San Diego Condo Values Plunge in Many Neighborhoods
For San Diego, the market top was around the summer of 2005. Since than, many neighborhood real estate values have been on a continuing decline. A very important point to keep in mind, is that most published sales data (including chart data below) do not reflect the very prevalent buyer concessions both the new and resale San Diego sellers are having to pay. One escrow officer estimated that over 90% of her escrows have the sellers paying buyer fees and or giving the buyers a credit at the close. Many of these buyer concessions (typically closing costs) are running 1 to 3% of the sales price
Largest value drop on the chart below was 34.2% in Mission Valley (92108). In Mission Valley there were 30 sales in 2007 and 32 sales in 2006.
July 2007 vs. July 2006 San Diego condominium values
Be sure to view our San Diego condo sales value chart for June 2007.
Chart produced by www.websitetrafficbuilders.com from selected data published in the San Diego Union-Tribune on 8-19-07 from data compiled from DataQuick Information Systems. Selection criteria: Minimum of 6 sales in June '07 and July '07 sales volume was at least 50% of July '06 sales. *Largest value declines for selected areas. Copyright 2007 www.brokerforyou.com
[tags]San Diego condominium sales,San Diego real estate values,San Diego housing,San Diego real estate sales,real estate bubble,housing bubble[/tags] San Diego Realtor
Mission Vally is all condos. Be very glad if you do not own one there. It would be good to show the value drop since 2005.
San Diego real estate agents
I think we have years to go! The country is currently in the midst of a market correction that is likely to cause home prices to drop dramatically. San Diego plastic surgery
It took the Japan real estate market 18 years to hit bottom. I suspect it will take at least 5 to 7 here and 5 is very optimistic. It could easily take 10 years or more. San Diego plastic surgery
I think it’s safe to say that asking prices will keep falling until they get back in line with historical norms, probably 5 years or more.
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A 50 percent San Diego housing value fall is entirely within reason, but it seems that 40 percent is more likely since inflation will hide some of the loss.
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You made some good points, and you’re right. Yet I’ve heard some compare the current stock market to the early 70’s. I can actually remember where there wasn’t money available for conventional loans, you had to get your loan in by the first of the month, because you knew they couldn’t commit much later, there was only so much $ to go around. Then again some lenders would only make loans if they had the existing loan. I thought oh well, guess I’ll just have to do FHA/VA loans for a while. We will get through this.
Sharron
Oakland California Lawyers
It’s much harder for troubled borrowers to get a loan now. The lending industry has tightened up standards for lending to elimintate the slide of foreclosures due to subprime lending practices targeting those troubled borrowers. The local media has presented the facts in a negative light, but a return to normalcy is about to occur.
Hannah
California Laser Surgery