A two bedroom unit located at Crown Bay in the Gaslamp District has slipped into foreclosure proceedings. Purchased for $750,000 in October 2004 it is not currently listed for sale, however I highly doubt it is worth that much in the current market.
Foreclosure.com shows a default of $26,884. While all this is becoming pretty standard the interesting detail is the owner of this unit is a real estate agent, in fact I believe the realty office is located in the Crown Bay building.
In the interest of privacy I won't copy the name, note the information is public and can be found by logging on to foreclosure.com. County records also indicate the same person owns 2621 Covington Road in North Park which is currently listed on the MLS (066032831). This indication of cash flow problems is yet another data point that the market has changed. I do believe we are just getting started as the market has a quite a lot of correcting to do before prices and fundamental valuations converge.
350 K Street #405 purchase details: view