The lowest price so far for one of the condos involved in the real estate swindle in Escondido was just recorded: $46,000.
That’s an 83 percent price drop in 14 months.
We mentioned the high prices for the studios in our story back in April:
Even more striking, McConville’s buyers were sold four 480-square-foot studios in the same complex for $265,000 each last summer, taking out loans for $212,000 on each one.
“Property values will have to quadruple before that condo is even worth the loan amount,” said Todd Lackner, a local real estate appraiser and mortgage fraud expert.
Lackner wrote me this morning with the news of the sale and retroactively corrected his estimate:
I shoulda said 4.6 times.