Mar

23

The City Heights district in San Diego has been a reliable indicator of the sanity (or lack thereof) in the SoCal real estate market. At the height of the boom in the 3rd quarter of 2006 a one bedroom one bath 668 sq. ft. apartment sold for $175,000 ($262 a square foot!). The same apartment was just listed by the bank owner for $74,900 ($112/sq. ft.). The current rental price for a one bedroom in City Heights is $700/month. That is what it would cost a 20% down 30-yr. fixed rate mortgaged home buyer for mortgage, taxes and insurance.


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