Update Time.
It’s going on 7 months later and it appears the developer is winning. There is evidently a bottomless pool of stupid buyers out there. The lack of ability to do basic research is unbelievable, especially considering how easy the internet makes it.
Check out the last 5 sales of the 2bd/2ba units:
#104 2/2 801 $289,900 10/15/07
#127 2/2 801 $200,000 11/29/07
#106 2/2 801 $289,900 12/05/07
#226 2/2 801 $200,000 04/08/08
#221 2/2 801 $261,400 04/22/08
(source: San Diego County Assessor Website)
From my original post, note that #127 was an REO listed for $253,900, and someone bought it a month later for $200,000.
But then less than a week after that sale someone paid $289,900 for a “new” one from the developer.
Four months went by without any sales, and then #226, an REO or short sale, sold for $200,000. Again, two weeks after that sale someone paid $261,400 for the identical place!
Today there is another 2bd/2ba REO (#230) in the complex listed for $131,300! Even more astonishing, the listed date was 4/22/08! That is the same date someone paid $261,400 and only 2 weeks after the REO or short sale price of $200,000! There is nothing quite like paying double what you should have. I’ll take an instant 50% loss please. I am further astonished that any bank would make that loan.
For the past six months I’ve been wondering why the developer continues to have the sales office manned. Now I know why. Because people really must just come in off the street and pay full asking price without doing any market research first. Wow.
There continue to be a few attempted short sales in the 165-170K range. But I’m starting to think the developer will get an exceptionally high price for all the remaining units, given the recent sales. I wonder if anyone else will pay double the market value in the next few months.
Unlike Ditech.com I don’t believe that “People are Smart”. Maybe Ditech.com made that loan.
