Believe it or not, I actually showed a beautiful loft that was priced (gasp!) at $97,000.

It is over 800 square feet and has soaring ceilings and exposed brick walls. And it’s an REO and, of course, in West Oakland. It went pending within 3 days of being on the market.

I met my client there and was shocked at how wonderful it was and the incredible price. The unit was in the building pictured below.

I never thought I would see the day when I would show a property UNDER $100,000 and think it was a lovely space. It certainly has made an impression on my sense of the market. Financing for condo buyers is tough right now, but if a buyer can qualify for a loan, the time couldn’t be better to get out there, be flexible and start making offers.

Investors are flooding the low-end market with all-cash offers on single family homes, but condos are different. They tend to appreciate more slowly and be less attractive to investors. In this market prices are the clearly at the bottom.

The phrase “I can’t afford not to buy it” pops to mind.