Jaw Dropping Deals – Single Family Homes Priced Under Market
Yes, it’s true. There are single family homes in San Diego priced under $300,000. Not a lot, just a few. Some are major undertakings but not all of them. The largest concentration of foreclosures, bank owned and short sale properties in this region is in the North Park area. We’re careful not to get too opinionated about proprietary listings, so just take my word for it, I’ve picked through the bunch and these are the best properties priced below market value. Click on the hyperlink to go straight to the property detail.
$279,900 – 1928 Rowan Street. 1954 three beds, one bath. 1,020 square feet priced at $274 per square foot. Last sold for $366,869 on February 15, 2008. Its Zestimate is $402,000 and eppraisal is $414,579. On Redfin 5 days.
$269,000 – 4720 Oregon Street. 1926 two beds, one bath. 648 square feet priced at $415 per square foot. Last sold for $345,000 on January 18, 2008. Its cyberhome property valuation is $344,107. On Redfin 141 days.
$235,500 – 3216 Landis Street. 1939 two beds, one and a half baths. 648 square feet priced at $363 per square foot. Last sold for $221,250 on February 20, 2008. Its Zestimate is $333,500 and eppraisal is $416,029. On Redfin 4 days.
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Maggi said:
I don’t understand – how could Oregon Street have sold on 2/18/08 and also have been on Redfin 141 days, that doesn’t add up. It seems like both of these must have sold in ‘07 at the previous prices listed… ?
March 13, 2008 10:28 AM
Carol said:
The past sales data says it last sold for $345,000 on 1/18/08 but you’re still correct. You’ll need to follow the link to the complete listing data though I note that the immediate past sale was also for $345,000 on 8/27/04. This is one unit in a complex and it looks like this was the model. I’m purely speculating, but perhaps its ownership was transferred in a way that didn’t affect it’s listing status. Just guessing, don’t know for sure.
March 13, 2008 3:43 PM
$415/sqf said:
It seems to me that $415/sqf for a shoebox in University Heights is not a jaw-dropping deal. When it breaches $200K, it begins to get into plausible territory. When it breaches $175K, it actually might make sense.
March 15, 2008 1:49 PM
Carol said:
It wasn’t that long ago we were remarking about decent one and two bedroom condos under $400,000. Single family homes under $300,000 anywhere in this region are still an anomoly. UH does seem to be holding onto higher asking prices and valuations, though, especially compared to neighboring North Park and pockets a little further east.
Thanks for your comments. I have actually been watching that particular property for a while. If it comes down anywhere near $175,000 I’ll put a shout out. If you catch it falling first let me know.
March 15, 2008 3:04 PM