Heads Up! Falling Prices
What Goes Up must Come Down
You may have heard that the boom has ended. Personally I’m a bit tired of it. Facts, figures, statistics, and opinions have filled every media outlet for many months now. The herd mentality of the media is hard to stop whether it’s Brittney, Presidential candidate intrigue or HP (housing panic). Does it really matter to you if San Diego prices are down xx%, or if inventory is up xx%? If you are a buyer you are only interested in the one house you will buy. If you are a seller, your concern is finding the ideal buyer. The actual price of the transaction has little to do with broad statistics.
Here are some homes that may be a bargain and they may offer the amenities that you need. These are all condos with extras that single family homes rarely offer. Notice that one comes in at only $122 per square foot! Take a look and forget about headline hype for a few minutes.
5700 Baltimore Drive, La Mesa
After 9 days the price dropped 40 thousand! Many comps from $235k to $340k. HOA Fee: $334/month. “Walk to Lake Murray and all the stores and restuants. Golf & Cowles mountain close”
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5708 Baltimore Drive, La Mesa
Agent says, ” Right on the Lake!3rd. Floor View of Lake Murray & Cowels Mnt.” This complex offers many amenities for a HOA fee of $303/month. Condos such as this are sold as much for the lifestyle they offer as the actual living space.
Don’t let illiterate agents bother you. You will probably find it easier to negotiate a lower price with someone who is in too much of a hurry to write a legible property description. Follow up on these links, look at the comparables on the Redfin detail page. Jump to some that look interesting.
Since these are mostly big complexes, you can go there and get a feel for the local environment. Talk to residents, management and neighbors. Is there guest parking, is the laundry room clean, are there screaming children or junk cars in the parking area? Home owner fees can be significant and they can change significantly- are you comfortable with that for the long term? Are the residents owners or renters? A community of absentee owners isn’t a healthy community. Enjoy your explorations and let me know how it goes.
[data from generally reliable sources, please comment on any errors!]
