Thursday, January 18, 2007

Three Losses at Lofts at 777 6th Avenue

Readers of this blog will remember a post or two on the lofts at 777 6th Avenue where future losses were speculated. The project was developed as rental apartments and were converted into condominiums a few years ago. The project does not appear be sold out. In addition there are three resale units that are listed for at losses to the current owners.

The three losses are below:

Unit #209

Type: Listed on MLS(#066087611)

List Price: $395,000

Cost: $441,000
Loss@6% Sales Expenses: $69,700
Loss%: 15.80%

Purchase Date: 10/11/2006
Holding Period: 3 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 725

Purchase Details: view


Unit #236

Type: Listed on MLS(#066102911)

List Price: $395,000
(Range priced $385,000 to $405,000)
Cost: $440,000
Loss@6% Sales Expenses: $68,700
Loss%: 15.61%

Purchase Date: 10/20/2006
Holding Period: 3 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 700

Purchase Details: view

Unit #425

Type: Listed on MLS(#066100209)

List Price: $554,000
(Range priced $539,000 to $569,000)
Cost: $619,000
Loss@6% Sales Expenses: $98,240
Loss%: 15.87%

Purchase Date: 10/20/2006
Holding Period: 3 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1002

Purchase Details: view

3 comments:

Anonymous said...

This comes as no surprise

Ricky said...

Did the same person purchase all three?

Anonymous said...

It seems quite strange. Less than half the units have been purchased and they are actually trying to rent the remaining units. Why did three units close at prices much higher than market in October?