Wednesday, January 24, 2007

UPDATE Foreclosed Downtown Condo - Park Boulevard West #1110

Park Boulevard West is located in the East Village/Ball Park District, note there are several new projects coming online with brand new units that are unsold. The price action in that part of the downtown market should be quite interesting in 2007.

This property has been on the market for awhile and had just sustained another $30,000+ price cut.

This latest price cut moves the list price of the unit very close to the original developer price set almost three years ago.

The price cut history is also of interest:
Price Reduced: 09/28/06 -- $364,900 to $358,900
Price Reduced: 10/02/06 -- $358,900 to $354,900
Price Reduced: 10/20/06 -- $354,900 to $344,900
Price Reduced: 11/24/06 -- $344,900 to $332,900
Price Reduced: 01/23/07 -- $332,900 to $299,900

More details about this and thousands of other properties availabe at Foreclosure.com

Type: Listed on MLS(#061069101)

List Price: $299,900

Cost: $380,000
Loss@6% Sales Expenses: $98,094
Loss%: 25.81%

Purchase Date: 11/05/2004
Holding Period: 26 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 689

Purchase Details: view

2 comments:

Mark in San Diego said...

Agree, this area of downtown - East Village/Ballpark will be the hardest hit, as I count 6 new properties that will come on the market this year - Icon is already being occuppied, and Park Terrace is on the market. . .the Mark, Smart Corners, and the Ledgend will all join them soon. . .of note is the huge jump in countywide inventory since Jan. 1st. . .(see ziprealty.com) now at 17,120 this afternoon - was down to 16,200 on January 2nd. . .all those units that were pulled off the market are falling all over each other to relist!. . .I believe the next 6 months will tell the story.

Anonymous said...

Wow, that's a huge crash in value. It's not like that price they paid for the unit is abnormally high, that's what units like that used to sell for, also at $300K it's a "relative" bargain but still overpriced.