Thanks, sammy. I already knew about 1076 Diamond. I had been watching that place for a long time, as I had made an offer on it before Nancy overpaid and bought it at the particularly ridiculously high bubble price. I knew about the NODs and the foreclosure date. I saw it was demolished.
I was waiting for the bank to take it and list it. Even if I were the first to find out about it, had the bank listed it at 650k, I would not have bought it. Not in that condition. I think 500k would have been reasonable, considering the state it was in and the work and time necessary to rehabilitate it.
Particularly now w/the state of our economy, the unemployment in San Diego at 9.3% and expected to go to double digits, the NODs I continue to see and the foreclosure dates that are scheduled, Alt-As expected to reset and recast, the option ARMs and general outlook for the next year, I believe the new owner overpaid at 650k. JMO.
I am really quite happy to rent rather than overspend on a place in a continuing depreciating market. The coast has yet to see the troubles other areas of San Diego have experienced. I do think there’s more pain on the way.
I really liked that place and I was bummed out about its sale (my bad for being emotional), but more surprised that people were still overpaying.
At peak it sold for 950k and that was absurd even for the peak bubble. As I said, the place next door sold for 850k and that would’ve made sense. She overpaid even at peak. But perfect example of combining foolish buyer w/greedy seller.
I’ve seen places take a 25% hit, w/out being demolished. I just can’t justify 650k for that place. That’s just me. Clearly the new owner thought different.
