Price Reduced: 09/24/06 -- $424,900 to $399,900

Type: Listed on MLS(#066036945)

List Price: $399,900
Cost: $445,000

Loss@6% Sales Expenses: $69,094
Loss%: 15.53%

Purchase Date: 03/30/2004
Holding Period: 32 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 734

Purchase Details: view

Tuesday, November 07, 2006

Scripps Ranch Single Family Home - 10935 Caminito Arboles, San Diego, CA 92131

Here's another pretty standard single family home in Scripps Ranch.

Type: Listed on MLS(#066086668)

Resale Price: $639,000
Cost: $659,000

Loss@6% Sales Expenses: $58,340
Loss%: 8.85%

Purchase Date: 09/06/2005
Holding Period: 14 months and counting...

Bedrooms: 4
Bathrooms: 2.5
Square Feet: 1968

Purchase Details: view

Monday, November 06, 2006

Downtown Condo at Victorian House #7

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 adddition 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 huring 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

Type: Listed on MLS(#061013465)

Resale Price: $574,000
Cost: $617,400

Loss@6% Sales Expenses: $77,840
Loss%: 12.61%

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

Bedrooms: 2
Bathrooms: 2.5
Square Feet: 1492

Purchase Details: view

Sunday, November 05, 2006

Prices are declining, but not all areas act the same

New article in today's Union Tribune has some wild decline numbers, however as many of us know the aggregate number approach isn't that useful which is a large reason for the blog's existence as we like to look at specific properties.

Nevertheless the downward price movement is very clear. How long will it persist?

Story Link: Prices are declining, but not all areas act the same The San Diego Union-Tribune

Saturday, November 04, 2006

Scripps Ranch Single Family Home Priced Below June 2004 Value - 11060 Ivy Hill Dr

This is a pretty standard single family home, what's interesting is that it is listed below the price it last changed hands for back in June 2004.

Type: Listed on MLS(#066090241)

Resale Price: $549,000
Cost: $580,000

Loss@6% Sales Expenses: $63,940
Loss%: 11.02%

Purchase Date: 06/10/2004
Holding Period: 29 months and counting...

Bedrooms: 3
Bathrooms: 2.5
Square Feet: 1470

Purchase Details: view

Friday, November 03, 2006

Downtown Condo at Cityfront Terrace #1205

This luxury unit has depreciated below what it changed hands for in July 2004. This unit has been on the market for over 200 days and has oddly had a price increase a few weeks ago.

Since the unit has been listed for quite sometime a reasonable conclusion is that it's overpriced.

Note the price change history:
Price Reduced: 06/03/06 -- $799,000 to $789,000
Price Reduced: 06/13/06 -- $789,000 to $775,000
Price Reduced: 08/08/06 -- $775,000 to $729,000
Price Increased: 10/19/06 -- $729,000 to $749,000

Cityfront Terrace is located in downtown's Marina District

Type: Listed on MLS(#066031291)

Resale Price: $749,000
Cost: $800,000

Loss@6% Sales Expenses: $95,940
Loss%: 11.99%

Purchase Date: 07/07/2004
Holding Period: 28 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1211

Purchase Details: view

Downtown Condo at Portico #318

Here's another Portico unit that's been listed on day one at a loss.

Since this unit doesn't have a patio and is very small in an building that was designed as rentals and then converted into condos the real value of this unit is probably no more than $1,200 a month. When you run the numbers including taxes and HOA the value of this unit is around $175,000. I'm not sure they will go that low but that's all it's really worth if you think in terms of monthly payment.

The sales history shows the first sale which was likely from the developer to the first owner in the low $200,000s so this unit appears to be in pretty big trouble.

Portico is in downtown's Little Italy neighborhood.

Type: Listed on MLS(#066091539)

Resale Price: $304,000
(Range priced $299,000 to $309,000)
Cost: $320,000

Loss@6% Sales Expenses: $34,240
Loss%: 10.70%

Purchase Date: 06/22/2005
Holding Period: 17 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 553

Purchase Details: view

Thursday, November 02, 2006

Single Family Home Flip Goes Bad - 9879 Caminito Pudregal Diego, CA 92131

This property was recently purchased in April 2006 for $920,000. I'll speculate that this was a flip purchase that's gone awry. It recently went into pending sale status with a list price of $880,000 leaving a substantial loss of $90,000+.

Additionally interesting is the sales history available on the newly released sdlookup.com. It shows a sale in 2003 for $590,000 on this property. Are we headed back to 2003 prices? See this property on SDLookup.com

Type: Listed on MLS(#066085434)

Resale Price: $880,000
Cost: $920,000

Loss@6% Sales Expenses: $92,800
Loss%: 10.09%

Purchase Date: 04/11/2006
Holding Period: 7 months and counting...

Bedrooms: 3
Bathrooms: 2
Square Feet: 2081

Purchase Details: view