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
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10 comments:
i dont know what is more incredible.. the big loss, or the fact that some idiot paid over 1 million for that rabbit hutch.
We are definitely starting to see some cracks in the higher end market. Another example is unit 903 in the Pinnacle which was just listed at $612,000. The unit sold in July 06 for $785,000. Painful, but good news for future buyers.
I'd like to see price drops like this on the high rises in Irvine, the Marquee Park Place and the Plaza Irvine. It'd be nice to see $1 million Irvine condos selling for $700K.
i wonder if this is some type of cash-back fraud deal. Would not be surprised if it were.
I think fraud or some other error is a possibility on this one. It's notable that the listing is below the second to last sales price as well.
to the first post...that is very true...is it that they overpaid or big loss
I hope the bank takes it over and a nice family buys it.
There is supposed to be a Trustee Sale on this property at the end of June in El Cajon, can anyone find/publish more details?
There is supposed to be a Trustee
There is supposed to be a Trustee Sale on this property at the end of June in El Cajon, can anyone find/publish more details?
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