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Goingup?
Posts:167
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| 04/20/2008 6:33 PM |
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If you know of 15 then it's probably safe to say it's closer to half the building (50% hasn't closed yet) is in litigation.
Do you kow if they are all individually going after their money, or a is therer is a class action motion going on?
Usually this is all top secret, and even if you know the individuals, they're supposed to keep their move shut.
Almost all of Electra was bought by experienced flippers that had made a bundle of money downtown that just pushed their luck one building too far.
But everyone of them would be savy enough to konw the market (their about to lose their shirt), and have the resources to fight Bosa for the deposits back (or a lower price).
My guess is all those that closed so far bought on Friday or early Saturday. Those that bought later then that are alreally down (more than 15%...their deposit nuimber). Bosa raised the prices literally every 10 minutes, so those that bought late on Sun paid at least 20% above those that bought on Friday.
I was in Electra the other day and was impressed with their lobby, but disappinted in their other areas (gym, pool, parking). Most disappinting was the layout of some of the units. Very stange layouts to say the least. The architect shoud be shot.
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dexter
Posts:25
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| 04/21/2008 12:07 PM |
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| They designed the outside without thought to how the units would fit. A lot of them are of shoehorned in and the outside curvature of the building becomes pervasive as it cuts through the living areas. The lobby is an awkward calm among the busy downtown streets- the massive space only accentuates how impersonal Electra can be. |
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CH
Posts:1
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| 04/26/2008 6:02 PM |
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| It's a shame that the human instinct is to be so "envious". Perhaps if there weren't so many greedy people trying to "flip" things that they can't afford to own or keep...the market wouldn't be in this situation ? Real Estate is always a good investment in the long run...if you can't afford to keep it...don't buy it and then complain the sky is falling !! |
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jakob
Posts:550
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| 04/29/2008 5:40 PM |
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| Check out #1301. 100k reduction today down to $950,000. Bosa got $1,019,600. Looks like the flipper would have lost less money simply walking away from the 15% deposit. |
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Brian
Posts:2649
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| 09/23/2008 11:28 PM |
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Posted By jakob on 04/29/2008 5:40 PM
Check out #1301. 100k reduction today down to $950,000. Bosa got $1,019,600. Looks like the flipper would have lost less money simply walking away from the 15% deposit.
#1301 closed at $900,000 on 6/25/2008
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ownhomeinSD
Posts:168
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| 09/24/2008 12:08 AM |
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| Do you have original sale price to compare? Don't show me listing price. It could be 99 cents or more than 1 billion. If I had a house to sale with maket value at $500k, I asked $1,000,000 and then reduced it to $600k. If someone bought it at this price, I am sure you would post it as " Monster Price Drops in ...".
Here are recent comparable sales
Sold 06/23/2008: $1,075,000
700 W E St UNIT 1106
Sold 07/08/2008: $1,185,000
700 W E St UNIT 1806
Sold 06/12/2008: $1,137,500
700 W E St UNIT 1906
Sold 04/02/2008: $1,075,000
700 W E St UNIT 1406
Source: http://www.zillow.com/homedetails/700-W-E-St-UNIT-1301/70598067_zpid
http://users.ixpres.com/~gtriphan/08-1-101.htm
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Brian
Posts:2649
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| 09/24/2008 12:38 AM |
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#1301 just flipped for $900,000
Per County Recorder, this is what Bosa sold the unit for:
Parcel Number: 533-532-10-43
Property Location: 700- E ST WEST #1301
Purchase Price: $1,019,600
Living Area: 1465
Bedrooms: 2
Bathrooms: 2
Document Date: 1-18-2008 |
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Brian
Posts:2649
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| 09/24/2008 12:40 AM |
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#1301 just flipped for $900,000
Per County Recorder, this is what Bosa sold the unit for:
Parcel Number: 533-532-10-43
Property Location: 700- E ST WEST #1301
Purchase Price: $1,019,600
Living Area: 1465
Bedrooms: 2
Bathrooms: 2
Document Date: 1-18-2008 |
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jackjack
Posts:159
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| 09/24/2008 8:20 AM |
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Posted By jakob on 03/24/2008 4:57 PM
Over a fifth of the "sold out" building on the MLS, not one closed yet. 53 units. Daily price drops. How's that $800/mo HOA treatin ya? Not to mention property tax and mortgage payment. I expect we will see a lot of bank-owned Electra units soon. That should do wonders in marking these to market. Beautiful building too, a sad but fitting monument to dashed condo flipping dreams.
Well that won't happen when this massive bailout passes. I just don't get it. Why wouldn't their be huge political backlash if the govt does this!? It is not fair for someone to pay a 100% of a mortgage bill, and then their neighbor to get a 50% haircut. The responsible parties have to far outnumber those irresponsible idiots, but yet we are bailing out those fools all in the name of "assuring that we keep people in their homes...." - even if that means keeping an irresponsible idiot in their home and making it inequitable to all the neighbors on their block!!!
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ownhomeinSD
Posts:168
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| 09/24/2008 10:46 AM |
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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. |
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ownhomeinSD
Posts:168
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| 09/24/2008 11:03 AM |
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more data for: 700 W. E St
| 02-21-2008 | 700 | W. | E St | Unit #1304 | $798,000 | San Diego | 92101 | 0090370 | 533-532-10-46 |
| 04-14-2008 | 700 | W. | E St | Unit #1304 | $875,000 | San Diego | 92101 | 0197538 | 533-532-10-46 |
| 01-25-2008 | 700 | W. | E St | Unit #1406 | $947,000 | San Diego | 92101 | 0038656 | 533-532-10-54 |
| 04-02-2008 | 700 | W. | E St | Unit #1406 | $1,075,000 | San Diego | 92101 | 0173233 | 533-532-10-54 |
| 01-07-2008 | 700 | W. | E St | Unit #1505 | $604,500 | San Diego | 92101 | 0007030 | 533-532-10-59 |
| 04-04-2008 | 700 | W. | E St | Unit #1505 | $620,000 | San Diego | 92101 | 0179824 | 533-532-10-59 |
| 04-29-2008 | 700 | W. | E St | Unit #1705 | $624,000 | San Diego | 92101 | 0229348 | 533-532-10-71 |
| 07-01-2008 | 700 | W. | E St | Unit #1705 | $619,000 | San Diego | 92101 | 0353057 | 533-532-10-71 |
01-25-2008 | 700 | W. | E St | Unit #1806 | $1,114,000 | San Diego | 92101 | 0036501 | 533-532-10-78 |
| 07-08-2008 | 700 | W. | E St | Unit #1806 | $1,185,000 | San Diego | 92101 | 0362483 | 533-532-10-78 |
| 01-14-2008 | 700 | W. | E St | Unit #1206 | $1,149,500 | San Diego | 92101 | 0017102 | 533-532-10-55 |
| 01-14-2008 | 700 | W. | E St | Unit #1206 | $968,000 | San Diego | 92101 | 0017099 | 533-532-10-42 |
| 02-15-2008 | 700 | W. | E St | Unit #2701 | $1,170,500 | San Diego | 92101 | 0080146 | 533-532-11-49 |
| 06-13-2008 | 700 | W. | E St | Unit #2701 | $735,000 | San Diego | 92101 | 0318722 | 533-532-11-53 |
| 02-01-2008 | 700 | W. | E St | Unit #505 | $500,000 | San Diego | 92101 | 0052586 | 533-532-09-25 |
| 05-05-2008 | 700 | W. | E St | Unit #505 | $532,000 | San Diego | 92101 | 0241371 | 533-532-09-25 |
| 01-18-2008 | 700 | W. | E St | Unit #904 | $710,500 | San Diego | 92101 | 0026860 | 533-532-10-22 |
| 05-15-2008 | 700 | W. | E St | Unit #904 | $855,000 | San Diego | 92101 | 0263880 | 533-532-10-22 |
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