Thursday, March 15, 2007

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


Mark in San Diego said...

Check out for 92101 again today - Saturday 3/17 - lots of new places, including 1902 in LaVita. . .the sales history is interesting - a flipper held 1902 one month and pocketed a few hundred thousand. . .things are really heating up these days.

Acqua Vista is really looking sad - a number of "For Sale By Owner" signs - a "For Lease" sign that has been up since just after Christmas, and Agent For Sale signs on a lot of other windows. . .this is looking like what my grandmother used to say about the 1930's - houses in San Francisco just stood vacant for years -

Mr. Brightside said...

Hi Mark

Acqua Vista is looking rather rag tag with the by owner stuff going on. My sense is that people there are trying to get out w/o a real estate agent fee. Ironically it takes more marketing and hard work to sell a place now so the IPayOne/HelpYouSell/By Owner stuff just isn't going to work. The only way around that is to put a compelling price on the place to get it sold. Since virtually every unit there is worth less than what even the original buyer paid it's a pretty grim situation. I would imagine the HOA has a lot of late payers as well.

I'm watching the MLS closely and there are a number of places that have their prices cut and they still aren't selling. It's going to take more and deeper prices cuts to clear these units off of the market.

I actually think La Vita is the benchmark for where prices are going to retreat to. If you run the numbers the original developer prices equate to decent rental equivalents. Of course those prices are substantially less than even today's prices.

Mark in San Diego said...

From this morning's San Diego Tribune:

Things are really going down hill fast. BTW - I am not sure that the 1902 was in LaVita - I saw the Beech Street address and 1902, but forgot Discovery is also over 17 floors and on Beech. . .there is a 1902 here in LaVita, but also in Discovery - more footwork on my part is needed.

Willy said...

How long do you think all the sellers in Acqua Vista and Treo can hold on? There have been some sales, but I bet they stop this month.