Wednesday, February 07, 2007

Downtown Condo at doma #302

doma is a Citimark building in Little Italy, I would consider it a very high quality building.

Type: Listed on MLS(#070009335)

List Price: $529,900

Cost: $565,000
Loss@6% Sales Expenses: $66,894
Loss%: 11.84%

Purchase Date: 07/09/2004
Holding Period: 31 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 960

Purchase Details: view


Anonymous said...

I looked at the pictures. The styling is so suburban condo like (eg. the patio door and windows). I like the sleek urban look.

High Quality? hummm... standing water on the terrace. That's not good if it's a wood frame building.

Mr. Brightside said...

Half of doma is wood frame the other half is concrete. It's a very nice project, totally different than nearby property which is a lot of apartment conversions.

That said standing water isn't good but that is common on patios downtown.

Anonymous said...

Citimark buildings are very good. However I think another unit this size went into escrow listed at $469K. It looks like the loss will need to be a lot bigger.

Mr. Brightside said...


I agree on both points, the project is very nice but the price is too high and will most likely lead to a larger loss.

More trivia on doma is that to my knowledge it's the only Citimark project that has a hot tub. It's too bad they don't do more of that since in my opinion a hot tub is a very nice amenity and helps create community in a building. M2i would have been extremely nice if it has a rooftop hot tub...

Anonymous said...

Hot tub? I'm kinda averse to sharing a pool of hot water with strangers. Warm water + bacteria = disease. I think it'd be OK if, like in Japan, they required that you shower first prior to entering the hot tub.

So Mr. B, what do you a fair price is for this condo? I don't mean to put you on the spot because no one can predict the future. You can answer (or not) however you'd like.

Mr. Brightside said...


Most hot tubs have so much chlorine in them that I doubt much can happen. But of course to each their own if you want a low HOA fee more than a hot tub then there are lots of choices out there.

As far as value goes for a <1,000 square foot unit without a view, two parking spots in a nice building I'd say the get it sold value today is easily less than $500K. As another post noted a similar unit sold for $470K. The value set back in 2003 by the developer was $299K which should also give you a good indication of what the market valued the unit at just a few years ago.

Will the unit go back to 2003 prices? That's not impossible in my view especially if we are in teh second year of a 5-6 year slump.
Today to get it to sell quickly you're looking at $445K.