Archive for October, 2008

The Wild West of Real Estate – Continues to Create Major Buying Opportunities

October 7, 2008

Well the Chinese curse… “may we live in interesting times” …continues to ring true!

Given the historic financial crisis and the consequent bail out…we expect once the “dust settles” there will be many opportunities in the San Diego marketplace…

Ø   According to a recent article in the SD Union Tribune, San Diego has the 5th weakest housing market in the nation… posting a decline of 25 % (over 1 year)

Ø   Right now we are seeing major price reductions. Homes in the $1,500,000 price point…. it’s not uncommon to see prices being slashed by $100,000 to $300,000. One house in La Jolla Shores was just reduced by $8 million from roughly $26 million!

Ø   According to REBA, the local La Jolla brokers’ association comparing average home prices the month of Sept 07 to Sept 08, prices have dropped 31% for detached homes, dropping from $2,749,000 to $1,904,200.

Ø  Interest rates are low….inventories are high…and there are a lot of motivated sellers out there…..you just might want to get to know!

 

If you are interested in leveraging this difficult time in marketplace and turn it into an opportunity to secure a great steal….please contact me!