In my story today about the 14 units in foreclosure in downtown condo project Acqua Vista, I mentioned a few blogs that have been tracking the goings-on in the project. I wanted to throw a couple of links in here in case you’re interested in reading more.
Here’s a list of the properties in foreclosure, according to RealtyTrac, as compiled by blogger “ocrenter” at Bubble Markets Inventory Tracking.
That blogger found the trend after a forum visitor to Rich Toscano’s Piggington site wondered about all of the foreclosures on West Beech Street, where Acqua Vista is. You can read that thread here.
And the blogger at another site, called the San Diego Market Monitor, finds downtown condos that are selling at a loss and posts more information. Here’s a link to a recent post about an Acqua Vista unit, No. 608, which is listed at a loss for the owner.
Acqua Vista got some newsprint time in the Union-Tribune‘s Homes section this weekend, too, though the story didn’t mention its dramatic foreclosure trend. The project was named and photographed in a story about homeowners asking for a property-tax reassessment after their property values depreciated from their purchase price. Acqua Vista was one example cited where the county assessor’s valuations may be reduced, especially on some lower-floor units without balconies.
“The reduction would be on the lower floors with no view and smaller units,” [Assistant Assessor Dave] Butler said. “We’re seeing listings and prices less than they originally sold for.”
County records indicate, for example, that a one-bedroom, one-bath condo on the third floor of Acqua Vista sold for $323,000 in March 2005, while a nearly identical unit three doors away sold in January for $300,000.