From a statistical standpoint the home was purchased for 303k back in 2002. There is a closed sale on 11/08 of the same floorplan for 305k. There is another closing in Sept of 08 for 329.
There is a pending with a list price for 395k which is the 1090 sf plan which is a 2/3.
I think that Mission Valley condo stock has a strong tendency to valuations based on cash flow for investment property. If I were you I would value this property in that manner. I purchased a small 1 bedroom back in 02 (I think) at Mission Plaza which is lower end Mission Valley stock at 155k and basically broke even using it as a rental. At the peak it was up to about 240k maybe more but I was lame and didn’t sell. Luckily I did let it go in 07 for 200k. Without looking I think it is more then likely that same unit could be purchased at or below my 2002 price.
I think that this home is priced high given the recent comp sale. I do think that depreciation of better then average condos in Mission Valley is highly probable. Another 10-20%? Yes I could see that, definitely more likely if unemployment grows and less if it does not. Interest rates are the other obvious variable. Lets get this little spring blip needs to pass us by so we can return to our normal secular depreciation cycle.
It won’t surprise me at all if someone does come along and snaps it up. Don’t let your patience be dictated by those who are not going to wait.
