[quote=carlsbadworker][quote=Rt.66]6 to 2? Holy crap, thats huge![/quote]
Welcome to Temecula Valley. To be fair, TG didn’t mean it is $200K. It just starts with 2. So the ratio is less dramatic than it looks, but 50%+ off is not hard to find in TV, 66% off is where I like to invest my money with but I don’t think I will ever be able to get it.
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You can find it, 280k to 99k and it’s not a short sale.
look at the similar listings and closings at the bottom of the link, this isn’t a bidding war price, it’s the going rate. This short is pending at 109k, original new price was 310k. This complex was terribly overpriced and bubble built in 2006, but 30-40 cents on the dollar is the norm, they rent for well over a grand, the multiplier is 100x or lower.
Rt.66, this is why you and I have disagreements on occasion, because we see two different worlds, the air is out of my balloon already. I paid about 40 cents on the dollar for my primary, would like to pay 35 cents on the dollar for a rental. As prices fell, rents didn’t fall at the same percentages, when the news was all good, these were a terrible investment at 300k, with all the bad news, I see 100k as an opportunity. Also, the ppsf for condos has flattend out at about $100 for the last three months and the same $100 for sfr’s for the last 6 months. I don’t think things will shoot up anytime soon, but the level we will kick around at is pretty much here.
