$150k Condo in Point Loma

With a view at 1998 Nominal Price?


I've always argued that basic 1/1 condos in Central San Diego should be no more than $150,000.

Consider that HOA and taxes alone equal the cost of sharing a house with housemates. Few singles or young couples can afford to buy their own 1 bedroom condo.



3905 Leland St San Diego CA 92106

Good size at 818sf
Purchased 10/2002 $240,075

Now listed at $150,000

1992 price was $118,000

Will we see 1992 prices again?

Bozo Realtors

Tips For Buyers

No one wants to contract a case of buyer's remorse. You know what I am talking about. It is that feeling that you've either paid too much or received too little. In most cases, there is no recourse for the buyer to receive recompense once the contract has been signed.

If no one wants to catch a case of buyer's remorse, why are there so many people out there who suffer from it? The answer is simple, most of these people engaged in a transaction without enough knowledge and information.

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The above is a quote from the Website of bozo Realtors from Del Mar.

Anthony and Stephanie DeGasperis must know they are talking about because they fell for it themselves.

• In 06/30/2003, they "invested in the future" and bought:

#510 Parkloft
2003 Purchase price $519,823 (Lifetime opportunity from developer)
2009 List price $399,000

• They must have felt rich for a few years while they owned the condo (not a principal residence according to tax records).

• But by 2007, the market was going down, so they subsequently tried to pawn that condo to an idiot buyer, or accomplice as the case may be, at a list price of $549,000.
  

• Unfortunately for them, either the banks didn't lend the money to complete the purchase or something else, such as a problem with the building, caused the sale to fall out of escrow. It doesn't look like those Realtors provided enough knowledge and information to complete the transaction.
  

• So now, the condo is a short-sale for $120,823 less than purchase price. With all related carrying costs, that's a lot of "thrown-away" house payments.

Now, who entered a transaction without enough knowledge and information?


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Fast forward to 2009:

• Will the bank allow the short sale while Anthony and Stephanie DeGasperis own other properties and assets which they could liquidate to make good on their promise to pay?

• Taxpayers (via bailouts of the banks) are having to eat the losses incurred by real estate gamblers such as the DeGasperis.

• How many houses did the DeGasperis sell to unsuspecting buyers who now live with buyers' remorse?