Villas At Lexington
855 E. Lexington Avenue
El Cajon, CA 92020
The usual granite / maple / crown molding / etc. job on 2BD/2BA apartments … but with carpet, not hardwood floors. I guess the squeaking would disturb the downstairs neighbors … Starting bid $150,000, market value alleged to be “up to $250,000.”
Interesting that I found it advertised in the Orange County Register. I guess they’re hoping for more Casey Serin wannabes.
The minimim bid for a unit w/1 parking space is $150k. Additional parking spaces are extra. That doesn’t mean you can actually buy a unit at that price. This project sold as a whole in 07/2005 for $180k/unit and they put some remodeling costs into it besides that. I don’t know if the project actually had a condo map on it or not when it sold, but if it didn’t that would have been a substantial extra cost too.
I don’t have enough information to know for sure, but I can imagine that any units that sell below ~$230k would represent a loss for them when considering the costs of sale and holding costs.
I don’t know much about El Cajon (O.C. resident, mostly familiar with North County) but from Google Maps it seems this complex is on a busy street near a mobile home park and an industrial area.
Even so I’d think that in 2004-05 the developer would have asked for more than the $250K “market value.”
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