[quote=jpinpb] . . . To get 2003 pricing along the coast that realtors (perhaps not on this blog) have claimed is immune is really saying something. It was only a short few years ago that I remember hearing people say the coast would see little decline in pricing. Others were saying to just wait, it will happen eventually. They are occurring, however slowly and gradually, and on properties that are not fixers.[/quote]
Yes, agree that it is happening sporadically and 2210 Plum is a good example. If a buyer wants a “special” property like this where a previous owner has already put in all or nearly all the work, they will have to find a VERY motivated seller that MUST sell NOW, no matter what and/or one with a lender that will agree to take it in the shorts and/or with a 2nd TD holder that they defaulted upon who is left with no choice but to take .06 on the dollar in an “approved” short sale (i.e. they cannot bid on the property in a trustees sale b/c the 1st TD is not in default OR the opening bid is too high). And it is not feasible for the 2nd TD holder to sue the trustor(s) for the recourse money.
These kind of (SFR) deals are few and far between in an area such as PL 92106, IMO.
