4br/2ba in SW Poway, 1695 sq ft, listed for $589,000 ($348/sq ft). Sold in 1998 for $235,000 ($139/sq ft), resold in 2001 for $358,000 ($211/sq ft). Has been listed on MLS since May.
Suppose you offer him 350k and he accepts.
On one hand, 350k for a 4br in Poway is a very good deal. On the other hand, it’s still no pocket change. 4br houses go for a lot less in Temecula or especially in Houston. Finally, no one knows where the bottom will be. Maybe what looks like a very good deal will turn out to be a waste of money. Maybe sellers will weather the storm and houses never drop to 2001 levels.
