Saturday, January 13, 2007

Downtown Condo at Palermo #509

Palermo is a low rise condominium technically located in Cortez Hill, since it's across the street from the Little Italy many fairly consider this development as being located in the more attractive Little Italy neighborhood. Palermo was developed to be "workforce housing" which based on my viewing of the quality there I interpret as low to middle level rental apartments. This project is similar to Acqua Vista, The Mills and Portico as they were all newly developed rental projects that were converted to condominiums at the height of the boom.

This unit is listed at a nearly $100K loss and priced less that the developer price from 2004.

Type: Listed on MLS(#076003016)

List Price: $534,900

Cost: $596,970
Loss@6% Sales Expenses: $94,164
Loss%: 15.77%

Purchase Date: 10/29/2004
Holding Period: 27 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1106

Purchase Details: view

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