San Diego's real estate market is a splintered one, where established, coastal and affluent neighborhoods have suffered only slight damage. One the other hand, condo conversions, new construction, and overbuilt areas have taken a mortal hit. These areas were inundated with dicey and subprime mortgages that are failing at a substantial rate--which is reflected in the 13% decrease in the city's overall median price of resale homes, when comparing the end of 2006 with that of 2007.
This is the San Diego Buyer's Market so many have been awaiting.
We love sharpening our pencils and battling on behalf of our clients. For our buyers, we are negotiating some incredible bargains (call and ask how low!). Savvy sellers who are serious about getting their homes sold trust we can get the job done. If a property isn't selling it is either because of condition or price or both. It is the MARKET that determines property value--not the agent, the seller or concerned neighbors.
The prior market where sellers could sell to the highest frantic bidder is long gone. Pricing is now determined by the market, and what a willing and able buyer is willing to pay. That buyer, in turn, may compete with other buyers to determine an equitable sales price. To see the most recently published market report, go to:
We remain optimistic about the San Diego economy and see this pricing adjustment as a necessary, healthy and normal phenomenon. Furthermore, we have had a recent surge in buyer calls. It may be that shrewd buyers waiting in the wings are now stepping into the market. It is an entrance that should please both sellers and their agents--and may also explain the multiple offers we are encountering on well-priced listings.
ZIP Codes: 92103, 92106, 92107, 92108, 92109, 92110, 92115, 92117, 92123, 92155, 92161 Approximate Location Boundaries: Baja. Mexico to the South, ocean to the west, mountains and desert to the east, and Orange/LA Counties to the north.
Location Characteristics: San Diego is beautiful and eclectic in climate, features and lifestyle. Along the extensive and breathtaking coastline, one finds a balmy climate, tanned surfers, coffee houses, fine restauarants and quaint villages. The central area of San Diego boasts museums, the San Diego Zoo,luxurious high-rise condos, Craftsman cottages, terrific restaurants, the ship harbor, an easy-to-navigate international airport and Sea World.
San Diego is superbly located for easy travel to diverse destinations. Within two to three hours by car, a skier or snowboarder can be on a lift headed to a 7500-foot peak, sportfishers can be casting in Baja, golfers and spa-bunnies can be relaxing and playing in Palm Springs, and the adventurous can be in Los Angeles.
San Diego denizens, unlike their bustling neighbors in northern counties, seem somehow more inspired, self-satisfied and mellow in their approach to life. Perhaps it is the climate, perhaps it is the people--but most likely it is the friendly ambience that is so easily extended from one resident to another.
About Roberta, Scott and Mike Murphy:
If you are seeking ethical, experienced and knowledgeable real estate service, you may wish to call Roberta or Mike Murphy for your next real estate transaction. They may be reached toll free at 877-818-8197 or directly at 760-402-9101/9102. The award-winning Murphy Group with Villa Sotheby's International Realty is additionally represented by the tremendous talents of Eve Sieminski (GRI), Scott Murphy (GRI), Ilene Brodsky and Daruish Abedian. Please feel free to explore either www.SanDiegoPreviews.com or our blog: www.LuxuryHomeDigest.com
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
