Price Breakthrough in Chula Vista

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Submitted by Jim Jones on April 4, 2008 - 6:58am

As a close watcher of the 91915 ZIP code in Chula Vista I wanted to point out that the first detached SFR property has hit the market at under $300k. There are other detached homes in the area which are going for the same price but this is the first that is not a condo setup with a shared drive and other restrictive covenants on things like on-street parking ect.

There are a couple of detractors to the property.

1. It's a short sale which is going to require lender approval.

2. Smaller home at 1,244 sq/ft.

3. The interior of the property looks pretty basic.

But it does break the $300k barrier.

Last purchase price was Sep 29, 2004 @ $513,000. That is a pretty steep decline from the peak.

I would like to hear any comments on what you think a home like this will sell for when this area fully corrects?

http://www.redfin.com/stingray/do/printa...

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Looks like a detached
Submitted by blackbox on April 4, 2008 - 8:54am.

Looks like a detached condo.

Around $250K, would be a good price for it if the market bottoms (sales and inventory)next year. If not, $200K would do it.