I don’t think this is the case. I think it is simply
supply and demand. The area is built out (unless we get
another base conversion).
First off, I have nothing to lose or gain by promoting
point loma real estate. I currently live outside San Diego
and will not move back until I see my price which is frankly
a good bit lower than what the market will currently bear.
I like others on this board think that coastal properties
will take a hit and I believe that from what I have observed, properties in PL/OB that I track are already quite
a bit off the peak.
My point was that relative to what you can get in Encinitas,
Del Mar, etc. South PL/OB real estate is fairly valued.
Now if all of the coast drops than I would certainly expect more drops in PL/OB as well.
BTW, there are some properties that are selling in 92106
and 92107 for WELL below list price. We are talking
low ball offers being accepted:
Example 1: 4455 Monaco St sold for 17% under list
Example 2: 873 Loma Valley Pl sold for 33% under list
The Loma valley place was mentioned in a different
thread. The house on Monaco IMHO is a very good location
and it went for under a million.
