This Mission Valley condo is an example of a major value reduction from its last sale in 2004. The sales history shows a sale in June of 2003 for more than the low end of this range priced listing. It's quite expected for a basic condominium like this one to depreciate fairly quickly as the rent versus buy analysis is very easy to apply to a small one bedroom condominium in a non-premium location.
Thanks to Chris for pointing this property out via email
Type: Listed on MLS(#076003679)
List Price: $182,938
(Range priced $150,000 to $215,876)
Cost: $258,500
Loss@6% Sales Expenses: $86,538
Loss%: 33.48%
Purchase Date: 08/03/2004
Holding Period: 30 months and counting...
Bedrooms: 1
Bathrooms: 1
Square Feet: 667
Purchase Details: view
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2 comments:
looks like the granite was slapped onto the old cabinet which were repainted.
Mr Brightside, you used the term "depreciation" when referring to San Diego condos. The more acceptable term, as used by the developers and realtors®, is to say they "accrued negative appreciation."
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