If you’re in it for the long haul and this price really does represent a $300k discount off the current value then it could work out for you over the long haul.

This type of home probably wouldn’t come up for sale at all during a depression – it’s not the type of flip-bait situation that would lead to an overextended seller. Pt. Loma is a pretty established community, and even during the boom there weren’t that many transactions down there. This type of situation isn’t the same thing as a typical subdivision home that happens to become available at a currently low price – one of those could be replaced at almost any time.

I guess what I’m driving at is that if you don’t get it now there is a chance you won’t get it at all under favorable financing terms.