So really there is no argument that CV is not going to go down. Unfortunately we more then likely differ on when CV will go down and at what rate it will go down. Many people may make bold predictions and that is okay. I am actively searching for homes for a few people pretty much through the entire 92130 zip code, from as far west as the Heights to as far east as Del Sur.
Now as far as pricing and square footage, the bottom line is this; on the MLS, right now, for detached homes in 92130, there are NO homes at 2500 sf under 839k currently active for sale. Someone may have mentioned they saw 2500 sf homes in the mid 700’s but I don’t see that as of this moment on the MLS. I see a 2408 on African Holly Trail, 2413 on Roselle Meadows Trail, (both of these are at 745k) I see 2350 on Tarantella Lane at 759k and then 2775 sf on Torrey View for 839k. I see Benchley which is 2500 sf for 795k-845k.
I think that those who are seriously shopping for homes, who are making offers for them, who are really intending to buy, these folks are realizing the situation is different then for those who are “keeping thier eyes on the area” via looking at closed sales and such. Once more, it is a case of good deals but not good homes for the ones at the bottom tier pricing.
Will it change for the better? More then likely. Is that change imminent. In my opinion not really imminent but 18-24 months in wall time for real estate is not that long to wait.
