Parkloft is in the recently carved out of the East Village Ballpark District.
This unit shows a significant net loss, even more interesting is the last sales date of February 2004 which was over three years ago.
Type: Listed on MLS(#076032067)
List Price: $1,894,900
Cost: $1,950,000
Loss@6% Sales Expenses: $168,794
Loss%: 8.66%
Purchase Date: 02/20/2004
Holding Period: 40 months and counting...
Bedrooms: 2
Bathrooms: 2.5
Square Feet: 2914
Purchase Details: view
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9 comments:
Who the hell is going to pay
1,894,900 for a basement on top
floor ? For that kind of cash, you
get a ocean view house in Del Mar, La Jolla ,.....
I think that one point a lot of corporations and executives purchased condos in the Ballpark District for investment and to entertain themselves and clients.
Now the oversupply will cause big flops.
SD rents are apparently going down:
Link Here
Oh c'mon, you wouldn't pay 1.9 mil for a view of dudes shooting roids? You do get a view of the park, and it's only 1.9...you can't lose in real estate, don't you know that? it only goes up and up and up.
that's the sales pitch that the bonehead buyer got when he bought it back in 2004 for 1.95 mil. RE is not a good investment long term. you make more in equities long term. at least according to shiller data. of course a RE agent is too stupid to understand that, after all that's why they became RE agents rather than real professionals.
Why would they buy in Parkloft, when there are still lots of condos left in Bosa's The Ledgend?. . .right AT the Ballpark. . .
Whatever was left of the re-sale market is now being killed by the yield of the 10 year treasury - now 5.16%. . .can we say 7% 30 year fixed???
I think it's almost been said (6.76% today)here.
Here is a recent CNN article mentioning the problems with SD condos near the ballpark.
Over 2 weeks without an entry. Is this blog officially dead? Or is it just on life support?
Not dead yet! You should see a steady stream of blog posts soon.
Let's just say there's lots to blog about.
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