Jim the Realtor’s site had a post on the $399 house on Clifftop. As I recall, it had a decent turn out and only like 4 bids only fetching around $450 or something. This was a shortsale, so the bank was probably not going to go for it. ***HOWEVER*** There are a couple of new listings that are shortsale and not on the MLS yet. One is 2200 sq ft on Prism for $450k and another on Orion that is 2300 sq ft for $430K. While this sounds atractive, I recall just 2 years ago when I started renting here that houses didnt sell below $650K. I suspect that high $300K’s a real possiblitly now, based on three things:
1) amount of people in default currently on their property taxes in San elijo per the San Diego Tax collectors site. I think it will get FAR ugler come December’s payment.
2) Amount of buyers in San Elijo that are related to either construction or finance. I would guess its about 50%. Most of the neighbors and friends we talk to are in a world of hurt right now, and I dont see this getting better soon.
3) The attitude has changed in just a year. Many San Elijo’ians are seriously angry at the markets condition and feel like that have gotten screwed. I now hear tons of “talk” of people ready to walk away. Some of its BS, but others (some I know) have stopped making payments all together, in an attempt to get a loan mod or principle reduction.
My thoughts are we are going to wait another 6 months to a year to see a bottom.
