El Cajon Condo Blowout! (-27% in 8 months)

[sdrealtor]

What i find most intriguing about that graph is look how many data points there are on the way up and how few on the way down. It looks like a 175 sale in late 2006 and then the next sale is 125 in early 2008. Six months later it looks like 65,000. Those quick drops with small volume reek of REO sales. I guess its easy to take a 30% to 50% drop off the last comp when its only 50,000. I wonder how quick the same bank would be to take that 30% to 50% hit off the last comp when its 500,000.

FWIW, I am working on a deal for a downtown condo in one of the luxury buildings that would be a late 2001/early 2002 price.

[sdrealtor]

What i find most intriguing about that graph is look how many data points there are on the way up and how few on the way down. It looks like a 175 sale in late 2006 and then the next sale is 125 in early 2008. Six months later it looks like 65,000. Those quick drops with small volume reek of REO sales. I guess its easy to take a 30% to 50% drop off the last comp when its only 50,000. I wonder how quick the same bank would be to take that 30% to 50% hit off the last comp when its 500,000.

FWIW, I am working on a deal for a downtown condo in one of the luxury buildings that would be a late 2001/early 2002 price.

[Allan from Fallbrook]

sdr: There was a posting on another thread (by SDR, I think) that mentioned that downtown condo pricing remains fairly sticky and is still high.

Does that track with your experiences? I ask because you mention the 2001/2002 price above. Is that becoming more common, or is the example above a one-off?

Just curious.

[Allan from Fallbrook]

sdr: There was a posting on another thread (by SDR, I think) that mentioned that downtown condo pricing remains fairly sticky and is still high.

Does that track with your experiences? I ask because you mention the 2001/2002 price above. Is that becoming more common, or is the example above a one-off?

Just curious.

[Allan from Fallbrook]

sdr: There was a posting on another thread (by SDR, I think) that mentioned that downtown condo pricing remains fairly sticky and is still high.

Does that track with your experiences? I ask because you mention the 2001/2002 price above. Is that becoming more common, or is the example above a one-off?

Just curious.

[Allan from Fallbrook]

sdr: There was a posting on another thread (by SDR, I think) that mentioned that downtown condo pricing remains fairly sticky and is still high.

Does that track with your experiences? I ask because you mention the 2001/2002 price above. Is that becoming more common, or is the example above a one-off?

Just curious.

[Allan from Fallbrook]

sdr: There was a posting on another thread (by SDR, I think) that mentioned that downtown condo pricing remains fairly sticky and is still high.

Does that track with your experiences? I ask because you mention the 2001/2002 price above. Is that becoming more common, or is the example above a one-off?

Just curious.

[sdrealtor]

There are about 100 2BR condos downtown between 500K and 850K and virtually none in escrow. Denial is rampant there and I fully expect a big gap down in pricing or to use Rustico’s term a “Big Chunk Down”.

To answer your question, its uncommon but I dug one out. Its priced about 10% below the competition and we’re working on another 10%+ off the asking. We’ll see what happens.

Sduuudes’ Pain Train is about to pull into the old Santa Fe Station and good ole sdr will be blowing the horn.

[sdrealtor]

There are about 100 2BR condos downtown between 500K and 850K and virtually none in escrow. Denial is rampant there and I fully expect a big gap down in pricing or to use Rustico’s term a “Big Chunk Down”.

To answer your question, its uncommon but I dug one out. Its priced about 10% below the competition and we’re working on another 10%+ off the asking. We’ll see what happens.

Sduuudes’ Pain Train is about to pull into the old Santa Fe Station and good ole sdr will be blowing the horn.

[sdrealtor]

There are about 100 2BR condos downtown between 500K and 850K and virtually none in escrow. Denial is rampant there and I fully expect a big gap down in pricing or to use Rustico’s term a “Big Chunk Down”.

To answer your question, its uncommon but I dug one out. Its priced about 10% below the competition and we’re working on another 10%+ off the asking. We’ll see what happens.

Sduuudes’ Pain Train is about to pull into the old Santa Fe Station and good ole sdr will be blowing the horn.

[sdrealtor]

There are about 100 2BR condos downtown between 500K and 850K and virtually none in escrow. Denial is rampant there and I fully expect a big gap down in pricing or to use Rustico’s term a “Big Chunk Down”.

To answer your question, its uncommon but I dug one out. Its priced about 10% below the competition and we’re working on another 10%+ off the asking. We’ll see what happens.

Sduuudes’ Pain Train is about to pull into the old Santa Fe Station and good ole sdr will be blowing the horn.

[sdrealtor]

There are about 100 2BR condos downtown between 500K and 850K and virtually none in escrow. Denial is rampant there and I fully expect a big gap down in pricing or to use Rustico’s term a “Big Chunk Down”.

To answer your question, its uncommon but I dug one out. Its priced about 10% below the competition and we’re working on another 10%+ off the asking. We’ll see what happens.

Sduuudes’ Pain Train is about to pull into the old Santa Fe Station and good ole sdr will be blowing the horn.

[Veritas]

I think it is only a matter of time before someone sells one well under the prevailing prices and resets the comps. That happened when I sold a town home a long time ago where there had not been any on the market for over a year. When mine sold for a good price, within a month there must have been about six on the market at a higher price. That was in the late 80’s when the market was starting back up. Everything is timing and with a new administration, I expect interest rates to stay low for at least the time being.

[Veritas]

I think it is only a matter of time before someone sells one well under the prevailing prices and resets the comps. That happened when I sold a town home a long time ago where there had not been any on the market for over a year. When mine sold for a good price, within a month there must have been about six on the market at a higher price. That was in the late 80’s when the market was starting back up. Everything is timing and with a new administration, I expect interest rates to stay low for at least the time being.

[Veritas]

I think it is only a matter of time before someone sells one well under the prevailing prices and resets the comps. That happened when I sold a town home a long time ago where there had not been any on the market for over a year. When mine sold for a good price, within a month there must have been about six on the market at a higher price. That was in the late 80’s when the market was starting back up. Everything is timing and with a new administration, I expect interest rates to stay low for at least the time being.

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