I NEVER said 715 for a triplex was overpriced. However, some people say we will go back to 2001 pricing. Nevertheless, I made an offer of 850k on 1076 Diamond back in the peak and I thought that was fair and relative to subsequent sales which I listed, I do believe Nancy overpaid.
That said, I did indicated it was zoned multiple, which will add value to property. I did indicate it is a smaller than usual lot for multiple, so those are considerations I took into account. Having said that, I indicated the place was gutted.
Was it unreasonable for me to think I could purchase a gutted property in Pacific Beach for 500k taking into consideration our economy, unemployment, tightening of credit, falling markets worldwide?
Perhaps I wasn’t being realistic.
I did hear Yun w/the NAR declare that sales are up, inventory is down and we have hit bottom. Perhaps that explains everything.
