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

[patientrenter]

Thanks for the update, Gary. I am glad for you that what you were hoping for is happening, and much more quickly than you expected.

I am hoping for soemthing similar up here in OC. It’s not moving as quickly as San Diego, but the last few months has seen some changes in the right direction. I’ve been tracking condos in Orange County. Like you, I set my sights low at first. Now that a few low-end condos are offered below my initial price threshold, I am setting my sights higher, again like you.

At first (a few months ago), I couldn’t find anything less than $200K. Now I routinely get a dozen or so, but they are still mostly in bad areas, or studios. Now I’ve raised my goal to a 2bdm with garage. There are several for less than $300K, but they are still only in bad areas.

I am very patient, and I hope to get a decent 2 bdrm with garage in a decent area before the market turns up again. We shall see. OC seems to be much more resilient than SD.

Patient renter in OC

[patientrenter]

Thanks for the update, Gary. I am glad for you that what you were hoping for is happening, and much more quickly than you expected.

I am hoping for soemthing similar up here in OC. It’s not moving as quickly as San Diego, but the last few months has seen some changes in the right direction. I’ve been tracking condos in Orange County. Like you, I set my sights low at first. Now that a few low-end condos are offered below my initial price threshold, I am setting my sights higher, again like you.

At first (a few months ago), I couldn’t find anything less than $200K. Now I routinely get a dozen or so, but they are still mostly in bad areas, or studios. Now I’ve raised my goal to a 2bdm with garage. There are several for less than $300K, but they are still only in bad areas.

I am very patient, and I hope to get a decent 2 bdrm with garage in a decent area before the market turns up again. We shall see. OC seems to be much more resilient than SD.

Patient renter in OC

[NotCranky]

Gary are you still with us?

An REO is listed in Sunterra for 134K. Price for a model match at peak was 286K.

[NotCranky]

Gary are you still with us?

An REO is listed in Sunterra for 134K. Price for a model match at peak was 286K.

[NotCranky]

Gary are you still with us?

An REO is listed in Sunterra for 134K. Price for a model match at peak was 286K.

[NotCranky]

Gary are you still with us?

An REO is listed in Sunterra for 134K. Price for a model match at peak was 286K.

[NotCranky]

Gary are you still with us?

An REO is listed in Sunterra for 134K. Price for a model match at peak was 286K.

[garysears]

Update Time.

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.

[garysears]

Update Time.

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.

[garysears]

Update Time.

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.

[garysears]

Update Time.

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.

[garysears]

Update Time.

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.

[NotCranky]

Hi Gary,
I have to go submit some building plans for a house I just finished drawing. I want to look at the MLS when I have time and see if it affects any post I would add.
Have a good one.

[NotCranky]

Hi Gary,
I have to go submit some building plans for a house I just finished drawing. I want to look at the MLS when I have time and see if it affects any post I would add.
Have a good one.

[NotCranky]

Hi Gary,
I have to go submit some building plans for a house I just finished drawing. I want to look at the MLS when I have time and see if it affects any post I would add.
Have a good one.

[Author]

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