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thebazmanParticipant
[quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
That is disappointing to lose that much equity…good that he can afford it, just not the best investment.
I know all about “silent seconds”…My mortgage broker back in 2006 preapproved me for 275K through the CalHFA program, and every loan estimate I inquired to him about, he used the 7,500K silent second to lower my monthly payment. That was the 35-year loan with interest-only payments for the first 5 years. I’m so glad I didn’t buy a 250K condo back then….I would not be able to afford the payments!
FYI, if you go to the CalHFA website now, the 35-year loan is no longer an option.
thebazmanParticipant[quote=garysears]I felt the need to close out my comments on El Cajon condo complexes. The floor seems to be in on prices at 745 Bradley at late 2000 values. More than 75% off the 2005 peak! That’s right. People were paying 3-4x what they could have if only they would have been patient.
A few knife catchers that bought at 50% off peak, thinking they were getting a good deal, saw multiple units sell for less than half within a few months. Here is the graph.
Watching the declines these past two years has been nothing short of spectacular. Tracking these listings and sales has been a rewarding pursuit but I’m looking at SFRs now that owning makes sense in some areas. For the 2bd condo conversions not yet under 100K in El Cajon I would assume prices will continue to fall.
And to think we were once debating whether 120K was even possible for these units.
Nothing to see here…move along.[/quote]
That graph really illustrates the price avalanche!
As an example, those light blue condos on Pierce St. next to I-8 were selling at 240-250K in the summer of 2006. SD Lookup showed, after the properties moved into REO status, closing prices around 90-100K. That’s over a 50% reduction in sales price!
thebazmanParticipant[quote=garysears]I felt the need to close out my comments on El Cajon condo complexes. The floor seems to be in on prices at 745 Bradley at late 2000 values. More than 75% off the 2005 peak! That’s right. People were paying 3-4x what they could have if only they would have been patient.
A few knife catchers that bought at 50% off peak, thinking they were getting a good deal, saw multiple units sell for less than half within a few months. Here is the graph.
Watching the declines these past two years has been nothing short of spectacular. Tracking these listings and sales has been a rewarding pursuit but I’m looking at SFRs now that owning makes sense in some areas. For the 2bd condo conversions not yet under 100K in El Cajon I would assume prices will continue to fall.
And to think we were once debating whether 120K was even possible for these units.
Nothing to see here…move along.[/quote]
That graph really illustrates the price avalanche!
As an example, those light blue condos on Pierce St. next to I-8 were selling at 240-250K in the summer of 2006. SD Lookup showed, after the properties moved into REO status, closing prices around 90-100K. That’s over a 50% reduction in sales price!
thebazmanParticipant[quote=garysears]I felt the need to close out my comments on El Cajon condo complexes. The floor seems to be in on prices at 745 Bradley at late 2000 values. More than 75% off the 2005 peak! That’s right. People were paying 3-4x what they could have if only they would have been patient.
A few knife catchers that bought at 50% off peak, thinking they were getting a good deal, saw multiple units sell for less than half within a few months. Here is the graph.
Watching the declines these past two years has been nothing short of spectacular. Tracking these listings and sales has been a rewarding pursuit but I’m looking at SFRs now that owning makes sense in some areas. For the 2bd condo conversions not yet under 100K in El Cajon I would assume prices will continue to fall.
And to think we were once debating whether 120K was even possible for these units.
Nothing to see here…move along.[/quote]
That graph really illustrates the price avalanche!
As an example, those light blue condos on Pierce St. next to I-8 were selling at 240-250K in the summer of 2006. SD Lookup showed, after the properties moved into REO status, closing prices around 90-100K. That’s over a 50% reduction in sales price!
thebazmanParticipant[quote=garysears]I felt the need to close out my comments on El Cajon condo complexes. The floor seems to be in on prices at 745 Bradley at late 2000 values. More than 75% off the 2005 peak! That’s right. People were paying 3-4x what they could have if only they would have been patient.
A few knife catchers that bought at 50% off peak, thinking they were getting a good deal, saw multiple units sell for less than half within a few months. Here is the graph.
Watching the declines these past two years has been nothing short of spectacular. Tracking these listings and sales has been a rewarding pursuit but I’m looking at SFRs now that owning makes sense in some areas. For the 2bd condo conversions not yet under 100K in El Cajon I would assume prices will continue to fall.
And to think we were once debating whether 120K was even possible for these units.
Nothing to see here…move along.[/quote]
That graph really illustrates the price avalanche!
As an example, those light blue condos on Pierce St. next to I-8 were selling at 240-250K in the summer of 2006. SD Lookup showed, after the properties moved into REO status, closing prices around 90-100K. That’s over a 50% reduction in sales price!
thebazmanParticipant[quote=garysears]I felt the need to close out my comments on El Cajon condo complexes. The floor seems to be in on prices at 745 Bradley at late 2000 values. More than 75% off the 2005 peak! That’s right. People were paying 3-4x what they could have if only they would have been patient.
A few knife catchers that bought at 50% off peak, thinking they were getting a good deal, saw multiple units sell for less than half within a few months. Here is the graph.
Watching the declines these past two years has been nothing short of spectacular. Tracking these listings and sales has been a rewarding pursuit but I’m looking at SFRs now that owning makes sense in some areas. For the 2bd condo conversions not yet under 100K in El Cajon I would assume prices will continue to fall.
And to think we were once debating whether 120K was even possible for these units.
Nothing to see here…move along.[/quote]
That graph really illustrates the price avalanche!
As an example, those light blue condos on Pierce St. next to I-8 were selling at 240-250K in the summer of 2006. SD Lookup showed, after the properties moved into REO status, closing prices around 90-100K. That’s over a 50% reduction in sales price!
thebazmanParticipant[quote=SD Realtor]Hi Baz
I do either. The first few years (since 03) I have always had more listings then sides (sides are short for representing buyers) but this year and last year it seems like I have had more buyers then sellers. Honestly though I haven’t looked at my stats. Still an engineer as well Baz.
[/quote]I guess it’s good to be able to handle either side of the transaction, but then that is what Realtors do! Never knew we were called “sides”, that’s an interesting tidbit. π What type of engineer are you?
–Basil
thebazmanParticipant[quote=SD Realtor]Hi Baz
I do either. The first few years (since 03) I have always had more listings then sides (sides are short for representing buyers) but this year and last year it seems like I have had more buyers then sellers. Honestly though I haven’t looked at my stats. Still an engineer as well Baz.
[/quote]I guess it’s good to be able to handle either side of the transaction, but then that is what Realtors do! Never knew we were called “sides”, that’s an interesting tidbit. π What type of engineer are you?
–Basil
thebazmanParticipant[quote=SD Realtor]Hi Baz
I do either. The first few years (since 03) I have always had more listings then sides (sides are short for representing buyers) but this year and last year it seems like I have had more buyers then sellers. Honestly though I haven’t looked at my stats. Still an engineer as well Baz.
[/quote]I guess it’s good to be able to handle either side of the transaction, but then that is what Realtors do! Never knew we were called “sides”, that’s an interesting tidbit. π What type of engineer are you?
–Basil
thebazmanParticipant[quote=SD Realtor]Hi Baz
I do either. The first few years (since 03) I have always had more listings then sides (sides are short for representing buyers) but this year and last year it seems like I have had more buyers then sellers. Honestly though I haven’t looked at my stats. Still an engineer as well Baz.
[/quote]I guess it’s good to be able to handle either side of the transaction, but then that is what Realtors do! Never knew we were called “sides”, that’s an interesting tidbit. π What type of engineer are you?
–Basil
thebazmanParticipant[quote=SD Realtor]Hi Baz
I do either. The first few years (since 03) I have always had more listings then sides (sides are short for representing buyers) but this year and last year it seems like I have had more buyers then sellers. Honestly though I haven’t looked at my stats. Still an engineer as well Baz.
[/quote]I guess it’s good to be able to handle either side of the transaction, but then that is what Realtors do! Never knew we were called “sides”, that’s an interesting tidbit. π What type of engineer are you?
–Basil
thebazmanParticipant[quote=recordsclerk]There is a 1 bd/ba for 95K in that complex. The complex is very quite day/night. It does have a nice park like feel to the grounds. The complex is older and most units are dated. I’ve been in a downstairs unit and you can hear every footstep from your upstairs neighbors, but this could be normal with downstairs living(never lived downstairs). I think the last unit that sold was in Oct 2008. It was a studio for 80K (all cash). The prices are just starting to come down in Linda Vista and this complex has some of the better prices so far. There was a post about a week ago talking about 2bd/2ba condo conv. by MP in the low 300K. This complex is about 3 miles away and half the price without the granite kitchen. [/quote]
Thanks, recordsclerk! The unit I was looking at was a townhouse arrangement, bedrooms and full bath upstairs, living room and half bath downstairs, so no noise problems I would think. It’s a nice area being so close to Mesa College and Kearney Mesa, not the “ghetto” part of Linda Vista.
thebazmanParticipant[quote=recordsclerk]There is a 1 bd/ba for 95K in that complex. The complex is very quite day/night. It does have a nice park like feel to the grounds. The complex is older and most units are dated. I’ve been in a downstairs unit and you can hear every footstep from your upstairs neighbors, but this could be normal with downstairs living(never lived downstairs). I think the last unit that sold was in Oct 2008. It was a studio for 80K (all cash). The prices are just starting to come down in Linda Vista and this complex has some of the better prices so far. There was a post about a week ago talking about 2bd/2ba condo conv. by MP in the low 300K. This complex is about 3 miles away and half the price without the granite kitchen. [/quote]
Thanks, recordsclerk! The unit I was looking at was a townhouse arrangement, bedrooms and full bath upstairs, living room and half bath downstairs, so no noise problems I would think. It’s a nice area being so close to Mesa College and Kearney Mesa, not the “ghetto” part of Linda Vista.
thebazmanParticipant[quote=recordsclerk]There is a 1 bd/ba for 95K in that complex. The complex is very quite day/night. It does have a nice park like feel to the grounds. The complex is older and most units are dated. I’ve been in a downstairs unit and you can hear every footstep from your upstairs neighbors, but this could be normal with downstairs living(never lived downstairs). I think the last unit that sold was in Oct 2008. It was a studio for 80K (all cash). The prices are just starting to come down in Linda Vista and this complex has some of the better prices so far. There was a post about a week ago talking about 2bd/2ba condo conv. by MP in the low 300K. This complex is about 3 miles away and half the price without the granite kitchen. [/quote]
Thanks, recordsclerk! The unit I was looking at was a townhouse arrangement, bedrooms and full bath upstairs, living room and half bath downstairs, so no noise problems I would think. It’s a nice area being so close to Mesa College and Kearney Mesa, not the “ghetto” part of Linda Vista.
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