After a few years of trying to negotiate a short sale, 1199 Pacific Hwy #2805 has finally gotten foreclosed on. The Grande South’s 28th floor, south facing, A1 floor plan was a listing that my former team and had listed…but was unsuccessful in selling. Why? Well…because banks are !#@*#.
After having several good offers, many of which were well into the $900K range, the banks(there was a first and a second loan) couldn’t reach a compromise and approve the short sale. For years, the two banks argued over a few thousand dollars, wanting more than what the buyer was offering and more than the First was willing to give the Second. Now, condo #2805 at the Grande South is an REO and is listed at $830,000. What could have sold for about $950K…will now sell for $120K less…not to mention two years later!
At a list price of $830K, the Grande South unit isn’t a bad buy. I wouldn’t call it a great deal, but it’s not bad. Considering the most recent comp was on the 33rd floor on the north side of the Grande North, at $860K, it’s not a bad buy. However, keep in mind that the south side of the Grande South will be heavily impacted in terms of it’s views. Another thing to note, is that the comps I just sited was an REO and the same unit directly above it sold for $1,130,000 in July of 2009.
If you’re looking for a good deal, let me know. Things to know:
If you have any questions about San Diego real estate, please call Denny Oh at 858-243-2092 or [email protected].