San Diego Housing Market News and Analysis
El Cajon Condo Blowout! (-27% in 8 months)
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Submitted by garysears on July 15, 2007 - 10:33pm
East Bradley Ave, El Cajon Condos
So I've been keeping an eye on the condos for sale right down the street from my apartment in El Cajon. In February a real estate agent came door to door passing out flyers trying to sell one of the units (#11). Since then, two more have come up for sale. I think there are 12 units total, 6 in each of 2 buildings. Several weeks ago some hooligans in the neighborhood vandalized all three of the signs in the yard by the sidewalk but no one has bothered clean them up. One of the signs was put up after the other two were already vandalized. Of course it was broken within a day or two. No real estate agents have bothered to clean up the signs (I wish I had a picture to post right now. Two of them were the nice wooden post signs). I believe one of the units is obviously a foreclosure. Here are the MLS numbers if anyone is curious:
469 E. Bradley Ave #11
465 E. Bradley Ave #6
465 E. Bradley Ave #2
I say this has to be a foreclosure because it lists a sale date of Oct 31, 2006 for $273,000. Minus 73K out of 273K in less than eight months, or almost 27%! At that rate it should be free in a few years.
I gather the other two will be foreclosures soon. It is hard to compete with someone undercutting you by 50K. I also suspect the foreclosure condo is in the best shape of the three since it is the only one that includes interior pictures on the MLS.
Most interesting to me is the sales history given for #2 on Trulia.com:
$273,000 Prior sale date: Oct 31, 2006
So in less than ten years, the price people were willing to pay for this went from less than 40K to over 270K. That is a 7.38X increase in value in 10 years! I wonder what these condos will be going for in a few years....
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