down and out in utc

[1jrp1]

I’ve enjoyed checking in with Piggington over the last year or so, and firstly want to express my thanks to all of you for convincing me not to buy in spring 2006.

Despite being in san diego for many years, I never bought since I always assumed that I was a year away from moving out of town. Last year, when I entered a six year PhD program, I thought about buying despite the high prices. I’m glad I didn’t! Here’s the story of 3 almost identical condos in my neighborhood (where I rent):

7896 camino jonata – $419,000 sold 6/2004
7928 camino jonata – $379,000 put on market ~6/2006, reduced to $359,000 – remains unsold, off the market I presume
7924 camino jonata – $329,000 put on market 1/2007 (I haven’t seen any potential buyers visit)

These units are all 2bed/1bath, and about 1600 sq ft with pretty much identical floorplans (I’ve been inside all three).

So, I figure that its a loss of ~26% (including 6% sales comission). The way this bubble is progressing, and the major structural problems the US is facing, I wouldn’t be surprised if the price fell to $220k before its all over.

Anyway, thanks for saving me a bunch of money!

[PerryChase]

Here are the links to the sales history. $220k is about right for these condos.

http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/83C02A26/Default.aspx
http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/D33FC085/Default.aspx
http://sdlookup.com/PropertyDetails/tabid/53/forumid/1/view/topics/pid/DCE15563/Default.aspx

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