Sunday, February 11, 2007

UTC/La Jolla Condo at Verano #2014

Verano is one of the many apartment conversion condominiums in the UTC area. There are still developer units available at Verano.

Type: Listed on MLS(#071011186)

List Price: $442,999
(Range priced $415,999 to $469,999)
Cost: $490,000
Loss@6% Sales Expenses: $73,581
Loss%: 15.02%

Purchase Date: 09/21/2005
Holding Period: 17 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1037

Purchase Details: view


Anonymous said...

I live near Verano in UTC, and I just saw a new sign up saying 2 Bedroom 2 Bath condos **start** at the mid 300's now. Good luck trying to unload this one!


Mr. Brightside said...

I suspect that a lot of these units will get handed back to the banks.

This is one reason why the subprime lenders are getting destroyed from a share price point of view. Many of these loans are going to get hit by 50% by the time the market is done going down and with all expenses involved with dumping property and money that's not getting any interest these loan portfolios out there are going to get hurt badly.

I doubt this will stop at the subprime lenders.

Anonymous said...

IMHO these units are not even worth it at a 50% decrease from peak price. As one used to live in one of these apts before they converted, I know that they did not upgrade the insulation, wiring, etc. all they got was a fresh coat of paint and the all-important "granite countertops". Just not worth it.
About the subprime carnage spreading to the prime, i think the wild-card might be the Fed and the US gov't. If any of the big banks (e.g. Wells Fargo or BofA) come down with problems, I think either the Fed or the US gov't will somehow intervene. (Yes, read "bailout".)


ps. Great blog btw. Just recently found it.

Anonymous said...

Wells Fargo might just get into trouble. They bought a subprime lender and renamed it WF Financial.