Tuesday, July 03, 2007

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

1 comment:

Anonymous said...

The more I see these, the more we can expect an implosion of the Downtown condo market.

Did you see the $550/sf sale of the office building? Why build condos when you can make more on office building. Why bother converting office buildings?