July 14, 2024

San Diego CaliforniaMost 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

5 thoughts on “San Diego Condominium Crash

  1. 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

Comments are closed.