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
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6 comments:
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.
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.
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.
anon,
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...
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.
anon;
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.
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