You seem awfully confident that 6462 Norman will sell above $900k with a “ton” of interest. Are there that many knife catchers out there? Are these savvy investors who think their $900k investment won’t tank like it has in other San Diego areas over the last 2 years?
It appears in most instances it’s the banks that have taken the brunt of people’s dumb ideas to buy homes that are 2x to 3x more expensive than they were 8 years ago. Banks are not going to allow people to buy a home without at least 20% down so I wonder who’s left in the “ton” category? And if you are right and this home does sell above $900k, it’s still probably less than $300 psf and the other million dollar homes in the area would still appear to be significantly overpriced. 6462 Norman sold at $860k in 2003 and 6450 Dwane sold at $700k in 2003 and it’s priced ~50% hihger at $1 million+ while Norman is less than 10% higher. At what price do you think a ton of knifecatchers will purchase this home? The other Dwane properties have been on the market for approximately six months, so when is someone in the area going to get serious with their list prices?
