[garysears]

Update Time.
It’s going on 7 months later and it appears the developer is winning. There is evidently a bottomless pool of stupid buyers out there. The lack of ability to do basic research is unbelievable, especially considering how easy the internet makes it.

Check out the last 5 sales of the 2bd/2ba units:
#104 2/2 801 $289,900 10/15/07
#127 2/2 801 $200,000 11/29/07
#106 2/2 801 $289,900 12/05/07
#226 2/2 801 $200,000 04/08/08
#221 2/2 801 $261,400 04/22/08
(source: San Diego County Assessor Website)

From my original post, note that #127 was an REO listed for $253,900, and someone bought it a month later for $200,000.
But then less than a week after that sale someone paid $289,900 for a “new” one from the developer.

Four months went by without any sales, and then #226, an REO or short sale, sold for $200,000. Again, two weeks after that sale someone paid $261,400 for the identical place!

Today there is another 2bd/2ba REO (#230) in the complex listed for $131,300! Even more astonishing, the listed date was 4/22/08! That is the same date someone paid $261,400 and only 2 weeks after the REO or short sale price of $200,000! There is nothing quite like paying double what you should have. I’ll take an instant 50% loss please. I am further astonished that any bank would make that loan.

For the past six months I’ve been wondering why the developer continues to have the sales office manned. Now I know why. Because people really must just come in off the street and pay full asking price without doing any market research first. Wow.

There continue to be a few attempted short sales in the 165-170K range. But I’m starting to think the developer will get an exceptionally high price for all the remaining units, given the recent sales. I wonder if anyone else will pay double the market value in the next few months.
Unlike Ditech.com I don’t believe that “People are Smart”. Maybe Ditech.com made that loan.

[garysears]

Rustico,

Thanks for the tip. I haven’t looked too much at 92019. I looked at the Fury Lane condos online and am not impressed (with the prices). The cheapest 2bd is 235K. For that money I’d rather get a SFR in 92113 or 92114. There are a lot of places you can get in those zip codes for 240K.

I was tempted by a ~800sf 2bd house with a 2 car garage for 170K in Emerald Hills (57th street, 92114 by the 94). That one looked like a much better deal than any 2bed condo and the area would have been really convenient for me. I’ll be interested to see what next year brings. Part of me doesn’t see how prices in those zip codes can go much lower, but the other part of me says it it too early to buy and if I buy now I’ll regret it later.

Unless I see a real sweet property, I’m thinking sub 200K SFR for sure. A lot of what I wouldn’t mind living in is in the 225K range right now. I want to wait and see if they’ll go into the 180K range next year. It seems like each month I don’t buy I’m saving at least 2K in declining value.

[garysears]

Rustico,

Thanks for the tip. I haven’t looked too much at 92019. I looked at the Fury Lane condos online and am not impressed (with the prices). The cheapest 2bd is 235K. For that money I’d rather get a SFR in 92113 or 92114. There are a lot of places you can get in those zip codes for 240K.

I was tempted by a ~800sf 2bd house with a 2 car garage for 170K in Emerald Hills (57th street, 92114 by the 94). That one looked like a much better deal than any 2bed condo and the area would have been really convenient for me. I’ll be interested to see what next year brings. Part of me doesn’t see how prices in those zip codes can go much lower, but the other part of me says it it too early to buy and if I buy now I’ll regret it later.

Unless I see a real sweet property, I’m thinking sub 200K SFR for sure. A lot of what I wouldn’t mind living in is in the 225K range right now. I want to wait and see if they’ll go into the 180K range next year. It seems like each month I don’t buy I’m saving at least 2K in declining value.

[garysears]

Rustico,

Thanks for the tip. I haven’t looked too much at 92019. I looked at the Fury Lane condos online and am not impressed (with the prices). The cheapest 2bd is 235K. For that money I’d rather get a SFR in 92113 or 92114. There are a lot of places you can get in those zip codes for 240K.

I was tempted by a ~800sf 2bd house with a 2 car garage for 170K in Emerald Hills (57th street, 92114 by the 94). That one looked like a much better deal than any 2bed condo and the area would have been really convenient for me. I’ll be interested to see what next year brings. Part of me doesn’t see how prices in those zip codes can go much lower, but the other part of me says it it too early to buy and if I buy now I’ll regret it later.

Unless I see a real sweet property, I’m thinking sub 200K SFR for sure. A lot of what I wouldn’t mind living in is in the 225K range right now. I want to wait and see if they’ll go into the 180K range next year. It seems like each month I don’t buy I’m saving at least 2K in declining value.

[garysears]

Rustico,

Thanks for the tip. I haven’t looked too much at 92019. I looked at the Fury Lane condos online and am not impressed (with the prices). The cheapest 2bd is 235K. For that money I’d rather get a SFR in 92113 or 92114. There are a lot of places you can get in those zip codes for 240K.

I was tempted by a ~800sf 2bd house with a 2 car garage for 170K in Emerald Hills (57th street, 92114 by the 94). That one looked like a much better deal than any 2bed condo and the area would have been really convenient for me. I’ll be interested to see what next year brings. Part of me doesn’t see how prices in those zip codes can go much lower, but the other part of me says it it too early to buy and if I buy now I’ll regret it later.

Unless I see a real sweet property, I’m thinking sub 200K SFR for sure. A lot of what I wouldn’t mind living in is in the 225K range right now. I want to wait and see if they’ll go into the 180K range next year. It seems like each month I don’t buy I’m saving at least 2K in declining value.

[garysears]

Rustico,

Thanks for the tip. I haven’t looked too much at 92019. I looked at the Fury Lane condos online and am not impressed (with the prices). The cheapest 2bd is 235K. For that money I’d rather get a SFR in 92113 or 92114. There are a lot of places you can get in those zip codes for 240K.

I was tempted by a ~800sf 2bd house with a 2 car garage for 170K in Emerald Hills (57th street, 92114 by the 94). That one looked like a much better deal than any 2bed condo and the area would have been really convenient for me. I’ll be interested to see what next year brings. Part of me doesn’t see how prices in those zip codes can go much lower, but the other part of me says it it too early to buy and if I buy now I’ll regret it later.

Unless I see a real sweet property, I’m thinking sub 200K SFR for sure. A lot of what I wouldn’t mind living in is in the 225K range right now. I want to wait and see if they’ll go into the 180K range next year. It seems like each month I don’t buy I’m saving at least 2K in declining value.

[garysears]

Here is the updated sales graph for 745 Bradley to include the January 2008 sale.

http://i31.tinypic.com/2qjkvo1.jpg

Some people have speculated we might see 2000-2001 nominal prices again. If so, that would mean these 2bd condos would be selling in the 60K-75K range (2000 prices). That seems absolutely ridiculous considering current rents. But I can’t see any of these bank owned condos going for more than 100K given the recent 99K list price. The downward pressure on prices is more than ever in the complex. The 80Ks would represent 2001 prices. Am I nuts to believe that might happen here in the next year?

[garysears]

Here is the updated sales graph for 745 Bradley to include the January 2008 sale.

http://i31.tinypic.com/2qjkvo1.jpg

Some people have speculated we might see 2000-2001 nominal prices again. If so, that would mean these 2bd condos would be selling in the 60K-75K range (2000 prices). That seems absolutely ridiculous considering current rents. But I can’t see any of these bank owned condos going for more than 100K given the recent 99K list price. The downward pressure on prices is more than ever in the complex. The 80Ks would represent 2001 prices. Am I nuts to believe that might happen here in the next year?

[garysears]

Here is the updated sales graph for 745 Bradley to include the January 2008 sale.

http://i31.tinypic.com/2qjkvo1.jpg

Some people have speculated we might see 2000-2001 nominal prices again. If so, that would mean these 2bd condos would be selling in the 60K-75K range (2000 prices). That seems absolutely ridiculous considering current rents. But I can’t see any of these bank owned condos going for more than 100K given the recent 99K list price. The downward pressure on prices is more than ever in the complex. The 80Ks would represent 2001 prices. Am I nuts to believe that might happen here in the next year?

[garysears]

Here is the updated sales graph for 745 Bradley to include the January 2008 sale.

http://i31.tinypic.com/2qjkvo1.jpg

Some people have speculated we might see 2000-2001 nominal prices again. If so, that would mean these 2bd condos would be selling in the 60K-75K range (2000 prices). That seems absolutely ridiculous considering current rents. But I can’t see any of these bank owned condos going for more than 100K given the recent 99K list price. The downward pressure on prices is more than ever in the complex. The 80Ks would represent 2001 prices. Am I nuts to believe that might happen here in the next year?

[garysears]

Here is the updated sales graph for 745 Bradley to include the January 2008 sale.

http://i31.tinypic.com/2qjkvo1.jpg

Some people have speculated we might see 2000-2001 nominal prices again. If so, that would mean these 2bd condos would be selling in the 60K-75K range (2000 prices). That seems absolutely ridiculous considering current rents. But I can’t see any of these bank owned condos going for more than 100K given the recent 99K list price. The downward pressure on prices is more than ever in the complex. The 80Ks would represent 2001 prices. Am I nuts to believe that might happen here in the next year?

[garysears]

Well, that didn’t take long. 745 Bradley #208 now listed for $99,900.

[garysears]

Well, that didn’t take long. 745 Bradley #208 now listed for $99,900.

[garysears]

Well, that didn’t take long. 745 Bradley #208 now listed for $99,900.

[garysears]

Well, that didn’t take long. 745 Bradley #208 now listed for $99,900.

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