The Union Tribune Article that discusses our first year over year decline in prices in ten years had this interesting quote:
"Todd Fleischmann, 26, moved from Escondido to Portland, Ore., in January to take a new job. He has yet to sell his Escondido condominium, but he recently lowered the price from $361,5000 to $338,000."
I did a little bit of digging and based on my research this unit is MLS #066054078 and was purchased for $325,000 on 8/6/2004. Assuming a 6% sales charge and full price offer the owner is out $7280 and that's not including carrying costs as the MLS listing notes the property is vacant.
Nevertheless the unit is listed barely above what it sold for two years ago. I think the numbers are going to get much worse as we roll through 2006 and 2007.
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Wow - some houses are back to 2004 pricing.
Clearly this market is coming back quickly to 2004 prices. Since in many cases markets over-correct I think we'll be talking about 2003 prices soon.
BTW the UT updated the article to include some more "stuck in property" anecdotes and also notes the price of the Escondido condo.
http://www.signonsandiego.com/news/metro/20060713-9999-1n13prices.html
This means that condo prices are back to 2004 level. SFR will be there in 6 month.
ZipRealty figures show 23,046 properties now on the market. Unprecedented in San Diego history!
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