The foreclosure carnage in Chula Vista has been well-documented. The McMillin-built tracts on the east side of town have been hammered, but hey, there’s nothing price won’t fix!

There are 49 houses on Blairwood Avenue, and 8 of them have been in foreclosure recently. Two already resold, three have been served notice, and three are bank-owned and in the process of being resold.

When new in late-2004 and 2005, the majority of these homes sold in the $600,000s, a few sold in the $700,000s, and a handful sold in the low-$800,000s.

Today’s market? This 3,181sf house listed for $399,000!

The recent model-match comps:

$420,000 SOLD 1/30/09 Short Sale
$480,000 SOLD 2/27/09 REO
$479,000 PEND 3/12/09 REO

The $399,000 list price may have been determined before this recent activity.