Some of you may know I monitor most of central San Diego, but concentrate in PB. The inventory — not just the MLS inventory — is not moving. Places on the boardwalk continue to list and relist for the past 2 years at the same crazy prices. Some duplexes have been listed in the area for even longer. Not exaggerating, like 5 years, through the bubble.
Townhomes are languishing also. The places behind Henry’s are still for sale. The only thing really taking a beating are the condos. Some units in the Plaza have really taken a hit.
The NODs in PB accumulate and the banks have been dragging their feet taking them back. Meanwhile, there is no way the place is worth what they owe.
If the banks took back everything and listed it, there would be quite a bit more inventory. So far the prices have come down slightly, but nothing really drastic.
That’s just one micro area I monitor and know pretty well and feel comfortable speaking on.
