In October I bought a (foreclosed) 1230 sqft condo in Imperial Beach for $145K and put another $20K into it (and added 100 sqft). For perspective, these units sold for $380K during The Madness and currently rent for $1500/mo. These will probably still decline a bit more before hitting bottom (there’s still plenty of inventory), but there were non-monetary issues (and it’s not my condo) at stake that outweighed another $10K-$20K (if indeed they drop that far). I suspect that over the long-term it’ll turn out to be an o.k. deal, but not a steal.
