So less than a day after I post that I am looking for the first 3/2 in MM to fall below 300k, AND that I didnt think it would be till September I find the above. Now I have not lost yet, cause it didnt List below 300k, it listed at 309900. But wow. I am alot more of a bear than most of the other MM posters on here are, but we are heading into the spring selling season and already comps are hitting sub 300k. It sold for 255k in 2001.
Now dont go thinking that I dont recognize the problems with this place. First off, the area. I wouldnt buy next to Camino Ruiz for anything but Free. Like please take this house, no charge, just pay the property tax. It was a REO, which means that you dont get all the facts necessarly. It is small, and even though it was sub 300k, it is still $260/ft2. It doesnt have a large yard and was built in the early 1970’s. It is no jem that ill admit.
However, as per the burn and turn part of my little bet with myself it is a 3/2 SFR under 300k. I may have overestimated the stomach of the banks to take it. Guess MM is gonna be the SD temecula.
Give it 6 months and i am still betting 250k on burners like this. Someone thinks they just got a hell of a deal, I think they just flushed 15%. But hey, they own a house, I dont.
