Downtown Condo at Acqua Vista #602

This unit and the now infamous Acqua Vista is listed for $100,000 below the last sale price and $11,000 less than the first developer price.

Type: Listed on MLS(#076034265)

List Price: $400,000
(Range priced $400,000 to $400,000)
Cost: $500,000
Loss@6% Sales Expenses: $124,000
Loss%: 24.80%

Purchase Date: 08/30/2005
Holding Period: 20 months and counting...

Bedrooms: 2
Bathrooms: 1
Square Feet: 874

Purchase Details: view

Acqua Vista

As has been reported on this blog for quite sometime the problems at Acqua Vista are starting to hit the broader media. This Voice of San Diego article focuses on the problems at Acqua Vista.

This building is in rough shape, when I walk by it the for sale and for rent signs are quite numerous. The value in the building, in particular the lower units without views, is probably a solid 30% less than the current pricing.

Downtown Condo listed below 2003 pricing at Pacific Terrace #404

Pacific Terrace is located at the edge of the Marina District near the Gaslamp Quarter. It's a relatively small project.

This unit is range priced just below the orginal developer price and the first resale price from 2003 which is quite notable.

Type: Listed on MLS(#076033488)

List Price: $275,000
(Range priced $260,000 to $290,000)
Cost: $347,000
Loss@6% Sales Expenses: $88,500
Loss%: 25.50%

Purchase Date: 08/14/2003
Holding Period: 44 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 606

Purchase Details: view

Bankers Hill Condo at Laurel Bay #438

Laurel Bay is another apartment conversion although this property was built to very high standards so it would probably be more like a Cityfront Terrace type of conversion. That said the project has had tough times and to my knowledge the original developer, Hammer Ventures, has been removed from the active management of the conversion.

This particular property has taken a big hit and is listed well below the developer sales price from 2005.

Type: Listed on MLS(#076031743)

List Price: $497,000
(Range priced $485,000 to $509,000)
Cost: $585,990
Loss@6% Sales Expenses: $118,810
Loss%: 20.28%

Purchase Date: 11/18/2005
Holding Period: 17 months and counting...

Bedrooms: 1
Bathrooms: 2
Square Feet: 924

Purchase Details: view

Massive Loss on Downtown Condo at Discovery #1803

We are breaking records on this luxury condo at Discovery. It's last sale price was over $1 Million and it's current list price is below the recorded sale from August of 2004. That's an over $400,000 loss / 40% loss in value.

Additionally this property is in foreclosure proceedings.

Type: Listed on MLS(#076031736)

List Price: $700,000
(Range priced $675,000 to $725,000)
Cost: $1,095,000
Loss@6% Sales Expenses: $437,000
Loss%: 39.91%

Purchase Date: 04/07/2006
Holding Period: 12 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1230

Purchase Details: view

Downtown Condo at Palermo #408

This and the next two posts all feature Palermo which is another development that was designed and built to be rental apartments that was converted into condominiums at the height of the market. At this point the values are almost certainly below the original developer prices.

Type: Listed on MLS(#076006643)

List Price: $499,900
(Range priced $499,900 to $499,900)
Cost: $515,050
Loss@6% Sales Expenses: $45,144
Loss%: 8.76%

Purchase Date: 04/01/2005
Holding Period: 24 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1065

Purchase Details: view

Downtown Condo at Palermo #610

Type: Listed on MLS(#076028664)

List Price: $439,900
Cost: $442,950
Loss@6% Sales Expenses: $29,444
Loss%: 6.65%

Purchase Date: 01/14/2005
Holding Period: 27 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 845

Purchase Details: view

Downtown Condo at Palermo #332

Type: Listed on MLS(#078025201)

List Price: $335,000
(Range priced $330,000 to $340,000)
Cost: $353,000
Loss@6% Sales Expenses: $38,100
Loss%: 10.79%

Purchase Date: 02/15/2005
Holding Period: 26 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 663

Purchase Details: view

Downtown Condo at Acqua Vista #608

Acqua Vista is the often featured apartment conversion condominium project in Little Italy.

This is yet another unit listed below the original developer price. It has been on the market for every 150 days and has sustained two price cuts:

Price Reduced: 04/12/2007 from $335,000 to $324,800
Price Reduced: 04/06/2007 from $349,000 to $335,000

Type: Listed on MLS(#066094893)

List Price: $324,800
(Range priced $324,800 to $324,800)
Cost: $356,000
Loss@6% Sales Expenses: $50,688
Loss%: 14.24%

Purchase Date: 01/28/2005
Holding Period: 27 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 760

Purchase Details: view

Downtown Condo at Treo #805

This unit at Treo is listed below its last sale price from almost three years ago.

Type: Listed on MLS(#076013055)

List Price: $480,000
(Range priced $465,000 to $495,000)
Cost: $515,000
Loss@6% Sales Expenses: $63,800
Loss%: 12.39%

Purchase Date: 06/17/2004
Holding Period: 34 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 871

Purchase Details: view

Real Estate Roller Coster

Taking a little break from the local posts to feature this very interesting video sent to me by Keith.

Downtown Condo at Acqua Vista #424

This is yet another Acqua Vista unit that's listed for a loss. I doubt this unit is worth more than the original developer price of $267,705.

Type: Listed on MLS(#076020008)

List Price: $275,000
(Range priced $275,000 to $275,000)
Cost: $307,000
Loss@6% Sales Expenses: $48,500
Loss%: 15.80%

Purchase Date: 04/12/2006
Holding Period: 12 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 628

Purchase Details: view

Large Loss on Luxury Downtown Condo at Harbor Club #2606

Harbor Club is a twin tower development near the Bay and convention center.

This unit has a very interesting sales history as Harbor Club is one of the older projects downtown which yields a longer sales history for the units there. It is listed well below its last sale price from 2005.

This is more specific evidence that higher end properties are also sustaining losses.

Type: Listed on MLS(#076025720)

List Price: $799,000
Cost: $875,000
Loss@6% Sales Expenses: $123,940
Loss%: 14.16%

Purchase Date: 09/23/2005
Holding Period: 18 months and counting...

Bedrooms: 1
Bathrooms: 1
Square Feet: 1036

Purchase Details: view

Downtown Condo at El Cortez #409

The El Cortez is a rare historic condominium complex located on Cortez Hill.

The El Cortez is the subject of a lot of debate as the developer wants to add a second tower to the site. This unit is listed well below the developer sales price from the fall of 2004. At this point the El Cortez is likely another downtown condominium project in which all the units are worth less today than the original developer sales prices.

Type: Listed on MLS(#076024235)

List Price: $389,900
Cost: $445,000
Loss@6% Sales Expenses: $78,494
Loss%: 17.64%

Purchase Date: 10/08/2004
Holding Period: 29 months and counting...

Bedrooms: 1
Bathrooms: 2
Square Feet: 888

Purchase Details: view

$100K + Loss on Luxury Downtown Condo at Park Place #1305

Park Place is a Bosa project in the Marina District.

This unit just sustained a $50,000 price cut. The new list price is now less than its last sale price in June of 2004 - nearly three years ago. I'd also add that I still hear and read the arguments that higher end properties have not declined in value. This property is a good example of a high end unit that has lost value.

Type: Listed on MLS(#076020447)

List Price: $849,900
(Range priced $849,900 to $849,900)
Cost: $900,000
Loss@6% Sales Expenses: $101,094
Loss%: 11.23%

Purchase Date: 06/23/2004
Holding Period: 33 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1353

Purchase Details: view

Downtown Condo at 350 W. Ash #701

350 West Ash is a former office building that was converted into condominiums. It sits on the border between Little Italy and the Columbia District.

This unit is listed below its first sale price from July 2006.

Type: Listed on MLS(#076013677 )

List Price: $485,000
(Range priced $475,000 to $495,000)
Cost: $507,400
Loss@6% Sales Expenses: $51,500
Loss%: 10.15%

Purchase Date: 07/06/2006
Holding Period: 8 months and counting...

Bedrooms: 0
Bathrooms: 1.5
Square Feet: 846

Purchase Details: view

Bad Day at Acqua Vista

I have a membership at foreclosure.com which updates foreclosure information on a daily basis. Today three units at Acqua Vista went into foreclosure. As noted on this blog I believe that virtually every unit at Acqua Vista is worth less today than K. Hovnanian sold the units for a few years ago.
View Downtown San Diego Foreclosures

Listing and Price Cut Activity Downtown

SDLookup.com reports daily market changes, today the site is showing many new listings and price reductions.

I've also added their RSS feed to the blog on the right side. If you don't use RSS it is very useful new technology that lets you subscribe to your favorite sites without getting emails or having to go load the site everyday.

Also here is the RSS feed for this blog:

http://sandiegomarketmonitor.blogspot.com/feeds/posts/default

Downtown Condo at Discovery #1101

Discovery is a Bosa Development project located on Cortez Hill.

This unit last change hands almost exactly two years ago and has generated a $100,000+ loss.

Type: Listed on MLS(#076021365)

List Price: $675,000
(Range priced $650,000 to $700,000)
Cost: $752,000
Loss@6% Sales Expenses: $117,500
Loss%: 15.63%

Purchase Date: 03/24/2005
Holding Period: 24 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1230

Purchase Details: view

Downtown Condo at Treo #502

Treo is located in the Columbia District. This unit is listed below is sales price for 2006 which is interesting as the market was already starting to soften at the time.

Type: Listed on MLS(#066076864)

List Price: $624,938
(Range priced $600,000 to $649,876)
Cost: $670,000
Loss@6% Sales Expenses: $82,558
Loss%: 12.32%

Purchase Date: 02/09/2006
Holding Period: 13 months and counting...

Bedrooms: 2
Bathrooms: 2
Square Feet: 1281

Purchase Details: view