If you look at my 2-16-07 post "Bottom of Housing Downturn Reached?" you will see that, for whatever reason, the general market is picking up.
Even with that said, the FACTS speak for themselves! There are a lot of San Diego luxury downtown condos now pending, units are going into escrow well within 60-90 days of the listing date, and closed sales are showing a firming of prices.
Sure, as you may say, these buyers are all suckers. But, guess what? You get enough 'suckers' and the same units now on the market, will be $50,000 higher based on closed sales by year's end!
If you have a 'market value' let's say at $850,000 (assumes it is correctly priced) in a luxury home, maybe you can steal it at $800-$820,000. If it has been on the market 4-5 months without a price correction, you may get a better value. However, currently these luxury units are now selling well within 90 days!
Is this the real bottom of our San Diego real estate market? Really, no one can say for sure. As real estate data is typically months old, my 'real-time' obsservations on the high end condo market my really be the first sign of a bottom being put in place…at least as far as downtown San Diego luxury view condos are concerned. [tags]San Diego real estate,San Diego downtown,San Diego condos,San Diego home values,housing market,downtown San Diego condos[/tags] Downtown San Diego condos
This could just be the Spring seasonal cycle trend. In three or four months, we will know for sure if this is a bottom for San Diego real estate. website awards
Tough times in real estate may change the San Diego conventional wisdom that you can never lose in real estate.
Denny
San Diego California Dentists