It happens because there are still buyers out there. I feel your pain radelow. My lowball offers have been stomped on but it is what it is.

Things to note. That sale you pointed out was listed by a Prudential agent and the buyer was also represented by a different Prudential agent. Also it is not uncommon for credits to be given back for closing costs. I want the market to go down as well for my own selfish affordability. What is interesting about Piggington is that some people work very hard to find listings that “appear” to them to be fraudulent, or point out huge losses for sellers, or to identify flippers…etc…They like to use these individual cases to make a broad generalization that the market is dead now, that nothing is selling, and that this will lead to a broad based economic slump of our entire country. Now, sometimes there are individual cases that appear to be fraud and lots of cases of prices reverting back to 03, 04, or 05 pricing… However alot of times sdrealtor, or myself or other people find out the facts only to reveal that no, there was not anything fraudulent, the sale was on the up and up and the home did sell properly.

What you see is NOT an exception for certain areas. Now you or I wouldn’t pay a price like that for a home that small but someone did. We have no ideas if there were credits involved nor do we know the details of the transaction. We also don’t know if the realtor gave a credit back to the buyer although I would guess not because it was Prudential although you never know.

The depreciation cycle is not a overnight sensation. It will happen slowly in some spots, fast in others, and REAL slow in others. Hang in there radelow. Keep lowballing, get a good credit back…be patient.

SD Realtor

radelow,

I feel your pain regarding the rate at which Bay Park houses are coming on the market. You’re right about deaths leading to new listings, we know of one house that went up just down the street from my in-laws after the owner passed away last July, and its still on the market (asking price is way too high, imo).

My wife and I both grew up there and we sold our house in PQ last summer in order to rent for a few years before purchasing a home there. With the current rate in which prices are declining (read: slowly), we’re most likely going to start looking for a rental in the area this summer and hang tight.

$2200 is a decent price for that area, when did you move in? Also, what area are you in? (not looking for specific detail) up the hill or down closer to Morena Blvd? There are some houses up for rent that have insane asking prices and dont seem to be moving, so I’m trying to figure out what a good “counter” is.

Thanks

I too am interested in Bay Park. But like you guys said, there’s a dearth of listing in that area. I’ll be hanging tight and waiting until the price is right.

I’m another person who wants to buy in Bay Park. I own in an eastern suburb but work in the Morena District. At lunch, I drive around and agree with the rest of you…hardly anything is for sale. I saw one for-sale sign today but it was for one of those converted-to-condos 1BR/1BA. Can’t remember the street but I remember when they went on sale last year. They really had to slice the prices. Bay Park is such an ideal location no matter where you work.

Looks like lots of people are looking at Baypark. Man, it’s gonna be hard for me to find something!

I would consider a fixer/teardown in Baypark, Point Loma, Bankers Hill, Mission Hills, or nearby, preferably with a view. I’m giving myself 7 to 10 years to find a suitable place at a good price.