Tuesday, January 30, 2007

Downtown Condo at Metrome #814

Metrome is located downtown San Diego Ballpark District development.

This unit has just taken a large price cut to below the price paid to the developer back in 2005. In my opinion this non-descript standard one bedroom condo is still overpriced.

Type: Listed on MLS(#066081452)

List Price: $395,000
(Range priced $380,000 to $410,000)
Cost: $461,700
Loss@6% Sales Expenses: $90,400
Loss%: 19.58%

Purchase Date: 11/04/2005
Holding Period: 14 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 735

Purchase Details: view

11 comments:

Anonymous said...

yes, it's still overpriced. The paint colors are scary!

Anonymous said...

oh God, my eyes are burning !

Anonymous said...

Seeing red all over. :)

Anonymous said...

Though I love the area, the buyers for this area are reserved for singles, and young yuppie DINK's, therefore 50% of the buying public won't even consider the area.

I'd rather just rent a room at the Marriott when I visit.

Curt said...

The MLS # (066081452) is now listed from $350,000 to #390,000.

Haircut continues...............

dave said...

Hi Brightside, I'm a big fan of your site and I've posted several times. In case you're not aware, here are the latest stats as of Jan. 1 '07 for downtown condos courtesy of the CCDC:

Units under construction: 3,414
Units approved: 4,058
Units pending approval: 3,058

I think we must assume that anything not under construction will not begin construction for several years (5+ I'd think) given the current market environment.

Currently there are 500 or so units on the market per the MLS. In addition there are obviously some builder units on the market that aren't in the MLS. There have been between 40 and 60 sales per month for several months now. Assuming that the 3,414 under construction are 60% sold to REAL end buyers (as opposed to people who will ultimately ask for their deposits back) - and I'm being VERY generous in this estimate - that means that somewhere on the order of 1,350 units are going to hit the market over the next 18 months (and, again, I'm being generous). And absent an Act of God I see no reason for the pace of sales to increase over the period, absent significant price declines. So, assuming that the pace of sales and new listings doesn't change much, adding these new units to the mix is going to engender som very "interesting times"... in the chinese curse sense of the word.

Mr. Brightside said...

dave,

Thanks for the feedback and the data update. There is no question that there is a ton of supply coming into the market. It's going to be very interesting to watch the market this year.

Also I'd add to your comments that a certain number of the units selling are relative bargains which push the comps lower and reset buyer expectations towards a better deal. You just don't have to jump on an ICON flipper unit these days in order insure that you have somewhere to live.

downtown sideliner said...

Let's not forget that many of the condos included in Dave's analysis have been sold already by the developer. I also believe there is a glut of supply, but some of those new buildings, particularly Bosa's buildings, are pre-selling at a better rate than I expected they would. I only know this from my friend who is an agent.

Bosa has a good product though, and other developers will have more of a challenge getting rid of their units.

Anonymous said...

Where are you guys seeing the photos?

Kely said...
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Katherine said...
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