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


5 comments:

Anonymous said...

I looked that Laurel Bay twice. Once early on. The other time was not too long ago. The prices are still the same when it first came onto the market. I guess that it has been on the market for at least 2+ year. Correct me if I am wrong on the its length on the market. Anyway, For the price it is selling for is a total joke. I saw one about 1400 sf and it was about 780K. For that price, one can get some really nice units downtown. I have no idea why Laurel Bay is so expensive. It is not concrete and steel construction. I would be willing to pay 450K for that unit, just my perceived value and what I am willing to pay.

Overall, it is total joke.

Mark in San Diego said...

Agree with above - priced way too high - the Discovery is now offering the best values - two bedrooms for low 500's - a Bosa building, and good views even from low floors. . .still not wild about lack of retail in that area.

D. I. said...

I noticed this property is no longer listed. Did it sell or removed? Does anyone know?

Anonymous said...

Laurel Bay was way overpiced a year ago and is still overpiced today. It has horrible floor plans and poor construction. There are many more quality options out there. And current owner's hate the fact that they bought in to this project. The location is great but the building needs a lot of deferred maintenance. If you like the apartment feel, then this could be the place for you. :) I concur. Overall, it is a TOTAL Joke.

Anonymous said...

this place is a total joke and its like living in an apartment with more rules. you can't even control the heat and air conditioning in the lobby area or work out room. which people are already paying hoa's why would that be controlled? i wish i would have bought somewhere else. overall i have been very disappointed with the way things are handeled here.