Since posting the first time I found out Unit #4 at 465 E Bradley sold on May 16 for $197K. That means there is an identical unit in the same complex with a comp 75K below #11. So a 27% decline for #2 and likely #11 (after the bank takes it) seems a done deal. 4 of the 12 identical units in the complex are currently up for sale so it could get worse fast.
Here are the listing prices:
Unit MLS# List Date
2 076051074 $200K 6/14/07
4 SOLD for $197K on 5/16/07
5 078023086 $220K 3/21/07
6 076037262 $250K 5/07/07
11 076057009 $269K 3/26/07
Unit #11 sold for $272K on 04/08/05.
Unit #02 sold for $268K on 10/31/06.
It looks like the owner of #11 is still trying to right the ship, hence the high asking price. I’m real curious to find the last sale data for #5 and #6 as well as the previous sale for #4.
My feeling (hope) is that the low $200K’s will be the expectation soon for all your 800-900 sf 2bd condos in El Cajon. We already have some units at least 30% off the ’05 to ’06 highs. Some distressed units are approaching $200/sf.
745 E Bradley Ave #45 (2/1 806sf)is a bank owed property. It sold for $268K in Jan ’05 and is listed for $190K right now (-30% as listed). But it also has to compete with a sale of the same floor plan in the same unit in OCT ’06 for $174K. There is another unit (#41) listed for $175K and I think it will probably sell for less.
The apartment complex right next door to me at 457 E Bradley Ave just came up for sale as well (12 units, $1.375M). Anyone in the market for a potential condo conversion?
