It’ll bring a frenzy of people looking, and then someone will buy it for 485k and think they got a deal. Suddenly a Comp will be in the area for 485k, making all future sellers adjust accordingly or sit. The next one will list at 449k and sell at 460k, and then the next one will only get asking, 445k. Suddenly one or two will list at 450k, and sit and the new excitement price point will be 400k. This may take a while, as the market size isnt that big in number, but it will happen. Give it 12 months. Eventually we’ll get back to a point where middle managers and associate scientists in the pharma industry (or the like in other industries as everyones money is still green) in the near by sorrento valley that these houses were built for can buy without selling a kidney or their first born.
BTW, that first buyer that will get such a deal on this house …. -20% in a year or so. Look at those buyers 1 year ago in Mira Mesa that thought that they were gonna ride the bounce and bought some 1100sqf 30 year old fixer upper for the low low price of 415k. Now there are what, 50 houses under 400k? and a few “fixers” sitting at 330k. Ouch. The houses may be newer, but that wont save them from what the rest of Mira Mesa is feeling.
