Tuesday, August 28, 2007

Huge Loss on Bank Owned Downtown Condo at La Vita #1308

La Vita is located in Little Italy and is a "middle market" complex. This unit pretty much personifies the current crisis in the credit markets as it was purchased just over a year ago and has already gone back to the lender.

Type: Listed on MLS(#076059723)

List Price: $549,900
(Range priced $549,900 to $549,900)
Cost: $725,000
Loss@6% Sales Expenses: $208,094
Loss%: 28.70%

Purchase Date: 08/04/2006
Holding Period: 12 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1132

Purchase Details: view

Tuesday, August 21, 2007

Downtown Condo at ParkLoft #414

ParkLoft is a mid rise "loft" style project near Petco Park.

This unit has a fairly large loss but what is really interesting is that it is listed below the developer sale price from four years ago - way back in 2003!

Type: Listed on MLS(#076042541)

List Price: $487,000
(Range priced $475,000 to $499,000)
Cost: $523,900
Loss@6% Sales Expenses: $66,120
Loss%: 12.62%

Purchase Date: 06/27/2003
Holding Period: 50 months and counting...

Bedrooms: 0
Bathrooms: 1.5
Square Feet: 1380

Purchase Details: view

Taxes Due on Foreclosed and Short Sale Properties

I found this Union Tribune article very insightful on the short sale issues surrounding foreclosed and short sale properties.

Wednesday, August 08, 2007

Downtown Condo at Horizons #1301

Horizons is a Bosa project in downtown's Marina District.

The loss on this unit isn't horrible relative to the other losses that we've seen. What is very notable is the last sale was back in April 2004 which is getting awfully close to 2003 prices. Keep in mind this is a very high quality building and not an apartment conversion.

Type: Listed on MLS(#076057042)

List Price: $609,000
(Range priced $599,000 to $619,000)
Cost: $635,000
Loss@6% Sales Expenses: $62,540
Loss%: 9.85%

Purchase Date: 04/28/2004
Holding Period: 40 months and counting...

Bedrooms: 1
Bathrooms: 2
Square Feet: 1036

Purchase Details: view

Friday, August 03, 2007

Bankers Hill Condo Project Ceases Construction

The San Diego Union Tribune reports on the work stoppage at a Bankers Hill midrise.

This is too bad in my view as more development on Bankers Hill is a positive. Regardless this is not overly surprising given the credit crunch on Wall Street.