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


8 comments:

Anonymous said...

I love the fact that they don't even attempt to vacum before taking pictures.

I now would not be surprised to see prices in DT san diego 70% below peak prices. Especially if buildings are having difficulty getting HOA dues -- a building could be come toxic waste.

Anonymous said...

Damn.

Just, damn.

That was worth waiting for...

Mark in San Diego said...

The interesting thing is that 908 and 708 are also on the market for 599. . .908 has been on the market since January when I looked at it - very nice unit with hardwood floors, etc. . .but now they will be under pressure to lower their price - the view from 13 is certainly better than 7 or 9!! The units are exactly the same in size, etc. When this repo unit finally sells, it will set the new standard for "08" units.

Anonymous said...

It is about time, who wants to live in a prison built by BOSA anyway!

1/2 million dollars for you own cell!

Good Luck.

Anonymous said...

It wasn't built by Bosa.....you should know that. It sounds like you know everything.

JWM in SD said...

$599K for that crap...it's a fucking aparment for god sakes.

No wonder these idiots are getting burned.

Anonymous said...

Also, you all need to understand that the HOA can foreclose on units even after two months behind on their dues, so a lot of foreclosures are generated by this action alone don't even show up on foreclosure listings because they become the property of the HOA or the Bank/Beneficiary. This isn't good either since the HOA still has to absorb the previous owners payment if they default alltogether until the courts and Trustee sell the individual units. There are approximately 2000+ units in this category right now.

Anonymous said...

does anyone of you think it's time to buy in order to make a investment that could be profitable in 5-7 years?