Nice to see there are some other Brits on the site!
The point I was trying to make is that less desirable properties get wacked hardest. Mine was in a poor location (BR station but no tube, BR station only ran to the city – 3 miles down the road in Brixton you are on the Victoria line), it was an appartment (bad) it was one bedroom (bad), it was on a busy road (bad), it had no garden (in England very bad), it faced North (bad). As the market goes down buyers still have about the same amount of money to spend – they just buy nicer places. When I did list it we were into the next upswing and I had 2 buyers in a week – ’cause it was all they could afford. It also had some really toxic legal issues to do with the building being owned by one party and the appartments being actually on a 99 year lease. Meant all the common areas needed maintenance but all 5 leasees had to agree and pay for them….which never happened. The buyers didn’t care all of a sudden – we were into the next upturn.
So condo conversions in Lemon Grove WILL sell. Sometime in 2012.
