Camp Pendleton, near San Diego, California has a rich history and a delightful Pacific shoreline location, making it attractive to marine and navy personnel and civilian homebuyers.
"Of all the Marine Corps bases throughout the world," says Realtor Deborah Sortino, "Camp Pendleton has one of the most intriguing pasts, filled with historical charm and vibrancy. Spanish explorers, colorful politicians, herds of thundering cattle, skillful vaqueros and tough Marines have all contributed to the history of this land.
"Located 38 miles north of downtown San Diego," she explains, "Camp Pendleton covers over 250,000 acres and approximately 200 square miles of terrain. The stretch of shoreline along the base-- 17½ miles -- is the largest undeveloped portion of coastal area left in Southern California.
"The median price for a home around Camp Pendleton is $470K, up 26 percent from this time last year," continues Sortino. "Inventory has improved as expected during the most active selling months of summer. Although Greenspan raised rates a bit, it had the opposite effect on mortgage rates, they actually dropped! Keep in mind, 7 percent is still the average historical low, so today's 6 percent rates are still a great time to buy. Homes priced around the $500K range and in good condition are still moving quickly. However, homes listed above $600K are now taking 3-4 weeks to sell. During the 90's, it took an average of 100 days, so again, the market is still a strong one. My advice, use a Realtor who will provide solid sales comparisons when buying or selling because changes are occurring rapidly."
"With an increase in the number of properties for sale coming just these last few weeks since Father's Day," says Realtor Maria Mejia, "buyers are finding themselves able to shop and compare before committing to making an offer. Sellers are noticing a definite decline from the multiple-offer frenzy that a new listing created up to just a few weeks ago. However, entry level housing prices are still high. Buyers need to be extremely well prepared as they enter into the offer arena. Sellers will benefit from strong representation of their interests, especially if a "move-up" is part of the selling plan.
Suggests Mejia, "With the Fed Reserve having raised their rate, consumer interest rates have started upward. In meetings with other agents this past week, we discussed the recent increase in the number of properties for sale. Single-family home sellers are still aggressively pricing their properties, but we are noticing that the sales are still continuing at a steady clip. Fewer 'For Sale by Owner" signs are showing up on street corners, as more and more home sellers realize they are able to negotiate lower commissions payable yet still get full representation from full service agents. My advice: Just ask. The worse that will happen is that the agent doesn't get the benefit of representing you!
She also warns, "Buyer beware. Unless you are an experienced real estate buyer, these FSBO opportunities result in an even stronger seller advantage. Often, the asking price set by a FSBO seller is unrealistic to a point of complete disadvantage for a buyer who has limited deposit funds."
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Published: July 28, 2004
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