This is a question asked strictly out of curiosity because I do not know the area at all, but when you look at the sales history on this house, and other properties around it, how did a $217,000 dollar condo become $1,000,000?
I notice if you go back to condos in the same complex that the 1999 prices were in the $400,000 range or so. This would make them pricey as you say but from everything I am reading, anything in the $900,000 range would be strictly bubble pricing. If prices go to 2000 value (which seems to make sense) shouldn’t these go the high $400,000s?
Like I said, this is strictly a lack of understanding of the San Diego market. Are there enough people out there who can fundamentally afford $900,000 for condos and is there a bank out there who would loan that in today’s market?
