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Brian
Posts:2649
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| 06/19/2008 12:51 PM |
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Update on #3703
" Priced to reflect seller's motivation"
I guess that 2004 Bosa price for the few and the proud was not so amazing after all.
Will this unit become an REO? Time will tell.
list: $1,185,000
Minimum Loss: $44,900
+ 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.
http://www.sdlookup.com/MLS-080041087-700_W_E_St_3703_San_Diego_Ca_92101
Parcel Number: 533-532-12-33
Property Location: 700- E ST WEST #3703
Purchase Price: $1229900
Living Area: 1389
Bedrooms: 2
Bathrooms: 2
Document Date: 2-29-2008
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Brian
Posts:2649
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| 06/23/2008 12:42 PM |
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#3504 about to go below "amazing" 2004 original developer price.
Whenever the listing says " Please request more information from broker" a foreclosure has already happened or not far on the horizon.
http://www.sdlookup.com/MLS-080044588-700_W_E_St_3504_San_Diego_Ca_92101
Price: $799,000
MLS#: 080044588
Parcel Number: 533-532-12-24
Property Location: 700- E ST WEST #3504
Purchase Price: $775400
Living Area: 993
Bedrooms: 2
Bathrooms: 2
Document Date: 3-4-2008
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GThatch
Posts:37
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| 06/23/2008 2:00 PM |
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Brian,
Are you still updating this?
http://www.sdlookup.com/Portals/0/NTForums_Attach/Electra.pdf |
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Brian
Posts:2649
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| 06/25/2008 11:01 PM |
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I'll post an update pdf on Electra later.
Did you guys see that Bosa just lopped off $50k - $100k off of its Electra listings. That will put some pressure on the flippers and a drive some of them into foreclosure. It will be fun to watch the building this fall and winter.
http://www.sdlookup.com/Community-64-Electra |
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Brian
Posts:2649
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| 06/26/2008 10:59 AM |
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Posted By Brian on 05/24/2008 2:39 PM #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 $895,000.
The listing says "
Please request more information from broker". Foreclosure imminent?
Listing Price Changes
Price Reduced: 06/26/2008 from $925,000 to $895,000
Price Reduced: 04/22/2008 from $965,000 to $925,000
Price Reduced: 03/29/2008 from $995,000 to $965,000
Price Increased: 03/18/2008 from $975,000 to $995,000
Price Reduced: 03/18/2008 from $995,000 to $975,000
Price Reduced: 02/18/2008 from $1,075,000 to $995,000
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Brian
Posts:2649
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| 07/01/2008 4:24 PM |
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Confirmed flip flop.
Sold $619,000 07/01/2008. So much for holding for the long term. At least a Realtor can feed his/her family thanks to this transaction.
Minimum loss = $5,000
+ 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.
Parcel Number: 533-532-10-71
Property Location: 700- E ST WEST #1705
Purchase Price: $624000
Living Area: 1161
Bedrooms: 2
Bathrooms: 2
Document Date: 4-29-2008
Listing Price Changes
Price Reduced: 06/19/2008 from $679,000-$649,000 to $649,000-$649,000
Price Reduced: 06/10/2008 from $679,000 to $649,000 |
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Brian
Posts:2649
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| 07/01/2008 4:36 PM |
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Large Loss at Electra
#1301
Minimum loss = $119,600
+ 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 + But you fed some Realtors....
Sold Price: $900,000
Sale Date: 06/25/2008
Parcel Number: 533-532-10-43
Property Location: 700- E ST WEST #1301
Purchase Price: $1019600
Living Area: 1465
Bedrooms: 2
Bathrooms: 2
Document Date: 1-18-2008
MLS-086006098-700_W_E_St_1301_San_Diego_CA_92101 |
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Brian
Posts:2649
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| 07/02/2008 11:46 AM |
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#3701. I think that this fliipper is at the end of his rope.
Previous asking price: $1,715,000
Current asking price: $1,499,000
Purchase price from Bosa: 1,426,000 on 1/28/2008.
There will be no proifit if sold at current asking.
+ 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-080046814-700_W_E_St_3701_San_Diego_Ca_92101
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Brian
Posts:2649
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| 07/10/2008 11:53 AM |
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ah, the sweet feeling of privilege of ownership in the tallest residential tower in San Diego.
#1503
Purchase price: $982,400
Previous flip List Price: $1,030,000 (Did you have a good laugh yet?)
New list price $875,000.... Today removed from the market.
MLS#: 088003423
Days on Market: Not active
Listed: 01/13/2008
Listing Price Changes
Price Reduced: 05/29/2008 from $982,400 to $895,000
Price Reduced: 05/04/2008 from $1,030,000 to $982,400
Price Reduced: 02/12/2008 from $1,075,000-$1,100,000 to $1,030,000-$1,030,000
Miniumum Loss: $107,400
+ 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.
I'm still waiting for the first foreclosure at Electra. Wait to see what happens to real estate when Fannie and Freddie go bankrupt.
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Brian
Posts:2649
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Brian
Posts:2649
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| 07/13/2008 11:09 AM |
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Bosa undercuts the flippers.
#2601. Just sold by Bosa.
Sold Price: $1,030,000
http://www.sdlookup.com/MLS-086029190-700_W_E_St_2601_San_Diego_Ca_92101
That sure sinks #1701 which I wrote about earlier.
Purchased for $1,039,400 (2004 amazing, privileged buyer, never to be repeated price).
Now listed at $1,099,900
Based on the sale price of #2601, #1701 should now be only be about $900,000, in today's market. Good luck with the asking price. |
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Brian
Posts:2649
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| 07/14/2008 12:50 PM |
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#4302
Prices dropping. Will this turn from wishful pricing to distress sales? Time will tell....
MLS# 086023500
General Info
Status: Active
Price Reduced: 07/13/2008 from $2,495,000 to $2,275,000
Days on Market: 107
Listed: 03/28/2008
Parcel Number: 533-532-12-56
Property Location: 700- E ST WEST #4302
Purchase Price: $1975100
Living Area: 1674
Bedrooms: 2
Bathrooms: 2
Document Date: 3-12-2008
MLS-086023500-700_W_E_St_4302_San_Diego_Ca_92101 |
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Brian
Posts:2649
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| 07/14/2008 1:08 PM |
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When the the flippers give up? Time will tell....
#4303
MLS#: 088033058
Days on Market: 70
Listed: 05/05/2008
Price Reduced: 07/14/2008 from $1,999,900-$2,149,900 to $1,599,900-$1,999,900
Purchase: 1,360,500
Parcel #: 5335321257
Document Date: 04/21/08
Living Area: 1,590
Bedrooms: 2
Bathroom: 2
MLS-088033058-700_W_E_St_4303_San_Diego_Ca_92101
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JAP
Posts:47
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| 07/14/2008 1:21 PM |
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Posted By Brian on 06/26/2008 10:59 AM
Posted By Brian on 05/24/2008 2:39 PM #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[/quote] #2503 is now $895,000. The listing says " Please request more information from broker". Foreclosure imminent?
Listing Price Changes
Price Reduced: 06/26/2008 from $925,000 to $895,000
Price Reduced: 04/22/2008 from $965,000 to $925,000
Price Reduced: 03/29/2008 from $995,000 to $965,000
Price Increased: 03/18/2008 from $975,000 to $995,000
Price Reduced: 03/18/2008 from $995,000 to $975,000
Price Reduced: 02/18/2008 from $1,075,000 to $995,000
A $756 HOA fee? -YIKES! |
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Brian
Posts:2649
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| 07/16/2008 3:13 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
Unit #2503 has now been reduced to $895,000....
But Bosa just reduced #2603 up above to $919,000.
Bosa is now undercutting the flippers. This is better than prime-time TV.
http://www.sdlookup.com/MLS-076094922-700_W_E_St_2603_San_Diego_Ca_92101
What will the coming wave if foreclosures do to this building?
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Goingup?
Posts:167
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| 07/16/2008 3:55 PM |
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Brian , I understand your fascination with Electra, since you rent there, but your dead wrong on a coming wave of forclosures overtaking the building.
Units are holding up well considering almost the entire building was bought by flippers at the peak of the market and are trying to sell them in the middle of the worse real estate collapse in history.
Unit 1301 was let go by a very motivated seller for personal reasons, and let all the realtors know they were, in fact, VERY motivated. Still, they received multiple offers (albeit all lower than the original purchase price). Yet even they sold for less than a 10% loss...BTW, all buyers did received interest on their deposits going back to day one so it's not like they lost 4 years of investment opportunity elsewhere (the stock market is down about 20% in that time).
So there are plenty of buyers out there, they just want a great deal (who doesn't?).
And all the buyers I know put at least 20% down on their units (the deposit alone was 15% + 4 years of interest).
So in order to have a "wave" of forclosures you'd have to have at least another 10% hit, even from multilple offer prices.
I'm just not seeing that, at least not for a couple years.
Only multiple forclosures bring that kind of a drop on (see Aqua Vista), and that is just not going to happen at Electra.
While you think time is on the side of the buyers, I see it different. Developement costs are skyrocketing with commodities and no one will even CONSIDER building another luxury hi-rise until prices rise in the 40% range. In the meantime downtown has all the demographics going for it.
Short term real estate is as big a toss up as the stock market to me, but over the next few years downtown has only one way to go, and that's up. I just don't see a major exodus on anyone's part from downtown, in fact, I see just the opposite.
Heck, even you recently moved downtown.
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Brian
Posts:2649
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| 07/18/2008 12:18 PM |
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Posted By Goingup? on 07/16/2008 3:55 PM
downtown has all the demographics going for it.
The demographics are all flippers who now have nobody to sell to. Those same flippers are running low on wherewithal.
Look at this one:
#1603
Price $799,000
Purchase $891,900 01/16/08
Look at the data and deduce what you will from it.
MLS-080050582-700_W_E_St_1603_San_Diego_Ca_92101
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Brian
Posts:2649
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| 07/18/2008 1:21 PM |
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Another thing, #1603 was previously listed since 4/18/2008.
Removed and relisted the same day, today, with the same broker, Prudential California Realty
MLS#: 086028775
Days on Market: Not active
Listed: 04/18/2008
Price: $849,000
It was "price to sell" then and still "priced to sell" today.
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jakob
Posts:550
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| 07/18/2008 1:32 PM |
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| Have their been any foreclosures yet? If REOs start hitting Electra watch out. That will really lubricate prices to the down side. |
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92101Resident
Posts:141
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| 07/18/2008 1:58 PM |
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Posted By jakob on 07/18/2008 1:32 PM
Have their been any foreclosures yet? If REOs start hitting Electra watch out. That will really lubricate prices to the down side.
The listing says that the seller is being deployed! How many are willing to bet that it might be a ploy to tug on the patriotic feelings to push this unit over others in the building. On the same token the agent may want to put pictures of some really cute kids and mention "don't let these kinds go hungry - so please make a full price offer now".
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