Downtown Condo at Park Row #112

Park Row is one of downtown's older projects and is in the Marina District. This large one bedroom loft is listed below last sales price from the fall of 2005. The sales history on this one is very interesting as the 2nd to last sale from January 2005 shows practically no growth.

Type: Listed on MLS(#076040962)

List Price: $510,000
Cost: $540,000
Loss@6% Sales Expenses: $60,600
Loss%: 11.22%

Purchase Date: 11/15/2005
Holding Period: 18 months and counting...

Bedrooms: 1
Bathrooms: 2
Square Feet: 977

Purchase Details: view

Large Loss on Luxury Downtown Condo at The Metropolitan #2803

The Metropolitan might possibly be the highest end condominium in downtown San Diego. I know several Realtors are saying that only the low end properties have seen price corrections, this specific unit indicates otherwise.

Type: Listed on MLS(#066046317)

List Price: $2,288,888

Cost: $2,400,000
Loss@6% Sales Expenses: $248,445
Loss%: 10.35%

Purchase Date: 03/16/2005
Holding Period: 26 months and counting...

Bedrooms: 2
Bathrooms: 2.5
Square Feet: 2058

Purchase Details: view

$100K Plus Loss on Downtown Condo at Metrome #305

Metrome is in the East Village/Ball Park District. This development sold a lot of units at the market high which has lead to a fair number of losses at the complex.

This large one bedroom unit is listed well below the developer price from 2005.

Type: Listed on MLS(#078035143)

List Price: $425,000
(Range priced $400,000 to $450,000)
Cost: $510,700
Loss@6% Sales Expenses: $111,200
Loss%: 21.77%

Purchase Date: 08/26/2005
Holding Period: 21 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 994

Purchase Details: view

Alicante Auction

Interesting forum thread that discussed a "fly by auction" today at Alicante which is very interesting.

I'm sure this was planned but I've not heard of this occurring at the property location before. This did not seem well marketed as one of the tenants in the building didn't even know it was going to occur until after it started.

Stunning Loss on Downtown Condo at ParkLoft #602

This loss is so large that I have to wonder if the sale in 2006 was fraudulent, a clerical error of some sort or the buyer was extremely uniformed. That said a large unit like this could have sold for around this price at the high point in the market.

Type: Listed on MLS(#076032940)

List Price: $787,900
(Range priced $787,900 to $787,900)
Cost: $1,100,000
Loss@6% Sales Expenses: $359,374
Loss%: 32.67%

Purchase Date: 06/05/2006
Holding Period: 11 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1609

Purchase Details: view

Downtown Condo at Treo #800

Treo is a "middle market" project located in the Columbia District.

This unit is listed substantially below its last sale price from the summer of 2004. Almost three years ago!

Type: Listed on MLS(#076033968)

List Price: $662,500
(Range priced $650,000 to $675,000)
Cost: $750,000
Loss@6% Sales Expenses: $127,250
Loss%: 16.97%

Purchase Date: 07/26/2004
Holding Period: 34 months and counting...

Bedrooms: 2
Bathrooms: 2.5
Square Feet: 1337

Purchase Details: view

$100,000+ Loss on Downtown Condo at Discovery #516

**Note: I was rear ended a few days ago by a real estate agent of all people and have been caught in all the problems that an auto accident entails, new posts should resume again at the usual pace. I do have 30+ posts backed up so there's plenty to blog about.**

Discovery is located atop Cortez Hill and at least until Aria opens and we get to see the level of quality in the building Discovery will remain the premier building on the Hill.

This particular unit is listed well below its last sale price from the Summer of 2004, almost three years ago.

Type: Listed on MLS(#076035111)

List Price: $519,000

Cost: $595,000
Loss@6% Sales Expenses: $107,140
Loss%: 18.01%

Purchase Date: 08/09/2004
Holding Period: 33 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1040

Purchase Details: view

Downtown Condo at Union Square #3207

Union Square is in the East Village. It's a relatively nondescript complex in the rougher part of East Village. There was a lot of flipping going on when the complex was complete so there are likely to be a lot of units that are now underwater. This unit is listed below its last sale price from January 2005.

Type: Listed on MLS(#076023998)

List Price: $439,000
(Range priced $439,000 to $439,000)
Cost: $470,000
Loss@6% Sales Expenses: $57,340
Loss%: 12.20%

Purchase Date: 01/19/2005
Holding Period: 28 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1061

Purchase Details: view