I was using Craigslist to get an idea of how the market is doing. Its hard now with so much on the market but in mid 04 there was probably only 30-40 postings a day and today there are hundreds. I also remember when the 92108 zip code only had about 30 listings at a time and now there are something like 250. July 04 was a crazy year in SD. I sold my buddies 1 bed piece of crap condo in the ghetto in two weeks for 175K. I even countered and asked for 5k more and got it. Now those same units are trying to sell for 130k. I remember talking to the buyer and he was telling me that his plan was to keep it until he made about 100k in equity then move up to a house. His own uncle was his agent and advisor. I just held my tongue. Even then I knew this wouldn’t last forever.
