Lofts at 777 6th Avenue

The Lofts at 777 6th Avenue was a rental project that was converted into condos. This is another apartment conversion project that is likely to have a majority of the units worth less than what the current owners paid. There are four units current listed for sale at losses noted below:

Unit #411
Type: Listed on MLS(#076058976)

List Price: $409,000
(Range priced $389,000 to $429,000)
Cost: $438,990
Loss@6% Sales Expenses: $54,530
Loss%: 12.42%

Purchase Date: 10/27/2006
Holding Period: 9 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 749

Purchase Details: view

Unit #207
Type: Listed on MLS(#076050300)

List Price: $387,000
(Range priced $379,000 to $395,000)
Cost: $441,000
Loss@6% Sales Expenses: $77,220
Loss%: 17.51%

Purchase Date: 10/12/2006
Holding Period: 9 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 725

Purchase Details: view

Unit #415
Type: Listed on MLS(#076054817)

List Price: $412,000
(Range priced $399,000 to $425,000)
Cost: $486,000
Loss@6% Sales Expenses: $98,720
Loss%: 20.31%

Purchase Date: 10/04/2006
Holding Period: 9 months and counting...

Bedrooms: 1
Bathrooms: 1


Purchase Details: view

Unit #205
Type: Listed on MLS(#076058984)

List Price: $389,000
(Range priced $379,000 to $399,000)
Cost: $441,000
Loss@6% Sales Expenses: $75,340
Loss%: 17.08%

Purchase Date: 10/02/2006
Holding Period: 9 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 725

Purchase Details: view

Downtown Condo at Symphony Terrace #801

Symphony Terrace is on Cortez Hill and was built in the early 80s. As one of the older buildings around this property has an interesting price history. The description indicates the unit is in need of upgrades.

Type: Listed on MLS(#076039349)

List Price: $499,000
(Range priced $499,000 to $499,000)
Cost: $560,000
Loss@6% Sales Expenses: $90,940
Loss%: 16.24%

Purchase Date: 07/02/2004
Holding Period: 36 months and counting...

Bedrooms: 3
Bathrooms: 2
Square Feet: 1384

Purchase Details: view

Downtown Condo at La Vita #M706

La Vita is an Intergulf project in Little Italy.

This unit is at the top of the midrise tower. This unit is listed dramatically below its last sale price from early 2006.

Type: Listed on MLS(#071053258)

List Price: $699,900

Cost: $810,000
Loss@6% Sales Expenses: $152,094
Loss%: 18.78%

Purchase Date: 02/03/2006
Holding Period: 17 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1246

Purchase Details: view

Downtown Condo at Atria #422

Atria is the former 101 Market Street Apartments which was converted into condominiums by Hammer Ventures back in the boom days. I am not sure how involved Hammer is in the project at this point. I would imagine that many of their conversion projects are under significant financial stress.

This unit is listed below the developer price from about two years ago. It's a unique unit as there are not many three bedrooms downtown. That said for over $700,000 there much better values to be had in the downtown marketplace.

Type: Listed on MLS(#076051448)

List Price: $729,000

Cost: $762,080
Loss@6% Sales Expenses: $76,820
Loss%: 10.08%

Purchase Date: 09/22/2005
Holding Period: 22 months and counting...

Bedrooms: 3
Bathrooms: 3.5
Square Feet: 1496

Purchase Details: view

Huge Loss on Downtown Condo at The Mills #304

The Mills is neck and neck with Acqua Vista as the complex with the biggest losses. Acqua Vista is bigger and taller so it has a higher profile. The most pain may be taking place at the Mills however. The quality levels there are low and there aren't any amenities.

This particular unit is listed significantly below the developer price set three years ago.

Type: Listed on MLS(#076031910)

List Price: $440,000
(Range priced $430,000 to $450,000)
Cost: $516,066
Loss@6% Sales Expenses: $102,466
Loss%: 19.86%

Purchase Date: 07/27/2004
Holding Period: 36 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1090

Purchase Details: view