La Mesa is interesting.. I had a property there that I did a 1031 exchange on 2 years ago. Yes, 2 years ago, prices were not that much more than 2005/6.
Then again, home prices also tanked there much more severely during the great recession, than say North County. I would say that given that area, there was a lot more sketchy borrowing by unqualified people versus say North County Coastal…So when the music stopped, things crashed pretty hard there.. It’s just a guess, based on my personal experience.
The short sales I picked up with about 57% off what the previous buyer paid in 2006.
I sold it 2 years ago about 2% above what the previous buy paid, or about 151% gain from my purchase price.
FWIW: today, similar units on in the same complex in less desirable locations have sold for 202% of what I paid for my unit. Compared to peak 2006 price, that would be about 21% above peak.
In just 2 years….Should have held onto a little longer…Oops. I guess one can’t win them all.
Fortunately, I did a 1031 exchange to a property in mira mesa… Had the location been more convenient and the tenant quality pool down there been better, I would have kept it and wouldn’t be trying to find another rental in this crazy market.
I don’t think even Mira Mesa crashed that hard during the great recession.
