I would not buy any condo conv. for more then 50% off peak prices. If these are, the MP condos that started selling in 2005 there will be more dramatic price drops. I would not consider these new condos in anyway. They may have new plumbing/electrical in the walls, new kitchen, new baths, paint, interior drywall. They still have the inconvenient parking, dated exterior, and apartment feel. Anything in the 300’s should have an attached garage and more updated floor plan. There are 2 bed/2 bath condos within a few blocks going for under $200K. Condo prices are starting to tank everywhere and soon enough these condos will be affected by these price drops. The Allure condos in Serra Mesa were selling about the same time and are starting to see price drops of %50+ already. Condo converts sold between 2003-2007 will have large numbers of foreclosures bringing down the prices. Once the price drops to about
%30 off peak, it just accelerating the rate of decline. People will just start walking away. Watch out for HOA issues once this starts happening. As soon as the builder sells off remaining inventory, the HOA usually goes to hell and the place starts to deteriorate. Take advantage of the price drops; do not get taken before the price drops.
