Other agents please give me your feel on this also.
I see the wider drop as somewhat misleading.
Here is why. Housing movements do not homogenize easily.
If that average were to come true I think it would mean coming down 70% in El Cajon conversions and 3% in PB coastal.
Here is what I am seeing anecdotally.
Please sound off if you are seeing something else.
What I am seeing in the central San Diego areas is prices actively finding the bottom constantly.
The current range seems to be in the 300 for 2bedrooms department. That seems to be a number I am hearing repeated by all-cash buyers.
When doing my foreclosure tours (yes thats me) financial distress seminars, I find lots of attendees holding onto huge wads of cash and asking where to put it.
I have counseled one such buyer through 8 rejected offers in Little Italy. Thats because in each case the prices brought in buyers from out of area or out of country or just built enought enthusiasm with the price point.
At my suggestion, one of the agents in my office lowered the price of her listing next to the Ralph’s in Hillcrest to $300k. This was back in January. She had 9 full-price offers within a week.
Of course they all died because the bank drug its feet on a short sale.
