Former Condo Project Converts to Affordable Rentals

The condo project planned for the East Village to be built where the Burger King on 10th Avenue now resides is going to be built after all, this time as an affordable rental project with CCDC and tax free bond subsidies.

From the Union Tribune story today I find the following detail particularly interesting:

"The developer, San Diego-based Affirmed Housing, got the land at the bargain-basement price of $4.4 million, or $202 a square foot. The current per-square-foot average is $250; the average was $350 during the market heyday two years ago, said one real estate economist."

This means that developable "dirt" downtown has depreciated roughly 40%. While not surprising given predictions made on this blog and by many market watchers getting confirmation with actual transaction data is always notable.

Downtown Condo at Park Blvd West #1405

This smaller two bedroom unit at Park Boulevard West is listed substantially below its last sale in December 2004 and is very close to the original developer price set by DR Horton probably sometime in early 2003.

Market watches may be interested to know that this project is a bit of a sibling to La Boheme in North Park which is the subject of a lot of promotion for a "quasi-auction" that is taking place soon.

Type: Listed on MLS(#076047580)

List Price: $409,900
Cost: $500,000
Loss@6% Sales Expenses: $114,694
Loss%: 22.94%

Purchase Date: 12/23/2004
Holding Period: 33 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 910

Purchase Details: view

Downtown Condo at Symphony Terrace #503

This Cortez Hill condo is interesting as it's last sale date is in early 2004, it's a bank owned property and based on the MLS pictures it was throughly trashed by the prior tenant.

Type: Listed on MLS(#076070982)

List Price: $209,900
Cost: $276,500
Loss@6% Sales Expenses: $79,194
Loss%: 28.64%

Purchase Date: 02/18/2004
Holding Period: 43 months and counting...

Bedrooms: 1
Bathrooms: 1


Purchase Details: view