This property has a lot going on:
- $100K+ loss
- Bank Foreclosure
- Listed below the developer price from over two years ago
- In addition this property has sustained the follow price reductions:
Price Reduced: 10/17/06 -- $599,900 to $584,900
Price Reduced: 11/29/06 -- $584,900 to $569,900
Search for pending and fully foreclosed properties on Foreclosure.com
Type: Listed on MLS(#066074814)
List Price: $569,900
Cost: $637,554
Loss@6% Sales Expenses: $101,848
Loss%: 15.97%
Purchase Date: 12/10/2004
Holding Period: 25 months and counting...
Bedrooms: 3
Bathrooms: 2.5
Square Feet: 1425
Purchase Details: view
Thanks to an anonymous poster on the www.sdlookup.com forums for finding this property.
4 comments:
They'll need to do more if they want to be competitive with 35 other Escala units that currently show for sale according to ZipRealty (plus any non-MLS FSBOs there might be). There's a 1735 sq ft unit listed for $549,900 -- almost $83/sq ft less than this one. Admittedly that is a 2-bedroom while this one is a 3-bedroom, but there's plenty of even more direct competition: 19 other 3-bed units just in Escala, including larger units selling for less.
It always amazes me that similar units in the same building or street are selling at such different prices. . .do they think people like me who are in the market don't look at all the listings? I have been looking at the Grande downtown, and units on higher floors are often selling for less than lower floors - and believe me, they are all the same. . .very few upgrades, as the developer, Bosa, did a pretty good job on features.
If you look at pictures of homes and units, people seem to think they are selling their furniture rather than condos or houses. . .
On a broader note, I really feel that the next three months will tell the story on the housing market in SD. The MLS is exploding again after the holiday, as all those expired listings are coming back on the market - but from a higher plateau of listings. I was also at Discovery, looking at a Bank Owned property on the 19th floor, and while I was there, the resident manager was having a discussion about a unit on 9th floor where the owner had just filed BK, and his renter didn't know about it. . .she said, "that is the third foreclosure now". . .yes folks, 2007 will be the bottom I predict.
The developer price isn't terribly important. I was on the list for Escala and the prices varied wildly depending on what phase you were in. They raised the prices 20-40k per phase over the coarse of 5-6 phases. Purchase prices varied greatly depending on what phase you were in.
Josh
I rented in Escala for about two years. There's lots of young people there who must have 100% financing. BMWs and whatnot all over the place. I figured it was just a matter of time.
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