Friday, March 02, 2007

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

6 comments:

Anonymous said...

Wow, and the people who got in on the "ground floor" thought that they'd never loose.

It's going to be hurtin' real bad when the majority of the original buyers from builders see their units drop to under purchase price.

Mark in San Diego said...

On a related matter - two new developments just opened - Lofts on Cortez Hill (not new, but just finished) and Solara - now THAT was a surprise this afternoon when I pulled off the 163! A huge sign saying 77 Loft units available - the building has been under wraps (literally) since I moved to SD last June. . .I thought it was a Cristo Artwork, or a fumigation of an office building. . .so there we have it - Lofts on Cortez in the 300's and Solara starting in the high 200's. . .just add about 200 new condos to the inventory downtown!. . .btw - at the sales office about 1 1/2 years ago for Lofts on Cortez, the prices then started at about 420K as I recall.

Anonymous said...

Regarding the lofts' prices? there is price decreases of 120K? That is lots

Anonymous said...

What do you think of the 2 story 1bd loft at Loft on Cortez? Are they worth looking at?

Mr. Brightside said...

From what I can tell the two story lofts at Alofts are pretty expensive and do not have a balcony/patio space. Solara Lofts will probably be a better product.

Anonymous said...

I was involved with the first phase of Aloft on Cortez Hill (July 2005) and the prices started in the very low 300s for lofts and 1 beds. (in the 303k - 310k range). As far as I know the prices have remained about the same for the low end units. I liked the 1 BRs, but not the "lofts". These are really just glorified studios without the glory - with a small bed area 1 or 2 steps up from the rest of the room. just didnt seem like a good layout to me. Also probably about half of the building (maybe 80 out of 160) are these small loft units, so I wouldn't be surprised if these take a long time to sell. I wonder how many units they still have available....