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Home › Forums › Housing › El Cajon Condo Blowout! (-27% in 8 months) › Since posting a few days ago

July 17, 2007 at 9:03 PM #66232
garysears
Participant

Since posting a few days ago I also noticed on the MLS that there is a foreclosure just up the street from these condos at 745 E Bradley Ave. While walking around the complex I saw 2 other units that looked bank owned. The only unit I saw listed on the MLS is #41. Units 51 and 45 had lock boxes on the door. Several months ago I saw for sale signs on the corner. I guess no one was able to sell and they got foreclosed.

List Price: $175,000
Address: 745 E BRADLEY AVE 41 92021
MLS #: 078015909
Original List Price: $230,000
Complex: Bradley Condos
Listed on: 2/25/2007

Historical home sale price: $250,000
Prior sale date: Aug 24, 2004

Historical home sale price (2): $45,500
Prior sale date (2): Jan 12, 1996

I see that someone made out quite nicely by selling at the peak on this one! It is especially nice if you consider they probably leveraged the initial 45K considerably.

#45
Historical home sale price: $268,000
Prior sale date: Jan 13, 2005

Historical home sale price (2): $53,615
Prior sale date (2): Feb 9, 1999

This is also quite a good deal for the 1999 buyer. I can’t believe someone paid $268K for that in ’05. I think #41 might likely sell for under $175K. If so, that represents quite a drop from the ’05 price of $268K for a similar condo in the same complex with the same square footage. If #45 sells for 175K that is a 45% drop already! Of course the lender probably has a little more into #45 than does the lender for #41.

#51
Historical home sale price: $102,559
Prior sale date: Jun 26, 2007

Historical home sale price (2): $87,500
Prior sale date (2): Mar 1, 2002

Historical home sale price (3): $38,000
Prior sale date (3): Mar 14, 2000

This one is a 1 bd / 568 sf condo. I didn’t know it was sold until I went to Trulia.com. But the sale price gives me hope that I might get a 2bd/2ba in El Cajon for under $150K. I note that the $175K price on the MLS for #41 does not seem real firm. I think they might even take $150K right now for it. There are several other condos in El Cajon on the MLS with the low side of the range in the 170-180Ks.