2003 prices at Escala is exactly what’s funny because the majority of units did not sell ’til 2004. The suckers who bought from the developer were thinking there were masters of the universe for a while. Now they’re brought down to reality. A friend of mine did buy at Escala and, thanks to a job transfer, he got out just on time to make a small profit (or break-even considering he put in wood floors, etc…).
I expect the majority of Downtown buyers to be underwater. I’m watching the market closely I see many original development buyers trying to get out. 4S, Del Sur, Bressi, et al are right there also.
DR Horton is building Atlas in Hillcrest. I also expect condo buyers in that area to all see their properties drop below purchase price.
