I wonder how many condo owners downtown know whether or not their current “view” is going to exist come 2009 and the other 5000+ condo units are built?
I wonder how many condo owners downtown know whether or not their current “view” is going to exist come 2009 and the other 5000+ condo units are built?
I remember reading that people who bought into the EL CORTEZ were promised a view of the park etc… and now another condo is going up in front which will block the view and people are now up in arms about this.
I remember reading that people who bought into the EL CORTEZ were promised a view of the park etc… and now another condo is going up in front which will block the view and people are now up in arms about this.
Are we not understating the loss somewhat? The $700 of rent under her payment seems to be added back in but what about selling costs? Also realistically, every payment made prior to her renting it out might as well be added to the loss.
And let’s not forget the California phenomenon of not counting the property tax as part of the monthly expense since most seem to pay it as one or two lump sums. In this seller’s case, if Property tax was factored into her mortgage payment then it doesn’t matter.
Are we not understating the loss somewhat? The $700 of rent under her payment seems to be added back in but what about selling costs? Also realistically, every payment made prior to her renting it out might as well be added to the loss.
And let’s not forget the California phenomenon of not counting the property tax as part of the monthly expense since most seem to pay it as one or two lump sums. In this seller’s case, if Property tax was factored into her mortgage payment then it doesn’t matter.
My client who owns in Discovery is taking a beating. Fortunately we are one of the very few in escrow. His loss will be close to 6 figures, almost 20% BELOW what he paid a little over 2 years ago.
My client who owns in Discovery is taking a beating. Fortunately we are one of the very few in escrow. His loss will be close to 6 figures, almost 20% BELOW what he paid a little over 2 years ago.
I’m patiently watching the implosion of the downtown market. I have relatives waiting to buy but nowhere near pulling the trigger yet.
If we’re looking at these kinds of losses early in the downturn, imagine what the trough will bring!! I’m expecting a basic apartment/condo 1/1 to go for $150k; and 2/2 units for $250k. Premiums units with views will be more.
I’m patiently watching the implosion of the downtown market. I have relatives waiting to buy but nowhere near pulling the trigger yet.
If we’re looking at these kinds of losses early in the downturn, imagine what the trough will bring!! I’m expecting a basic apartment/condo 1/1 to go for $150k; and 2/2 units for $250k. Premiums units with views will be more.
PC, I think you’re optimistic. The condos downtown almost uniformly have too high of a ongoing expense structure. The HOA fees wreck the owning versus rent scenario even before taking into account the likely suppression of rents.
PC, I think you’re optimistic. The condos downtown almost uniformly have too high of a ongoing expense structure. The HOA fees wreck the owning versus rent scenario even before taking into account the likely suppression of rents.
