San Diego Home Info by Gretchen Pagnotta

Rancho Bernardo Market Trends

Rancho Bernardo Market Trends for 92127,92128

All the newspapers had the same message today…last month home sales were down.  The market is very specific for neighborhood and zip code.  We are still seeing short sales and bank owned properties come on the market.  The difference I have seen is that now limited partnerships and individuals are purchasing some properties at auction.  They do what I consider limited improvements such as paint and general cleaning. They put them on the market (flipping) as quickly as possible to minimize carrying costs. One recent example was a large home in Santaluz that was purchased in the low $800′s.  It was a popular floor plan on a good lot.  They was repainted and did some basic cleaning and repair work. It went on the market for $1,075,000 and had multiple offers!

I am also noticing short sales coming back on the market.  These are representing fantastic opportunities.  They have been in escrow 4-7 months and when the bank finally agrees to the sale the clients change their minds.  I just had this happen on one of my listings.  Now someone can jump in and not have the long waiting period for approval.  This occurs of the offer made is a mirrir image of what was approved.  I watch the “back on the market” properties daily to spot opportunities.

For market trends please go to: http://sandiegohomeinfoblog.com/market-trends/

According to Sandicor  activity as of 8/25/10 the following activity has occured:

Rancho Bernardo 92127 including Del Sur and Santaluz:

Active listings: 209

Sales Contingent upon Short Sale apporval: 36

Sales in escrow: 74

Closed sales in the past 30 days: 21

Rancho Bernardo 92128:

Active Listings: 163

Sales Contingent Upon Short Sale Approval: 21

Sales in escrow: 48

Closed Sales in the past 30 days: 32

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This entry was posted on Wednesday, August 25th, 2010 at 3:51 pm and is filed under 4S Ranch, Buyer Info, First Time Buyers, Rancho Bernardo, Santaluz, Seller Info. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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