Friday, February 29, 2008
The Bottom Has Passed in Santana Row
Three sales of the popular "A" model just closed escrow. These three were on the market as distressed sales (financial difficulty, short sale, etc). They were also on the market through the late part of 2007 when gloom and doom thoughts were more prevalent. The lowest sale recorded at $500,000 for a model in the Margo building which overlooked the trash dumpster and the east foothills. Another Margo unit - also east foothills - closed at $569,000. And the third was a DeForest building unit facing the west foothills which closed at $525,000. These were models A2, A1 and A1. The recent pending sales are in escrow much higher than this. The last closing, yesterday 2/28/08 was for an A1 unit overlooking SR in Margo for $616,000. I doubt any other SR facing A unit will sell below this from now on. As I've mentioned before, there is a bottom evident out there folks - time to step up and fast!