San Diego Condominium Crash
Most will agree the summer of 2005 was the top of the San Diego real estate market. With the news sources reporting 2007 monthly sales statistics or comparisons with 2006 sales and prices, the general public may be under the misconception that their San Diego property has only declined at most, a few percent.
The sad reality is the drop from 2005 sale prices is well into double digits! (Actually, CRASH would more accurately describe this double digit decline.) To compile accurate figures, the brokerforyou staff only looked at condo/town home sales of the same model units within each condo community. We tried to compare three same model closed sales that occurred in 2005 with the latest closed sales so far for 2007.
Brokerforyou looked at seven areas in San Diego (Chula Vista, Downtown, Fashion Valley, La Mesa, Mission Valley, Pacific Beach, and San Carlos) to provide a more accurate sales trend. Keep in mind that we are still in the process of checking on seller concessions for the 2007 sales prices. As seller concessions are very common today and can range up to 3% of the sales price, one must consider the facts noted below to actually be reflecting a milder decline vs. the real net to the sellers.
|
Area |
Average $ Drop |
% of ’05 Avg Sale |
|
Chula Vista |
$84,167 |
16.6 |
|
Downtown |
$92,300 |
24.2 |
|
Fashion Valley |
$98,917 |
17.5 |
|
La Mesa |
$51,667 |
15.5 |
|
Mission Valley |
$85,334 |
26.9 |
|
Pacific Beach |
$98,917 |
17.5 |
|
San Carlos |
$57,233 |
14 |
For the seven San Diego neighborhoods noted above, the average value drop was 19% from 2005 closed sale prices. The largest average declines were Mission Valley at 26.9% followed closely by Downtown (Little Italy) at 24.2%.[tags]San Diego real estate bubble, San Diego housing bubble, San Diego real estate sales, San Diego home values, San Diego housing, San Diego California real estate[/tags] San Diego California real estate agents
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Great information!
I’d bet most San Diego real estate agents do not like your blog … It tells the truth! Can’t have that in a sales business.
Larry B.
Dallas Texas attorney
Interesting to see the decline not only in home sales but in condominiums as well!
-Jerry
Acne Medication
We have excessive real wealth that is burnt away by the finance industries in sucking real good money after worthless assets. Energy, Commodities hit so high that pull the carpet from under everyone’s feet.
Lance
San Diego California Hotels
If I predict recession every year I will get it right eventually.My understanding of economics is that something either goes up or it goes down. There are 50-50 odds to guess right. Some may guess 60% right but will eventually revert back to the mean. Its too bad this is a time when the system has been raped for every nickel and dime for the next few years.
Kandice
San Diego California Real Estate