Wednesday, May 9, 2007

1827 Grant Street AKA Flop Tower

Towering above Grant Street is Portofino Tower, aka Flop Tower.
This project hit the market right at the end of the flipping frenzy.
The first round of flippers scored, but the second round didnt do so well.
Developer still retains over 10% of the units, hoping for a rebound?? or they dont want to flood the market??
Unit 1002
12/15/2004 $820,000
12/15/2004 $850,000
currently vacant and listed $699,900
Unit 1003(very similar unit as 1002)
sold by developer 01/10/2007 $539,000
Unit 803
12/15/2003 $550,000
09/15/2005 $675,000
03/2007 listed $850,000 sold $675,000(do the math a big loss)
Unit 501
10/15/2004 $775,000
listed $694,000(listed since 08/08/2006)--REO--
Unit 502
06/15/2005 $725,000
listed $599,950
Unit 703
09/15/2004 $620,000
listed $574,900
looks like what does go up will come down at least on Grant Street..great view!


Anonymous said...

Amazing! Who makes the kind of money to comfortably afford these places?? Housing prices and incomes are out-of-whack!

Anonymous said...

It's not just the monthly mortgage but $500 HOA and in some cases only 1 parking spot for a two bedroom???