A Pitiless Promenade Pulverizing
133 The Promenade #103, Long Beach, CA 90802
Purchased 3/2007 - $800,000 ($509 psft)
Sold on 7/9/2010 - $330,000 ($210 psft)
Loss - $490,000
Oh how the mighty have fallen. After nearly two years spent chasing the market down, ostensibly hoping for "things to get back to normal," pinning hopes on "green shoots" and the elusive arrival of "the bottom," the bank finally accepted the truth. I think $330,000 is a good price for 1,500 square feet of brand new construction, but I have a feeling the bank views that massive, absolutely mind-boggling 60% loss a bit differently.
What an utter disaster.
Purchased 3/2007 - $800,000 ($509 psft)
Sold on 7/9/2010 - $330,000 ($210 psft)
Loss - $490,000
Oh how the mighty have fallen. After nearly two years spent chasing the market down, ostensibly hoping for "things to get back to normal," pinning hopes on "green shoots" and the elusive arrival of "the bottom," the bank finally accepted the truth. I think $330,000 is a good price for 1,500 square feet of brand new construction, but I have a feeling the bank views that massive, absolutely mind-boggling 60% loss a bit differently.
What an utter disaster.
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