Fast forward to December 2008 … There are now three listings in that complex … Asking prices range from the REO fixer at $165K to the end unit that “needs TLC” for $185K.
Looks like we’ve hit 2000-2001 pricing here. Perrychase predicted things would bottom out around 2001 prices, which suggests he’s the winner so far … unless things drop even more, in which case Masayako might win with his prediction of 1999 pricing.
Bugs wrote a detailed cost analysis that stated, in part: “I think this unit could end up below $200k in an undervalued market … At $175k it would be just under 50% of the peak pricing for this puppy, which would put it back into line for the long term pricing trend.”
If/when the REO pipeline starts flowing again early next year I think this Pigg of modest means will be in buying mode.
