San Diego sees double digit home depreciation

Today’s headline in the San Diego Union-Tribune: ‘Condo conversion craze grinds to a halt’ was surprisingly right-on, but about three months behind the times. I’d venture to say a better headline would have been: ‘Residential sales grid to a halt with double digit depreciation in many areas.’
 

Buried within the article is an example of the extent of our downturn. The average asking price of a 2 bedroom condo conversion last year in one development was $440,000.  The same 2 bedroom average price in this one development is now $371,000. This is a 15.6% drop and is not exclusive to just the cited developement, or condo conversions in particular. No, this example of real world double digit home depreciation is true for the majority of residential resales throughout San Diego! 

Selling in today’s market really requires a top San Diego real estate agent to insure you get the best possible price.