Below is an excerpt from an article in today’s San Diego Union Tribune about Verano. That’s a 16% drop in 1 year! I’d say that nearly everyone who bought in 2005 is now underwater. Let’s see what year 3-5 gives us.
An analysis by The San Diego Union-Tribune of completed sales at Verano, a 514-unit project in University City also developed by Crescent Heights, found that the selling price of a 934-square-foot, two-bedroom unit averaged $440,000 in May through August 2005.
This year, the same-size unit at Verano sold for an average price of $371,000. The price-cutting strategy appears to be working. Verano sold 23 condos in August, according to county deed records.
