Large Loss on Luxury Downtown Condo at Harbor Club #2606

Harbor Club is a twin tower development near the Bay and convention center.

This unit has a very interesting sales history as Harbor Club is one of the older projects downtown which yields a longer sales history for the units there. It is listed well below its last sale price from 2005.

This is more specific evidence that higher end properties are also sustaining losses.

Type: Listed on MLS(#076025720)

List Price: $799,000
Cost: $875,000
Loss@6% Sales Expenses: $123,940
Loss%: 14.16%

Purchase Date: 09/23/2005
Holding Period: 18 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 1036

Purchase Details: view

Downtown Condo at El Cortez #409

The El Cortez is a rare historic condominium complex located on Cortez Hill.

The El Cortez is the subject of a lot of debate as the developer wants to add a second tower to the site. This unit is listed well below the developer sales price from the fall of 2004. At this point the El Cortez is likely another downtown condominium project in which all the units are worth less today than the original developer sales prices.

Type: Listed on MLS(#076024235)

List Price: $389,900
Cost: $445,000
Loss@6% Sales Expenses: $78,494
Loss%: 17.64%

Purchase Date: 10/08/2004
Holding Period: 29 months and counting...

Bedrooms: 1
Bathrooms: 2
Square Feet: 888

Purchase Details: view

$100K + Loss on Luxury Downtown Condo at Park Place #1305

Park Place is a Bosa project in the Marina District.

This unit just sustained a $50,000 price cut. The new list price is now less than its last sale price in June of 2004 - nearly three years ago. I'd also add that I still hear and read the arguments that higher end properties have not declined in value. This property is a good example of a high end unit that has lost value.

Type: Listed on MLS(#076020447)

List Price: $849,900
(Range priced $849,900 to $849,900)
Cost: $900,000
Loss@6% Sales Expenses: $101,094
Loss%: 11.23%

Purchase Date: 06/23/2004
Holding Period: 33 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1353

Purchase Details: view

Downtown Condo at 350 W. Ash #701

350 West Ash is a former office building that was converted into condominiums. It sits on the border between Little Italy and the Columbia District.

This unit is listed below its first sale price from July 2006.

Type: Listed on MLS(#076013677 )

List Price: $485,000
(Range priced $475,000 to $495,000)
Cost: $507,400
Loss@6% Sales Expenses: $51,500
Loss%: 10.15%

Purchase Date: 07/06/2006
Holding Period: 8 months and counting...

Bedrooms: 0
Bathrooms: 1.5
Square Feet: 846

Purchase Details: view

Bad Day at Acqua Vista

I have a membership at foreclosure.com which updates foreclosure information on a daily basis. Today three units at Acqua Vista went into foreclosure. As noted on this blog I believe that virtually every unit at Acqua Vista is worth less today than K. Hovnanian sold the units for a few years ago.
View Downtown San Diego Foreclosures

Listing and Price Cut Activity Downtown

SDLookup.com reports daily market changes, today the site is showing many new listings and price reductions.

I've also added their RSS feed to the blog on the right side. If you don't use RSS it is very useful new technology that lets you subscribe to your favorite sites without getting emails or having to go load the site everyday.

Also here is the RSS feed for this blog:

http://sandiegomarketmonitor.blogspot.com/feeds/posts/default

Downtown Condo at Discovery #1101

Discovery is a Bosa Development project located on Cortez Hill.

This unit last change hands almost exactly two years ago and has generated a $100,000+ loss.

Type: Listed on MLS(#076021365)

List Price: $675,000
(Range priced $650,000 to $700,000)
Cost: $752,000
Loss@6% Sales Expenses: $117,500
Loss%: 15.63%

Purchase Date: 03/24/2005
Holding Period: 24 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1230

Purchase Details: view

Downtown Condo at Treo #502

Treo is located in the Columbia District. This unit is listed below is sales price for 2006 which is interesting as the market was already starting to soften at the time.

Type: Listed on MLS(#066076864)

List Price: $624,938
(Range priced $600,000 to $649,876)
Cost: $670,000
Loss@6% Sales Expenses: $82,558
Loss%: 12.32%

Purchase Date: 02/09/2006
Holding Period: 13 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1281

Purchase Details: view

Downtown Foreclosure Boom?

If you read the financial news then you're probably aware of the meltdown of the various sub-prime lenders that is taking place in the equity markets. The blog entries on specific properties on this blog and the foreclosure trend are directly linked to the financial problems the mortgage industry are having are directly related.

Foreclosure.com has a large number of properties showing as newly foreclosed. There are also a handful of new pre-foreclosures listed as well. Enter to see more information enter the zip code on foreclosure.com and browse around. They offer a free trial which will show more detailed information.

Downtown Penthouse Condo at Acqua Vista #1751

Acqua Vista is located in Little Italy and has been discussed numerous times on this blog.

This property is one of the penthouse units. It's notable that it's listed for $40,000 less than the developer price set back in July of 2004. At this stage I suspect that virtually every unit at Acqua Vista is worth less than it's original developer price.

Type: Listed on MLS(#076018651)

List Price: $749,000

Cost: $790,291
Loss@6% Sales Expenses: $86,231
Loss%: 10.91%

Purchase Date: 07/29/2004
Holding Period: 32 months and counting...

Bedrooms: 2
Bathrooms: 2.5
Square Feet: 1379

Purchase Details: view

La Jolla Condo at Country Club Place #2A - 7411 Herschel

This La Jolla property is listed at a price that if sold will result in $100,000+ loss.

Type: Listed on MLS(#071000848)

List Price: $689,000
(Range priced $689,000 to $689,000)
Cost: $765,000
Loss@6% Sales Expenses: $117,340
Loss%: 15.34%

Purchase Date: 09/09/2004
Holding Period: 30 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1007

Purchase Details: view

Liberty Station "Lottery" Expose

I'm sure that most market watchers observed the "lotteries" back in the boom days and if you were like me thought that whole process was somewhere between sales gimmick and poor ethics. The Union Tribune has published an interesting analysis on the situation.

It is a real shame that so many properties have sat totally vacant all this time.

Downtown Condo at Acqua Vista #1253

Acqua Vista is an apartment conversion located in Little Italy. It was designed and developed as an apartment building and was sold midway through the development of the building to Hovnanian which then resold as then apartments as condominiums.

The sales history shows two sales, this listing is interesting as the list price is lower than the original developer price that the unit first changed hands at back in 2004.

Type: Listed on MLS(#076016765)

List Price: $369,900
(Range priced $369,900 to $369,900)
Cost: $430,000
Loss@6% Sales Expenses: $82,294
Loss%: 19.14%

Purchase Date: 04/11/2005
Holding Period: 23 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 661

Purchase Details: view