Rustico, I’m back. I’ve been gone for several months and went some time with no internet at home. I’m still a renter and still hoping to buy. But I’m going to get a SFR and not a condo. I’m thinking when this plays out I’ll be able to get a home I won’t mind living in (3 bed, 2 car garage, ~1500sf, 6000sf+ lot) for 150K-180K. I’ll be looking more seriously in early 2009.
I know…that is probably too early.
At the 745 Bradley Ave complex (58 units), there are 6 bank foreclosures right now and none of them are selling. I’m pretty sure there are at least one or two others and expect more will probably follow. I’d hate to buy into a condo HOA with so many foreclosures.
Currently, listing prices for the 2bd units are 107K, 109K, 113K, 117K, and 122K. Awhile back on another thread I reported I made an offer of 110K when one was listed at 180K. I didn’t get any counter offer.
A year ago I was thinking 120K would be a decent deal. Now I’m thinking more like 80K could be where these prices are going. There are already 2bd condos starting to appear on the MLS in the 90Ks.
In January of this year #139 sold for 127K. It had previously sold for 278K, (-54%) which I believe was the absolute peak for the complex. That was the first of the bank owned units to sell. I wonder if it bothers the new owners to know they overpaid by at least 20%? My offer today for the same place would be 80K or less.
