January 2, 2008
Rotten San Diego Home Sales - What’s that Smell?!
Pyew! I wouldn’t have made these purchases no matter what kind of rose colored sales pitch I got. What the hell’s the matter with these people, doesn’t anyone read the news?!
Stinker #1: 4076 Lark Street
- This 4 bedroom, 2 bath home sold on October 11, 2007 for $880,000. Four bedrooms might sound like a lot, but this house only has 1500 square feet so those are pretty small bedrooms. The property last sold for $651,000 in September, 2001 and is currently valued at $871,774 - more than $8,000 less than its purchase price (ouch)! Note to buyer: do your homework, get your head outta the ground and read my post on factoring for future losses.
Stinker #2: 3727 7th Avenue #3
- Evidently nobody told this buyer the bubble burst some time ago. On November 6, 2007 s/he handed over half a million dollars for this 1989 2 bedroom condo (it has 1053 square feet). Zillow is valuing it at its purchase price but we all know that is likely inflated, not to mention it’s still at a 7.4% annual appreciation rate since it last sold in 2002 for $350,000. Good lord, did someone tell this buyer that late 80s condos with HOA fees are a good deal let alone at a substantial appreciation? If so, they’ve been punked!
Stinker #3: 4564 Tivoli Street
- This is the worst one yet! Built in 1954, it has 1188 square feet and 3 beds, 2 baths. Someone coughed up 825,000 dollars for this home on December 6, 2007. It is currently valued at $748,619 and last sold for $653,000 in February, 2003. Need I say more?
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