That was so fun I decided to do all the data for Bradley Condos at 745 E Bradley Ave 92021. There are 58 total units, 50 2bd/1ba 806sf and 8 1bd/1ba 568 sf. I think this shows the same historical price trend as the 465 E Bradley graph, only better because there are more data points. I got all the data from SDlookup.com in case anyone wants to check my work. I believe this data is accurate as it crosschecked with the data at the county recorder’s office when I was looking at 465 E Bradley units.
The one bedroom sales data is pretty sparse and there hasn’t been a sale in a few years though one is listed now for under 140K.
Temeculaguy, I think you should take a look at the data for 465 and 745 E Bradley Ave. Previously you said:
“I think those sub 40k prices may be misleading as they sometimes are fractional numbers of a multi-unit sale or a transfer between corporate divisions or relatives in order to keep the property taxes low. I could be wrong but even in the 1980’s it was hard to find a 2br for under 500/mo in the seediest areas making those a steal.”
I don’t see how this data can support the theory that the sales listed may be fractional. I believe they are likely full sale single unit prices. This would be verifiable with a little time spent at the recorder’s office. I was blown away that prices in the early 80’s were higher than the late 90’s but this graph of 745 E Bradley along with the 465 E Bradley graph and supporting data is overwhelming proof to me. You could in fact have bought a 2bd condo in El Cajon for under 40K in the late 90s. Note that one of these units sold for just under $33K in May of 1996.
The other part that was interesting to me is that most of the buyers seem to be long term owners. Maybe they were picking up these “steals” under 40K and renting them as investments. There are not that many sellers past 2000 that took advantage of the bubble prices. The second highest sale price has already been foreclosed. I wonder how the owner of the all time high of $274K feels about the purchase now that a unit sold for $174K and it looks definite #41 will sell for less than that (currently REO, listed at 175K). That is a 37% hit in complex comparables and dropping.
(By the way, the chart for the 2/1 is cut off on the bottom. The axis dates listed represent October of each year. I should have played with it to set the date in January. Oh well. That is why the data may look shifted by almost a year).
