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
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4 comments:
predicting this unit will ride the market down, with price decreases alsways too little and too late, to finally sell in high $400Ks.
but, what do I know?
http://money.cnn.com/2007/08/07/real_estate/jumbo_jam/index.htm?postversion=2007081008
What affect will rate increases on jumbo loans have on this property and others in downtown SD?
I noticed this property sold in 2001 for $350K. Double that - it probably peaked in value at about $700K during the peak of the hysteria.
Now it is "only" $600K. Big deal. I'll wait. I predict units like this will sell in the low-$400Ks again in the not-too-distant future due to the tighter credit standards, higher interest rates, and flood of foreclosures.
Any updates on SmartCorners?? I keep going past there, and waiting for move-ins. . .the office sign in Gaslamp said "July Move-ins". . .the commercial building is open, but no occupants yet in condo. . .will this go rental? BK?. . .seems very quiet over there.
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