Friday, February 16, 2007

Downtown Condo at Acqua Vista #1352

Acqua Vista is a twin tower midrise in Little Italy. It was developed to be rental apartments and was converted into condominiums before the building was completed. This building was one of the first buildings downtown to start showing signs the housing market was cooling off.

This specific unit is selling for less than the developer price that it last changed hands at back in the summer of 2004. At this stage I suspect that every unit in the building is worth less than the developer price paid.

Type: Listed on MLS(#076012885)

List Price: $349,900

Cost: $375,313
Loss@6% Sales Expenses: $46,407
Loss%: 12.36%

Purchase Date: 08/19/2004
Holding Period: 30 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 655

Purchase Details: view

3 comments:

Mark in San Diego said...

"Worth less than developer price". . .as well they should be . . .I have looked at a number of units at Aqua Vista, and they look like apartments - very 3rd rate kitchens, not enough parking - forced vallet, and small rooms. . .even this unit should (and likely will) be selling for about 250K!

AnalysisGuy said...

Just released the year end San Diego report and it was a blood bath as everyone suspected!

thebubblebuster.com

Anonymous said...

Brightside, keep up the good work! You may want to check out The Mills Unit 522 (1642 7th Avenue, Unit 522, 92101). I think this owner's into the property at $525K or thereabouts and it's now range priced for sale at $460K-$499K. It's been on the market for quite some time.