Downtown

[PerryChase]

My Inbox is getting flooded. I can’t keep up with the downtown condos.

Here’s another loss. I’m now looking at straight loss now even looking at commissions and selling costs.

1501 FRONT ST #509, SD – Downtown, CA 92101**
List Price: $534,900 – $534,900
Sales History
Date Price
10/29/2004 $596,970

Bedrooms: 2
Full Baths: 2
Partial Baths: 0
Square Feet: 1,106
Lot Size: N/A
Year Built: 2004
Listing Date: 01/10/07
On Market: 1 day
Type: CONDO/TH
Status: ACTIVE
MLS #: 076003016

Seller to select services. Loan approval must accompany offer.
——

What? They want to set conditions prior to even considering an offer? These guy will be chasing the market down, way down.

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=076003016&mls=mls_sandiego&cKey=nhw2zqpw&source=SANDICOR
http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/8A81A191/Default.aspx

[blackbox]

Hey we’re at 2003 pricing, headed to 2002!
Didn’t this guy get the memo?

[PerryChase]

3rd time’s a charm?

Realtors, appraisers, what’s the scoop on this condo Downtown that fell out or escrow twice? Looks like they’ll be selling at a loss.

Description
Was in escrow twice, back on the market again. Awesome 2br in chic, trendy, architectual award-winning acqua vista. Granite counters, maple venir cabinets, slate tiles, & a giant private 39’x14’fenced in patio just for this unit.Concierge, valet parking, security, roof-top pool & spa, & much more. Short walk to all!!

List Price: $369,000 – $419,000
Purchase Price: 07/28/2004 $387,931

Bedrooms: 2
Full Baths: 1
Partial Baths: 0
Square Feet: 877
Lot Size: N/A
Year Built: 2004
Listing Date: 01/15/07
On Market: 1 day
Type: CONDO/TH
Status: ACTIVE
MLS #: 076004411

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=076004411&mls=mls_sandiego&cKey=n3bzlvq6&source=SANDICOR
http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/C06272F0/Default.aspx

[LostCat]

Bottom line

Downtown SD is going to fold. There is no way there are enough young, single income, people that can afford it little lone want to live down here. I don’t see too many double income families moving into these towers and very little idealistic hippies that want to walk and take transit everywhere can afford it.

I would be happy to say and guess that prices will fall 50% just based on the pure fact that downtown is so over built, even if SD become the last place on earth, people couldn’t and wouldn’t pay $600 a month for HOA that only pays for an elevator, no pool and no gym.

[PerryChase]

Of the listing downtown i come accross, anyone who bought 2004 or later seems to be under water.

235 MARKET STREET #403, SD – Downtown, CA 92101**
List Price: $399,900 – $399,900
Sales History
Date Price
03/30/2004 $445,000
08/20/2001 $271,810

Bedrooms: 1
Full Baths: 1
Partial Baths: 0
Square Feet: 734
Lot Size: N/A
Year Built: 2002
Listing Date: 01/17/07
On Market: 1 day
Type: CONDO/TH
Status: ACTIVE
MLS #: 076004942

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=076004942&mls=mls_sandiego&cKey=rr27c25f&source=SANDICOR
http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/B257960E/Default.aspx

[PerryChase]

$100k+ loss in one year. Is this a studio?

1150 J STREET #415, SD – Downtown, CA 92101**

List Price: $319,000 – $319,000
Sales History:
10/11/2005 $415,700
Bedrooms: 0
Full Baths: 1
Partial Baths: 0
Square Feet: N/A
Lot Size: N/A
Year Built: 2005
Listing Date: 01/17/07
On Market: 1 day
Type: CONDO/TH
Status: ACTIVE
MLS #: 076005256

http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/DFBABBAA/Default.aspx
http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=076005256&mls=mls_sandiego&cKey=trkk4j6b&source=SANDICOR

[DaCounselor]

From its inception, the development of downtown condos appeared to me to be not much more than an investment tool for speculators and to some extent an urban second/third/fourth home retreat for the wealthy. I attempted to get in on the action during the early stages of construction, the days of waiting lists for units seen only in artists’ renditions, without any luck. I would have flipped quickly.

My gut tells me that downtown will feel more pain than most areas over the next 12-24 months as values drop. Purchasing downtown now may be one of the worst RE investments in SD at this time.

[PerryChase]

In looking at listings, I see that many of the losses are being incurred by sellers who held out for the 2-year capital gains exemption. Had they flipped right away, they would’ve made good money. Greed was their downfall.

[PerryChase]

Another flip flop.
1501 FRONT ST. #408, SD – Downtown, CA 92101**

List Price: $499,900 – $499,900
Sale History 04/01/2005 $515,050

Bedrooms: 2
Full Baths: 2
Partial Baths: 0
Square Feet: 1,065
Lot Size: N/A
Year Built: 2004
Listing Date: 01/23/07
On Market: 1 day
Type: CONDO/TH
Status: ACTIVE
MLS #: 076006643

http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/E4B227E0/Default.aspx
http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=076006643&mls=mls_sandiego&cKey=l3d6gk6r&source=SANDICOR

[PerryChase]

The buck stops here. The second owner didn’t have much luck.

350 K ST #605, SD – Downtown, CA 92101**

List Price: $699,000 – $699,000
Sales History
Date Price
08/11/2004 $735,000
02/01/2002 $480,000

Bedrooms: 2
Full Baths: 2
Partial Baths: 0
Square Feet: 1,024
Lot Size: N/A
Year Built: 2002
Listing Date: 01/22/07
On Market: 2 days
Type: CONDO/TH
Status: ACTIVE
MLS #: 076006764

http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/9C2B85B1/Default.aspx
http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=076006764&mls=mls_sandiego&cKey=36fqlg3l&source=SANDICOR

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