Good work seniormoment….Downtown will be a brutal dose of reality for all the amateur speculators who bought there thinking it would be easy money. I had a friend who was lucky to flip a unit at The Grande (end of 2005) and make $30K profit after he had $150K on deposit for 2 years while the building was under construction. (The same type of unit at the previous BOSA development, Park Place, two years earlier resulted in a flipping profit for this guy of $200K with only a $50K deposit.) How times have changed…
When we finally start to see the truly motivated sellers they will have to separate themselves from all the other properties on the market by large price reductions.
While we’re talking about price reductions…I get an email newsletter market update from a Realtor friend of mine in Maui. Maui has seen a similar price increases to those in San Diego. They had one property that was reduced this week from $969K to $700K…
