This is a quite sobering article when you read the headline--but even when you get a little deeper, it's a reminder that the party's over. From the August 26, 2009 San Francisco Chronicle:
More Bay Area homes sell for less than $60,000Now, some of these places are in bad shape; people being foreclosed sometimes intentionally destroy a place out of frustration or to get revenge on the bank. These are generally not in the nicest neighborhoods--but it is a reminder of how rapidly the insanity of California real estate prices can turn around.
Condos for $20,000? Single-family homes for under $60,000? What is this, Detroit?
It's the topsy-turvy world of Bay Area real estate. Despite studies showing prices slowly rising overall, homes at the low end appear to be playing a game of limbo, flaunting prices comparable to what you'd pay for a car.
...
David Lear of Sotheby's International Realty in Danville is selling a one-bedroom condo in Pittsburg's Lakeview complex near Los Medanos College for $48,000 as a short sale. The owner purchased it three years ago for $228,000.
"It shows you how dramatically the market has declined," he said. "We're not even the lowest-price unit in there; there's a similar one for $38,000."
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