Current Price: $649,000
Purchase Price: $710,000
Loss @6% Sales Expenses: $99,940 (OUCH)
Purchase Date: 9/13/2004
MLS#: 068045655
Purchase Details: view
Wednesday, May 31, 2006
Saturday, May 27, 2006
It's Starting to Get Interesting
I have about ten more specific examples of downtown condos that are listed at less than the owner paid for the property.
I also have some new resources that show foreclosure activity in San Diego. The 92101 zip shows a number of condos that are in or going into foreclosure. The details show several units that are behind in payments where based on the current market the owner can't simply sell to get current and walk away with any equity. What this means to me is that these units will become Real Estate Owned (REO) by the various financial institutions and will be listed for sale at prices that further drive comparable prices down.
I also have some new resources that show foreclosure activity in San Diego. The 92101 zip shows a number of condos that are in or going into foreclosure. The details show several units that are behind in payments where based on the current market the owner can't simply sell to get current and walk away with any equity. What this means to me is that these units will become Real Estate Owned (REO) by the various financial institutions and will be listed for sale at prices that further drive comparable prices down.
Portico #412
Current Price: $425,000
Purchase Price: $459,000
Loss @6% Sales Expenses: $27,500
Purchased Date: 6/27/2005
MLS#: 061043535
Purchase Details: view
Purchase Price: $459,000
Loss @6% Sales Expenses: $27,500
Purchased Date: 6/27/2005
MLS#: 061043535
Purchase Details: view
The Mills #102
Current Price: $289,000
Purchase Price: $352,987
Loss @6% Sales Expenses: $80,388
Purchased Date: 8/13/2004
MLS#: 066040219
Purchase Details: view
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Purchase Price: $352,987
Loss @6% Sales Expenses: $80,388
Purchased Date: 8/13/2004
MLS#: 066040219
Purchase Details: view
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Acqua Vista #618
Purchased for $442,000 on 8/16/2004. The price was cut on 5/26/2006 from $459,000 to $425,000.
MLS#: 066011744
Based on the pictures of the unit it's vacant. Based on a 6% sales cost assumption that's a loss of at least $26,000.
Purchase data from the County of San Diego: view
MLS#: 066011744
Based on the pictures of the unit it's vacant. Based on a 6% sales cost assumption that's a loss of at least $26,000.
Purchase data from the County of San Diego: view
Saturday, April 01, 2006
Palermo #339
Purchased on 5/25/2005 for $370,000 this unit is listed for $355,000
Assuming a sales price of $350,000, 6% transaction costs this unit nets a loss of $41,000
MLS Number: 066020896
Purchase History: view
Assuming a sales price of $350,000, 6% transaction costs this unit nets a loss of $41,000
MLS Number: 066020896
Purchase History: view
The Mills #405
Currently for sale, MLS #066026210
Listed at $765,000
Purchased from the developer for $795,661 on 10/7/2004.
Based on the pictures on Zip Realty the unit is vacant. Since I live downtown I observed this unit for rent for a long time so let's assume it's been vacant for almost two years.
Simply based on a sales price of $760,000, 6% sales costs the loss for the unit not including mortgage, hoa and taxes is $81,000.
Purchase Details: view
Listed at $765,000
Purchased from the developer for $795,661 on 10/7/2004.
Based on the pictures on Zip Realty the unit is vacant. Since I live downtown I observed this unit for rent for a long time so let's assume it's been vacant for almost two years.
Simply based on a sales price of $760,000, 6% sales costs the loss for the unit not including mortgage, hoa and taxes is $81,000.
Purchase Details: view
Welcome to my blog
This blog has been created as a place to monitor price or value losses for San Diego properties and focuses on downtown San Diego.
Enjoy!
Mr. Brightside
Enjoy!
Mr. Brightside
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