Tuesday, October 16, 2007

$200K+ Loss on Foreclosed Downtown Condo at Discovery #211

This is a huge loss from the high water mark set in the summer of 2004. Based on the new listing price and the original developer price this property is likely valued at mid to late 2004 prices. I also know that this unit was vacant for probably two years so the "all in" loss on this property is quite substantial. I do think this is a good example of once underutilized "portfolio" property that wasn't being used now coming back to the market.

The question is how many properties like this are out there?

Type: Listed on MLS(#071081723)

List Price: $524,900
Cost: $699,000
Loss@6% Sales Expenses: $205,594
Loss%: 29.41%

Purchase Date: 07/28/2004
Holding Period: 39 months and counting...

Bedrooms: 2
Bathrooms: 2.5
Square Feet: 1329

Purchase Details: view

Thursday, October 11, 2007

2003 Prices Arrive at Discovery

Very interesting closed sale on this Discovery condo

This is an almost four year hold time that still generated a substantial loss.

Wednesday, October 10, 2007

Problems at Solar Lofts & Tower?

Extremely interesting report over in this forum post regarding part of the Solar Tower has gone into foreclosure. There is also a report of a developer bankruptcy possibility as well.

Solara Tower was supposed to be the sibling project to the neighboring Solara Loft project. Solara Loft is now completed and sales are almost assuredly less than projected and given the broader credit market problems this is not too surprising.