Thursday, June 28, 2007

Downtown Condo at La Vita #205

La Vita is the tallest building in Little Italy and was completed right around the high in the market. The one bedrooms there are all virtually identical short of view and granite color which creates a nice situation for market watchers to gauge the value of these units.

This unit has generated a huge loss for a model one bedroom condo. I know there were several units like this that were flipped when the building was opened so I'm certain there are more distressed properties in La Vita.

Type: Listed on MLS(#078045642)

List Price: $362,250

Cost: $435,000
Loss@6% Sales Expenses: $94,485
Loss%: 21.72%

Purchase Date: 03/24/2006
Holding Period: 15 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 706

Purchase Details: view


5 comments:

Anonymous said...

I'm waiting for prices to go below 2004 prices from the builder.
Anything above that is way too much, IMO.

Anonymous said...

It's amazing, the one bedroom units at LaVita are almost identical to Alicante. Exact same kitchen. It's not such a great layout that you'd want to duplicate it over and over. I never understood that.

Good God, you could be in any one of these units and not know exactly what part of town you're in.

Anonymous said...

1Bed/1Bath condos... not worth a cent over $150K.

Istheranybodyoutthere? said...

The listing price is now $347.5K (not much drop), and the agent blurb says "Bank Owned".

If you like these units, and I realize not everyone does, this would be good time for a lowball offer, especially if you can pay cash or make a sizable down payment to show bank you can do the deal. $250K should do the trick if it keeps sitting on the bank's books close to year end . . . .

Anonymous said...

I would offer $250K with a large downpayment. Do I have a taker??