If it sold for $360K in 2004, you shouldn’t pay much more than that now.
I can understand your desire to live in the area. I was seriously contemplating a $350K REO on Whaley Ave. in 2008. 3/2, 1300 Sq ft, and it was canyon facing, and super isolated on quiet a cul-de-sac. But it was toe-up-from-the-floor-up. It would’ve required $30K to make liveable or $50K to bring it up to my standards.
I ended up buying a condo in Mission Valley last year.
I’m disappointed it’s not North/South Park, but it has a huge garage, and lives like a SFR. Overall, I’m happy with the purchase.
My point is that you can afford to be patient because it will be a buyer’s market for some time to come
– There is no reason to expect interest rates to be raised much, if at all, in the next year.
– Banks can’t stem the tide of foreclosures forever. http://piggington.com/the_many_faces_of_shadow_inventory
