Monday, April 30, 2007

Downtown Condo at Acqua Vista #602

This unit and the now infamous Acqua Vista is listed for $100,000 below the last sale price and $11,000 less than the first developer price.

Type: Listed on MLS(#076034265)

List Price: $400,000
(Range priced $400,000 to $400,000)
Cost: $500,000
Loss@6% Sales Expenses: $124,000
Loss%: 24.80%

Purchase Date: 08/30/2005
Holding Period: 20 months and counting...

Bedrooms: 2
Bathrooms: 1
Square Feet: 874

Purchase Details: view


Acqua Vista

As has been reported on this blog for quite sometime the problems at Acqua Vista are starting to hit the broader media. This Voice of San Diego article focuses on the problems at Acqua Vista.

This building is in rough shape, when I walk by it the for sale and for rent signs are quite numerous. The value in the building, in particular the lower units without views, is probably a solid 30% less than the current pricing.

Saturday, April 28, 2007

Downtown Condo listed below 2003 pricing at Pacific Terrace #404

Pacific Terrace is located at the edge of the Marina District near the Gaslamp Quarter. It's a relatively small project.

This unit is range priced just below the orginal developer price and the first resale price from 2003 which is quite notable.

Type: Listed on MLS(#076033488)

List Price: $275,000
(Range priced $260,000 to $290,000)
Cost: $347,000
Loss@6% Sales Expenses: $88,500
Loss%: 25.50%

Purchase Date: 08/14/2003
Holding Period: 44 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 606

Purchase Details: view


Thursday, April 26, 2007

Bankers Hill Condo at Laurel Bay #438

Laurel Bay is another apartment conversion although this property was built to very high standards so it would probably be more like a Cityfront Terrace type of conversion. That said the project has had tough times and to my knowledge the original developer, Hammer Ventures, has been removed from the active management of the conversion.

This particular property has taken a big hit and is listed well below the developer sales price from 2005.

Type: Listed on MLS(#076031743)

List Price: $497,000
(Range priced $485,000 to $509,000)
Cost: $585,990
Loss@6% Sales Expenses: $118,810
Loss%: 20.28%

Purchase Date: 11/18/2005
Holding Period: 17 months and counting...

Bedrooms: 1
Bathrooms: 2
Square Feet: 924

Purchase Details: view


Monday, April 23, 2007

Massive Loss on Downtown Condo at Discovery #1803

We are breaking records on this luxury condo at Discovery. It's last sale price was over $1 Million and it's current list price is below the recorded sale from August of 2004. That's an over $400,000 loss / 40% loss in value.

Additionally this property is in foreclosure proceedings.

Type: Listed on MLS(#076031736)

List Price: $700,000
(Range priced $675,000 to $725,000)
Cost: $1,095,000
Loss@6% Sales Expenses: $437,000
Loss%: 39.91%

Purchase Date: 04/07/2006
Holding Period: 12 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1230

Purchase Details: view


Saturday, April 14, 2007

Downtown Condo at Palermo #408

This and the next two posts all feature Palermo which is another development that was designed and built to be rental apartments that was converted into condominiums at the height of the market. At this point the values are almost certainly below the original developer prices.

Type: Listed on MLS(#076006643)

List Price: $499,900
(Range priced $499,900 to $499,900)
Cost: $515,050
Loss@6% Sales Expenses: $45,144
Loss%: 8.76%

Purchase Date: 04/01/2005
Holding Period: 24 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1065

Purchase Details: view


Downtown Condo at Palermo #610

Type: Listed on MLS(#076028664)

List Price: $439,900
Cost: $442,950
Loss@6% Sales Expenses: $29,444
Loss%: 6.65%

Purchase Date: 01/14/2005
Holding Period: 27 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 845

Purchase Details: view


Downtown Condo at Palermo #332

Type: Listed on MLS(#078025201)

List Price: $335,000
(Range priced $330,000 to $340,000)
Cost: $353,000
Loss@6% Sales Expenses: $38,100
Loss%: 10.79%

Purchase Date: 02/15/2005
Holding Period: 26 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 663

Purchase Details: view


Thursday, April 12, 2007

Downtown Condo at Acqua Vista #608

Acqua Vista is the often featured apartment conversion condominium project in Little Italy.

This is yet another unit listed below the original developer price. It has been on the market for every 150 days and has sustained two price cuts:

Price Reduced: 04/12/2007 from $335,000 to $324,800
Price Reduced: 04/06/2007 from $349,000 to $335,000

Type: Listed on MLS(#066094893)

List Price: $324,800
(Range priced $324,800 to $324,800)
Cost: $356,000
Loss@6% Sales Expenses: $50,688
Loss%: 14.24%

Purchase Date: 01/28/2005
Holding Period: 27 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 760

Purchase Details: view


Saturday, April 07, 2007

Downtown Condo at Treo #805

This unit at Treo is listed below its last sale price from almost three years ago.

Type: Listed on MLS(#076013055)

List Price: $480,000
(Range priced $465,000 to $495,000)
Cost: $515,000
Loss@6% Sales Expenses: $63,800
Loss%: 12.39%

Purchase Date: 06/17/2004
Holding Period: 34 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 871

Purchase Details: view


Wednesday, April 04, 2007

Real Estate Roller Coster

Taking a little break from the local posts to feature this very interesting video sent to me by Keith.

Tuesday, April 03, 2007

Downtown Condo at Acqua Vista #424

This is yet another Acqua Vista unit that's listed for a loss. I doubt this unit is worth more than the original developer price of $267,705.

Type: Listed on MLS(#076020008)

List Price: $275,000
(Range priced $275,000 to $275,000)
Cost: $307,000
Loss@6% Sales Expenses: $48,500
Loss%: 15.80%

Purchase Date: 04/12/2006
Holding Period: 12 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 628

Purchase Details: view