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GThatch
Posts:37
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| 12/06/2008 10:22 AM |
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Unit #3104 is now on the market as a short sale.
List price $620K.
Original owner purchased from Bosa for $755K in Feb 2008.
I wonder if they ever made a mortgage payment? |
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Brian
Posts:2649
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| 12/15/2008 1:20 PM |
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Posted By Brian on 05/24/2008 2:39 PM Goingup? I'll be watching the foreclosure list to see which one of our privileged millionaire buyers end up getting their "pride" repossessed. #2503 List Price: $925,000 Purchase: $1,051,500 closed 1/29/28 Minimum loss = $126,500 + 4 years of opportunity lost on 15% deposit + transaction costs + carrying costs = Pride of ownership + bragging rights to a losing investment..... And you don't even get to live in it.
MLS-086008246-700_W_E_St_2503_San_Diego_CA_92101
#2503 is now $750,000
it's tenant occupied. Perhaps the lender will
renew the lease.
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Brian
Posts:2649
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Brian
Posts:2649
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| 12/18/2008 10:00 PM |
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#3005 now listed at $779,000
I do like the uniform wood flooring everywhere. I hate it when the flooring is broken up into a different finish for each area.
Compare to
#2905 Sold $853,500 on 2/13/08
#3105 Sold $1,140,335 on 2/25/08
Good things do come to those who wait.
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Brian
Posts:2649
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| 12/18/2008 10:20 PM |
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So we've seen properties go underwater at Electra.
And people like to claim that the high end is immune.
With the plague, the peasants at the bottom got sick and died first. The aristocrats, isolated in their castles, caught the malady last but they did catch it eventually. Same with real estate.
I think that very high end is shielded a little longer, but then do eventually fall, they will fall fast because the numbers of buyers will remain limited, no matter what the price.
Let's look at
#4201 now listed at $2,425,000
Let's track its progress here over the next couple of years.
Parcel Number: 533-532-12-52
Property Location: 700- E ST WEST #4201
Purchase Price: $2,305,900
Living Area: 1834
Bedrooms: 2
Bathrooms: 2
Document Date: 3-10-2008 |
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Brian
Posts:2649
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| 12/20/2008 11:14 AM |
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From a
related Electra thread:
Posted By ownhomeinSD on 09/24/2008 10:46 AM
Recent comparable sales to #1301
Sold 06/23/2008: $1,075,000
700 W E St UNIT 1106 , 2/2/1548
Sold 07/08/2008: $1,185,000
700 W E St UNIT 1806
, 2/2/1548
Sold 06/12/2008: $1,137,500
700 W E St UNIT 1906
, 2/2/1548
Sold 04/02/2008: $1,075,000
700 W E St UNIT 1406, 2/2/1548
As I said before that
not only listing prices can't represent market price but also a single
sold price can't represent market price. If there are 5 sales,
you can't only use one sale as example to show your point.
Now look at #1501 listed at $975,000 (purchased for $1,149,500 on 01/14/2008 less than 1 year ago.
700_W_E_St_1501_San_Diego_Ca_92101
It just take a few months for the data to make my point. |
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cbr600f4i2
Posts:13
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| 12/20/2008 5:19 PM |
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| Great job Brian! You're right on the money, no one is immune, even the high end properties and investors. Look at Toll Brothers, they were taken out back and beaten good. |
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Brian
Posts:2649
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| 12/30/2008 9:48 PM |
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#3701
Previous asking price: $1,715,000
Down to : $1,499,000
And now down to: $1,397,000
Parcel Number: 533-532-12-31
Property Location: 700- E ST WEST #3701
Purchase Price: $1426900
Living Area: 1518
Bedrooms: 2
Bathrooms: 2
Document Date: 1-28-2008
This unit it owned by two men one of whom is an EVP at a major bank. Wouldn't it be interesting if this unit eventually gets foreclosed upon that very same bank?
12/10/2009 taxes of $11,120.19 defaulted.
MLS-080084814-700_E_3701_San_Diego_Ca_92101 |
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Brian
Posts:2649
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| 12/30/2008 9:51 PM |
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correction:
12/10/2008 taxes of $11,020.19 defaulted. |
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GThatch
Posts:37
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| 12/31/2008 1:54 PM |
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As of 12/31/08:
Bosa has not sold 53 of the 248 units in the building per the recorder's office.
Out of the other 195 units, 33 are delinquent on their property taxes per the treasurers office (a default rate of 17% for a deep-pocketed and savvy group of investors and homeowners). |
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Brian
Posts:2649
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| 01/06/2009 8:25 PM |
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Posted By Brian on 10/08/2008 12:35 PM Posted By Brian on 09/12/2008 1:25 PM #1702. So much for holding for the long-term. Lots of mortgage payments "throw-away" MLS# 080063424 Price: $699,000 Purchased $ 832,900 01/15/08
MLS-080063424-700_W_E_St_1702_San_Diego_Ca_92101Description Not a typo! This exceptional, west-facing unit at electra is offered at over $130k below purchase price! And, upgrades are included. This split bedroom plan enjoys beautiful water views, luxurious amenities and a fabulous columbia district location. The balcony overlooking the bay is wonderful for entertaining or watching the boats glide by. Upgrades include leutron lighting system, plasma tv, surround sound, beautiful door casings and baseboards, smooth textured ceilings and full granite backsp [/quote]
Pending then relisted again. So much for buyers champing at the bit for "opportunities". Finally closed at $699,000. New comps being made.
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Brian
Posts:2649
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| 01/06/2009 10:26 PM |
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Posted By Brian on 08/02/2008 9:29 PM #1905 is another domino to fall. Description Bom, just fell out of escrow. 19th floor, east-facing, city view with some coronado bridge water view from balcony. Bamboo flooring throughout, including both bedrooms. Owner is a licensed real estate agent. Please no high heels.
http://www.sdlookup.com/MLS-086028355-700_W_E_St_1905_San_Diego_Ca_92101Parcel Number: 533-532-11-05 Property Location: 700- E ST WEST #1905 Purchase Price: $674400 Living Area: 1161 Bedrooms: 2 Bathrooms: 2 Document Date: 4-15-2008
At just $500 over purchase price, this condo would be underwater only if including the carrying costs and the selling costs.
Do you think the breeze is pretty nice on the 19th floor?
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Brian
Posts:2649
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| 01/06/2009 10:31 PM |
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Posted By Brian on 12/16/2008 9:10 AM #2805 now listed at $779,000 Parcel Number: 533-532-11-59 Property Location: 700- E ST WEST #2805 Purchase Price: $839900 Living Area: 1161 Bedrooms: 2 Bathrooms: 2 Document Date: 2-6-2008
MLS-080082995-700_W_E_St_2805_San_Diego_Ca_92101
#2805 is now down to $699,000. That makes #1905 at $674,900 seem overpriced.
I believe that the breeze might be better on the 28th floor.
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veritas_et_spes
Posts:17
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| 01/07/2009 1:37 AM |
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In my opinion, the E/05 plans are the least attractive units in the building. The view is really non-existant (unless you step out to the balcony), the floor plan is non-functional (e.g. bathroom adjacent to the dining and the kitchen), and it's too small for a 2 bedroom unit.
In that sqft range, I think the B/02 plans are a bit better although much of the view will most likely be blocked in the future. For example, #1702 just closed for $655k (http://www.sdlookup.com/MLS-080083015-700_W_E_St_1702_San_Diego_Ca_92101).
Now only if I could get an F/06 unit for the price of an E/05 unit :-)
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