[quote=garysears]I felt the need to close out my comments on El Cajon condo complexes. The floor seems to be in on prices at 745 Bradley at late 2000 values. More than 75% off the 2005 peak! That’s right. People were paying 3-4x what they could have if only they would have been patient.
A few knife catchers that bought at 50% off peak, thinking they were getting a good deal, saw multiple units sell for less than half within a few months. Here is the graph.
Watching the declines these past two years has been nothing short of spectacular. Tracking these listings and sales has been a rewarding pursuit but I’m looking at SFRs now that owning makes sense in some areas. For the 2bd condo conversions not yet under 100K in El Cajon I would assume prices will continue to fall.
And to think we were once debating whether 120K was even possible for these units.
Nothing to see here…move along.[/quote]
That graph really illustrates the price avalanche!
As an example, those light blue condos on Pierce St. next to I-8 were selling at 240-250K in the summer of 2006. SD Lookup showed, after the properties moved into REO status, closing prices around 90-100K. That’s over a 50% reduction in sales price!
