tag:blogger.com,1999:blog-252139862024-03-12T20:42:46.009-07:00San Diego Market MonitorMarket analysis, news and reviews of specific properties that are for sale or have sold at a loss.Unknownnoreply@blogger.comBlogger285125tag:blogger.com,1999:blog-25213986.post-63153307231666695362008-02-24T13:21:00.001-08:002008-02-24T19:47:35.135-08:002008 PredictionsIt's been an interesting year since my last <a href="http://sandiegomarketmonitor.blogspot.com/2006/12/2007-predictions.html">predictions</a>. For the most part the market performed pretty much as speculated. In retrospect it was pretty easy predict the market selloff. Predicting the bottom might prove a more complex task. At any rate here are my predictions for 2008.<br /><ol><li>Prices in the aggregate continue to decrease. The slow deflation of values continues with the distressed properties leading the way.<br /><br /></li><li>The new developments, <a href="http://www.sdlookup.com/Community-64-Electra">Electra</a>, <a href="http://www.sdlookup.com/Community-58-Aria">Aria</a>, <a href="http://www.sdlookup.com/Community-66-The_Mark">The Mark</a>, <a href="http://www.sdlookup.com/Community-65-Smart_Corner">SmartCorner </a>and <a href="http://www.sdlookup.com/Community-56-Alta">Alta </a>continue to have relatively large ready for sale and unoccupied units that slowly get occupied via sales or rental programs. Back in the "old" days it was normal for a new condominium project to have unsold units that were available for immediate move in. This was why the early phase people got a relative bargain. This relationship got pretty warped during the bubble and to some degree the standing inventory may point to a return of the normal pre-bubble relationships returning which is a good thing.</li><br /><li> A bottom isn't reached in 2008 however relative bargains that have seen most of their deprecation start to become interesting.</li><br /><li>In the broader market the concept of cash flow positive/neutral rental property starts to become more realistic. I'm planning on doing some analysis in this area to see what things are like today and what price action is needed for this to start making sense. If anyone has any specific examples post them or email them over as this may be an interesting topic to revisit over the course of the year.<br /></li><br /><li>Wildcards that could factor significantly into the market include the increase of the conforming loan amounts, recovery or yet another leg down in the credit markets, the prospects of a recession and inflationary pressures driving interest rates higher.</li></ol>The market will remain worth watching. Downtown will continue to grow in other areas like hotels, rental apartments, office and entertainment which will help create an even better environment that will pair up nicely with reduced prices.Unknownnoreply@blogger.com9tag:blogger.com,1999:blog-25213986.post-4899187875860023962008-02-14T19:21:00.000-08:002008-02-14T19:25:24.713-08:00Another La Vita Unit Close to Developer PriceLa Vita is a middle market property in Little Italy. Built by Intergulf.<br /><br />Unit #1508 which is a nice northeast view two bedroom <a href="http://www.sdlookup.com/MLS-078091128-300_W_Beech_St_1508_San_Diego_CA_92101">recently closed</a> for $525,000, <a href="http://www.sdlookup.com/Property-A8114134-300_W_Beech_St_1508_San_Diego_CA_92101">previously sold</a> for over $700,000.<br /><br />Keep in mind that the developer prices for La Vita were set at least a year before the initial closings took place in early 2005.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-25213986.post-75339099877607260092008-01-05T20:24:00.002-08:002008-01-05T20:32:37.099-08:00La Vita Getting Close to Developer PriceThis <a href="http://www.sdlookup.com/MLS-071053258-1580_Union_St_M706_San_Diego_CA_92101">bank owned mid rise penthouse</a> has been price cut almost down to the original developer price. <br /><br />Currently listed at $549,000 this unit <a href="http://www.sdlookup.com/Property-DB18D630-1580_Union_St_M706_San_Diego_CA_92101">once sold</a> for a whopping $810,000.Unknownnoreply@blogger.com4tag:blogger.com,1999:blog-25213986.post-88937839445611007672007-12-31T18:40:00.000-08:002007-12-31T19:10:56.284-08:002007 Predictions RevisitedI know the blog has been slow lately and I thank those of you that email me privately about the blog and what I've been up to. Doing this has been extremely fun and personally rewarding.<br /><br />The original mission of proving the market was moving down via posting about the price action of specific properties has been met. I still intend to blog from time to time about specific properties or other items of interest so check back.<br /><br />It's New Years Eve and there is very little time to update the blog with analysis of <a href="http://sandiegomarketmonitor.blogspot.com/2006/12/2007-predictions.html">last year's predictions</a> before we uncork 2008. Stay tuned for another post on predictions for next year.<br /><br /><span style="font-weight: bold;">The Predictions</span><br /><blockquote style="font-style: italic;"><span style="font-weight: bold;">1.) San Diego property will continue to decline in value with condos continuing to lead the movement down. This decrease will range from 5-25%</span>.</blockquote>I think it's very safe to say that this value range decrease came to pass for all but a very small portion of unique properties.<br /><span style="font-style: italic;"></span><blockquote style="font-weight: bold;"><span style="font-style: italic;">2.) Downtown condos will depreciate another 10-25% in another slow and orderly decline similar to how 2006 played out. Quality will be key in terms of holding value.</span><br /></blockquote>Again, this also came to pass. Quality condos did fair better than the marginal condos, apartment conversions in particular.<br /><blockquote><span style="font-weight: bold; font-style: italic;">3.) At least one more downtown condo project will go rental before completion. As noted on this blog the former Broadway Lofts condominiums has reverted to a rental project. A potential candidate for going the rental route is Solara Lofts which is an office building conversion project that should be finished by early summer, since sales haven't started yet it may be prudent for them to pull the development off of the market until prices stabilize.</span><br /></blockquote>While <a href="http://www.sdlookup.com/Community-63-Solara_Lofts">Solara Lofts</a> did not convert to rentals, the <a href="http://www.sdlookup.com/Community-65-Smart_Corner">SmartCorner</a> project is advertising new condos as rentals on Craigslist.<br /><span style="font-weight: bold; font-style: italic;"></span><blockquote><span style="font-weight: bold; font-style: italic;">4.) The massive number of new urban condos coming will continue to impact price declines in the attached sector of the market, however since many of the developers will decide to carry inventory for 3-6 months after project completion and since the natural tendency for construction projects to take longer than scheduled the inventory increase and price declines continue into 2008.</span><br /></blockquote>There are many unsold new developer units on that are not listed for sale as well as new units at Aria and Electra coming onto the market, this prediction while hard to quantify is arguably taking place and as predicted will persist into 2008.<br /><br />My closing comments for last year:<br /><blockquote><span style="font-weight: bold; font-style: italic;">In summary the decline trend continues for 2007 with a bottom in the market pushed out past the coming year. A significant wildcard are interest rates which could drive a quicker decline if the one two punch of materially higher rates combined with adjustable mortgage resets combines to drive more foreclosure and short sale activity</span><br /></blockquote>While interest rates didn't go up much the major credit market problems related to the housing correction did in fact drive short sale and foreclosure activity in 2007 which clearly added to the price declines experienced in 2007.<br /><br />All in all it's been a very interesting year in San Diego real estateUnknownnoreply@blogger.com5tag:blogger.com,1999:blog-25213986.post-49630267087429275362007-11-02T22:35:00.000-07:002007-11-02T22:42:51.045-07:00Four Acqua Vista ForeclosuresOver the last day or so <a href="http://www.foreclosure.com/?rsp=21599">foreclosure.com</a> lists four Acqua Vista condos that are end the end of the foreclosure process.<br /><br />Units 222, 536, 858 and 1106 to be specific. <br /><br />I think it is safe to say at this point in time that every unit in the building is worth less than the original developer price.Unknownnoreply@blogger.com7tag:blogger.com,1999:blog-25213986.post-60942983314250931952007-10-16T08:46:00.000-07:002007-10-16T08:48:11.935-07:00$200K+ Loss on Foreclosed Downtown Condo at Discovery #211This 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. <br /><br />The question is how many properties like this are out there?<BR><BR>Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-071081723-850_Beech_St_211_San_Diego_CA_92101"target="_new">071081723</a>)<BR><BR>List Price: $524,900<BR>Cost: $699,000<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$205,594</b></font><BR>Loss%: 29.41%<BR><BR>Purchase Date: 07/28/2004<BR>Holding Period: 39 months and counting...<BR><BR>Bedrooms: 2<BR>Bathrooms: 2.5<BR>Square Feet: 1329<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-32041483-850_Beech_St_211_San_Diego_CA_92101"target="_new">view </a><BR><BR><BR>Unknownnoreply@blogger.com5tag:blogger.com,1999:blog-25213986.post-90807179684835960122007-10-11T20:35:00.000-07:002007-10-11T20:38:07.432-07:002003 Prices Arrive at DiscoveryVery interesting closed sale on this <a href="http://www.sdlookup.com/Property-DB8411B9-850_Beech_St_902_San_Diego_CA_92101#6414">Discovery </a>condo<br /><br />This is an almost four year hold time that still generated a substantial loss.Unknownnoreply@blogger.com9tag:blogger.com,1999:blog-25213986.post-37561992954845177612007-10-10T11:48:00.000-07:002007-10-10T11:55:56.012-07:00Problems at Solar Lofts & Tower?Extremely interesting report over in this <a href="http://www.sdlookup.com/Forums/CondominiumCommunities/tabid/59/forumid/67/tpage/2/view/topic/postid/1777/Default.aspx#6298">forum post</a> regarding part of the Solar Tower has gone into foreclosure. There is also a report of a developer bankruptcy possibility as well.<br /><br />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.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-25213986.post-55310620942556823562007-09-24T20:25:00.000-07:002007-09-24T20:37:28.705-07:00Former Condo Project Converts to Affordable Rentals<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCxv2bJVecvVouhPyP-ZU6nI-ECHuupvWIcKDE2sxtv2mozGybtdlbFMZZ2avDMjQlxZeoXWZktWL4yN1axgdwCA2DU7ZjJgzgEUwpobMV7kDEyWfJPxTPKsT5wNHIM-nGY9h4/s1600-h/FormerKBHProject.jpg"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCxv2bJVecvVouhPyP-ZU6nI-ECHuupvWIcKDE2sxtv2mozGybtdlbFMZZ2avDMjQlxZeoXWZktWL4yN1axgdwCA2DU7ZjJgzgEUwpobMV7kDEyWfJPxTPKsT5wNHIM-nGY9h4/s400/FormerKBHProject.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5113977813259178082" /></a><br /><br />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.<br /><br />From the <a href="http://www.signonsandiego.com/uniontrib/20070924/news_1m24switch.html">Union Tribune story</a> today I find the following detail particularly interesting:<br /><br /><blockquote>"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."</blockquote><br />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.Unknownnoreply@blogger.com6tag:blogger.com,1999:blog-25213986.post-51282326884714695822007-09-17T09:15:00.000-07:002007-09-17T09:22:20.765-07:00Downtown Condo at Park Blvd West #1405This 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. <br /><br />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.<BR><BR>Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-076047580-525_11th_Ave_1405_San_Diego_CA_92101"target="_new">076047580</a>)<BR><BR>List Price: $409,900<BR>Cost: $500,000<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$114,694</b></font><BR>Loss%: 22.94%<BR><BR>Purchase Date: 12/23/2004<BR>Holding Period: 33 months and counting...<BR><BR>Bedrooms: 2<BR>Bathrooms: 2<BR>Square Feet: 910<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-25C33F45-525_11th_Ave_1405_San_Diego_CA_92101"target="_new">view </a><BR><BR><BR>Unknownnoreply@blogger.com6tag:blogger.com,1999:blog-25213986.post-74805891134398589362007-09-07T09:51:00.000-07:002007-09-07T09:53:29.713-07:00Downtown Condo at Symphony Terrace #503This 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 <a href="http://www.sdlookup.com/MLS-076070982-1333_8th_Ave_503_San_Diego_CA_92101">MLS pictures</a> it was throughly trashed by the prior tenant.<BR><BR>Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-076070982-1333_8th_Ave_503_San_Diego_CA_92101"target="_new">076070982</a>)<BR><BR>List Price: $209,900<BR>Cost: $276,500<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$79,194</b></font><BR>Loss%: 28.64%<BR><BR>Purchase Date: 02/18/2004<BR>Holding Period: 43 months and counting...<BR><BR>Bedrooms: 1<BR>Bathrooms: 1<BR><BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-52825FA9-1333_8th_Ave_503_San_Diego_CA_92101#3727"target="_new">view </a><BR><BR><BR>Unknownnoreply@blogger.com10tag:blogger.com,1999:blog-25213986.post-88246113348148680432007-08-28T19:43:00.000-07:002007-08-28T19:45:00.511-07:00Huge Loss on Bank Owned Downtown Condo at La Vita #1308La 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.<BR><BR>Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-076059723-300_Beech_St_1308_San_Diego_CA_92101"target="_new">076059723</a>)<BR><BR>List Price: $549,900<BR>(Range priced $549,900 to $549,900)<BR>Cost: $725,000<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$208,094</b></font><BR>Loss%: 28.70%<BR><BR>Purchase Date: 08/04/2006<BR>Holding Period: 12 months and counting...<BR><BR>Bedrooms: 2<BR>Bathrooms: 2<BR>Square Feet: 1132<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-765046D0-300_W_Beech_St_1308_San_Diego_CA_92101"target="_new">view </a><BR><BR><BR>Unknownnoreply@blogger.com8tag:blogger.com,1999:blog-25213986.post-57664426603281403012007-08-21T13:16:00.000-07:002007-08-21T13:17:21.205-07:00Downtown Condo at ParkLoft #414ParkLoft is a mid rise "loft" style project near Petco Park. <br /><br />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!<BR><BR>Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-076042541-877_Island_Ave_414_San_Diego_CA_92101"target="_new">076042541</a>)<BR><BR>List Price: $487,000<BR>(Range priced $475,000 to $499,000)<BR>Cost: $523,900<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$66,120</b></font><BR>Loss%: 12.62%<BR><BR>Purchase Date: 06/27/2003<BR>Holding Period: 50 months and counting...<BR><BR>Bedrooms: 0<BR>Bathrooms: 1.5<BR>Square Feet: 1380<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-F7DD31CA-877_Island_Ave_414_San_Diego_CA_92101"target="_new">view </a><BR><BR><BR>Unknownnoreply@blogger.com7tag:blogger.com,1999:blog-25213986.post-15054025260379785202007-08-21T07:09:00.000-07:002007-08-21T07:12:21.551-07:00Taxes Due on Foreclosed and Short Sale PropertiesI found this <a href="http://www.signonsandiego.com/uniontrib/20070821/news_1b21taxes.html">Union Tribune article</a> very insightful on the short sale issues surrounding foreclosed and short sale properties.Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-25213986.post-74135409068431700352007-08-08T15:17:00.000-07:002007-08-08T15:18:23.061-07:00Downtown Condo at Horizons #1301Horizons is a Bosa project in downtown's Marina District. <br /><br />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.<BR><BR>Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-076057042-510_1st_Ave_1301_San_Diego_CA_92101"target="_new">076057042</a>)<BR><BR>List Price: $609,000<BR>(Range priced $599,000 to $619,000)<BR>Cost: $635,000<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$62,540</b></font><BR>Loss%: 9.85%<BR><BR>Purchase Date: 04/28/2004<BR>Holding Period: 40 months and counting...<BR><BR>Bedrooms: 1<BR>Bathrooms: 2<BR>Square Feet: 1036<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-205ED1E1-510_1st_Ave_1301_San_Diego_CA_92101"target="_new">view </a><BR><BR><BR>Unknownnoreply@blogger.com4tag:blogger.com,1999:blog-25213986.post-34099865194875724932007-08-03T07:23:00.000-07:002007-08-03T07:26:52.509-07:00Bankers Hill Condo Project Ceases ConstructionThe San Diego Union Tribune <a href="http://www.signonsandiego.com/uniontrib/20070803/news_1b3condo.html">reports </a>on the work stoppage at a Bankers Hill midrise.<br /><br />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.Unknownnoreply@blogger.com5tag:blogger.com,1999:blog-25213986.post-74318665922178216332007-07-25T17:51:00.000-07:002007-07-25T18:02:45.410-07:00Lofts at 777 6th AvenueThe <a href="http://www.sdlookup.com/Community-84-Lofts_at_777_6th_Avenue">Lofts at 777 6th Avenue</a> was a rental project that was converted into condos. This is another apartment conversion project that is likely to have a majority of the units worth less than what the current owners paid. There are four units current listed for sale at losses noted below:<br /><br />Unit #411<br />Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-076058976-777_6th_Ave_411_San_Diego_CA_92101"target="_new">076058976</a>)<BR><BR>List Price: $409,000<BR>(Range priced $389,000 to $429,000)<BR>Cost: $438,990<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$54,530</b></font><BR>Loss%: 12.42%<BR><BR>Purchase Date: 10/27/2006<BR>Holding Period: 9 months and counting...<BR><BR>Bedrooms: 1<BR>Bathrooms: 1<BR>Square Feet: 749<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-50F64730-777_6th_Ave_411_San_Diego_CA_92101"target="_new">view </a><br /><br />Unit #207<br />Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-076050300-777_6th_Ave_207_San_Diego_CA_92101"target="_new">076050300</a>)<BR><BR>List Price: $387,000<BR>(Range priced $379,000 to $395,000)<BR>Cost: $441,000<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$77,220</b></font><BR>Loss%: 17.51%<BR><BR>Purchase Date: 10/12/2006<BR>Holding Period: 9 months and counting...<BR><BR>Bedrooms: 1<BR>Bathrooms: 1<BR>Square Feet: 725<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-BCB8FFB5-777_6th_Ave_207_San_Diego_CA_92101"target="_new">view </a><br /><br />Unit #415<br />Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-076054817-777_6th_Ave_415_San_Diego_CA_92101"target="_new">076054817</a>)<BR><BR>List Price: $412,000<BR>(Range priced $399,000 to $425,000)<BR>Cost: $486,000<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$98,720</b></font><BR>Loss%: 20.31%<BR><BR>Purchase Date: 10/04/2006<BR>Holding Period: 9 months and counting...<BR><BR>Bedrooms: 1<BR>Bathrooms: 1<BR><BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-BCD5E396-777_6th_Ave_415_San_Diego_CA_92101"target="_new">view </a><br /><br />Unit #205<br />Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-076058984-777_6th_Ave_205_San_Diego_CA_92101"target="_new">076058984</a>)<BR><BR>List Price: $389,000<BR>(Range priced $379,000 to $399,000)<BR>Cost: $441,000<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$75,340</b></font><BR>Loss%: 17.08%<BR><BR>Purchase Date: 10/02/2006<BR>Holding Period: 9 months and counting...<BR><BR>Bedrooms: 1<BR>Bathrooms: 1<BR>Square Feet: 725<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-A19B61F2-777_6th_Ave_205_San_Diego_CA_92101"target="_new">view </a><BR>Unknownnoreply@blogger.com4tag:blogger.com,1999:blog-25213986.post-90303236832355994442007-07-20T11:06:00.000-07:002007-07-20T11:07:58.712-07:00Downtown Condo at Symphony Terrace #801Symphony Terrace is on Cortez Hill and was built in the early 80s. As one of the older buildings around this property has an interesting price history. The description indicates the unit is in need of upgrades.<BR><BR>Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-076039349-1333_8th_Ave_801_San_Diego_CA_92101"target="_new">076039349</a>)<BR><BR>List Price: $499,000<BR>(Range priced $499,000 to $499,000)<BR>Cost: $560,000<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$90,940</b></font><BR>Loss%: 16.24%<BR><BR>Purchase Date: 07/02/2004<BR>Holding Period: 36 months and counting...<BR><BR>Bedrooms: 3<BR>Bathrooms: 2<BR>Square Feet: 1384<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-DEA17F6D-1333_8th_Ave_801_San_Diego_CA_92101"target="_new">view </a><BR><BR><BR>Unknownnoreply@blogger.com4tag:blogger.com,1999:blog-25213986.post-18778120011566481852007-07-11T13:42:00.001-07:002007-07-11T13:42:48.812-07:00Downtown Condo at La Vita #M706La Vita is an Intergulf project in Little Italy. <br /><br />This unit is at the top of the midrise tower. This unit is listed dramatically below its last sale price from early 2006.<BR><BR>Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-071053258-1580_Union_St_M706_San_Diego_CA_92101"target="_new">071053258</a>)<BR><BR>List Price: $699,900<BR><BR>Cost: $810,000<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$152,094</b></font><BR>Loss%: 18.78%<BR><BR>Purchase Date: 02/03/2006<BR>Holding Period: 17 months and counting...<BR><BR>Bedrooms: 2<BR>Bathrooms: 2<BR>Square Feet: 1246<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-DB18D630-1580_Union_St_M706_San_Diego_CA_92101"target="_new">view </a><BR><BR><BR>Unknownnoreply@blogger.com7tag:blogger.com,1999:blog-25213986.post-61496622257743576672007-07-05T21:43:00.000-07:002007-07-05T21:45:22.314-07:00Downtown Condo at Atria #422Atria is the former 101 Market Street Apartments which was converted into condominiums by Hammer Ventures back in the boom days. I am not sure how involved Hammer is in the project at this point. I would imagine that many of their conversion projects are under significant financial stress. <br /><br />This unit is listed below the developer price from about two years ago. It's a unique unit as there are not many three bedrooms downtown. That said for over $700,000 there much better values to be had in the downtown marketplace.<BR><BR>Type: Listed on MLS(#<a href="http://www.sdlookup.com/ListingDetails/tabid/73/plid/707087/Default.aspx"target="_new">076051448</a>)<BR><BR>List Price: $729,000<BR><BR>Cost: $762,080<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$76,820</b></font><BR>Loss%: 10.08%<BR><BR>Purchase Date: 09/22/2005<BR>Holding Period: 22 months and counting...<BR><BR>Bedrooms: 3<BR>Bathrooms: 3.5<BR>Square Feet: 1496<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-7E5E9275-101_Market_St_422_San_Diego_CA_92101"target="_new">view </a><BR><BR><BR>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-25213986.post-66994853454358052007-07-03T09:17:00.000-07:002007-07-03T09:19:02.864-07:00Huge Loss on Downtown Condo at The Mills #304The Mills is neck and neck with Acqua Vista as the complex with the biggest losses. Acqua Vista is bigger and taller so it has a higher profile. The most pain may be taking place at the Mills however. The quality levels there are low and there aren't any amenities. <br /><br />This particular unit is listed significantly below the developer price set three years ago.<BR><BR>Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-076031910-1643_6th_Ave_304_San_Diego_CA_92101"target="_new">076031910</a>)<BR><BR>List Price: $440,000<BR>(Range priced $430,000 to $450,000)<BR>Cost: $516,066<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$102,466</b></font><BR>Loss%: 19.86%<BR><BR>Purchase Date: 07/27/2004<BR>Holding Period: 36 months and counting...<BR><BR>Bedrooms: 2<BR>Bathrooms: 2<BR>Square Feet: 1090<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-D46ED78E-1643_6th_Ave_304_San_Diego_CA_92101"target="_new">view </a><BR><BR><BR>Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-25213986.post-36302364097574774772007-06-28T09:10:00.000-07:002007-06-28T09:12:13.077-07:00Downtown Condo at La Vita #205La Vita is the tallest building in Little Italy and was completed right around the high in the market. The one bedrooms there are all virtually identical short of view and granite color which creates a nice situation for market watchers to gauge the value of these units.<br /><br />This unit has generated a huge loss for a model one bedroom condo. I know there were several units like this that were flipped when the building was opened so I'm certain there are more distressed properties in La Vita.<BR><BR>Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-078045642-300_W_Beech_St_205_San_Diego_CA_92101"target="_new">078045642</a>)<BR><BR>List Price: $362,250<BR><BR>Cost: $435,000<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$94,485</b></font><BR>Loss%: 21.72%<BR><BR>Purchase Date: 03/24/2006<BR>Holding Period: 15 months and counting...<BR><BR>Bedrooms: 1<BR>Bathrooms: 1<BR>Square Feet: 706<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-EE1C465D-300_W_Beech_St_205_San_Diego_CA_92101"target="_new">view </a><BR><BR><BR>Unknownnoreply@blogger.com5tag:blogger.com,1999:blog-25213986.post-63152002875181134592007-06-21T13:55:00.000-07:002007-06-21T13:56:05.991-07:00Downtown Condo at Bella Via #208Bella Via is located on India right in the heart of Little Italy. This unit is listed significantly below its last sales price from the summer of 2004 - nearly three years ago!<BR><BR>Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-076048415-1608_India_St_208_San_Diego_CA_92101"target="_new">076048415</a>)<BR><BR>List Price: $435,000<BR><BR>Cost: $500,000<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$91,100</b></font><BR>Loss%: 18.22%<BR><BR>Purchase Date: 08/05/2004<BR>Holding Period: 34 months and counting...<BR><BR>Bedrooms: 1<BR>Bathrooms: 1<BR>Square Feet: 903<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-CFCD01B3-1608_India_St_208_San_Diego_CA_92101"target="_new">view </a><BR><BR><BR>Unknownnoreply@blogger.com4tag:blogger.com,1999:blog-25213986.post-75383793296518759642007-06-06T09:09:00.000-07:002007-06-06T09:11:39.046-07:00Downtown Condo at ParkLoft #1102Parkloft is in the recently carved out of the East Village Ballpark District. <br /><br />This unit shows a significant net loss, even more interesting is the last sales date of February 2004 which was over three years ago.<BR><BR>Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-076032067-877_Island_Ave_1102_San_Diego_CA_92101"target="_new">076032067</a>)<BR><BR>List Price: $1,894,900<BR>Cost: $1,950,000<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$168,794</b></font><BR>Loss%: 8.66%<BR><BR>Purchase Date: 02/20/2004<BR>Holding Period: 40 months and counting...<BR><BR>Bedrooms: 2<BR>Bathrooms: 2.5<BR>Square Feet: 2914<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-B80214C0-877_Island_Ave_1102_San_Diego_CA_92101"target="_new">view </a><BR><BR><BR>Unknownnoreply@blogger.com9tag:blogger.com,1999:blog-25213986.post-853264879640921412007-05-30T14:55:00.000-07:002007-05-30T14:58:42.048-07:00Downtown Condo at Park Row #112Park Row is one of downtown's older projects and is in the Marina District. This large one bedroom loft is listed below last sales price from the fall of 2005. The sales history on this one is very interesting as the 2nd to last sale from January 2005 shows practically no growth.<BR><BR>Type: Listed on MLS(#<a href="http://www.sdlookup.com/MLS-076040962-701_Kettner_Blvd_112_San_Diego_CA_92101"target="_new">076040962</a>)<BR><BR>List Price: $510,000<BR>Cost: $540,000<BR>Loss@6% Sales Expenses: <b><font color="#FF0000">$60,600</b></font><BR>Loss%: 11.22%<BR><BR>Purchase Date: 11/15/2005<BR>Holding Period: 18 months and counting...<BR><BR>Bedrooms: 1<BR>Bathrooms: 2<BR>Square Feet: 977<BR><BR>Purchase Details: <a href="http://www.sdlookup.com/Property-FA7A2005-701_Kettner_Blvd_112_San_Diego_CA_92101"target="_new">view </a><BR><BR><BR>Unknownnoreply@blogger.com1