Electra #1701

Some people claim that Electra is the best building in all of San Diego.

The flippers there are going underwater, one by one and Bosa is lowering prices and putting pressure on the flippers.

Let's look at

MLS-090009481 700 W E St 1701 San_Diego Ca 92101

Purchased for $1,039,400 on 01/01/08
Immediately listed at $1,160,000. Are you laughing yet?
Now listed for $929,500. INCLUDING all the ugly furniture.

$109,900 loss, not including carrying costs and transaction costs.

Breezy Downtown

Goingup, a poster on another blog keeps on pointing to the downtown data provided by Lew Breeze, a local Realtor.

First, Breeze's data is all junk, in my opinion.

Second, he is hardly anyone that you can trust since he claimed that "downtown buyers are actually buying". Duh! So much for analysis.

He's also the type that would claim that superior properties are immune. So, OK, lets examine a superior property.

Lew Breeze bought at Electra


MLS-086028355 700 W E St 1905 San_Diego Ca 92101
2/2
1161 sf
$581 PPSF

Purchase price $674,400 04/15/2008
Listed price $674,500 or a whopping $500 profit which, in reality is thousands lost if you consider carrying and transaction costs.

The property is bleeding money each month but it was removed for "when the market rebounds."

I will continue to monitor this condo to see what it eventually sells for.

Mr. Breeze owns other condos Downtown. Stay tuned for future updates such as a monster tax lien that was filed by the IRS.