For those of you who have been waiting for the San Diego real estate market to bottom out, you may have missed it. With only 505 active listings in the MLS and 168 currently in escrow, the market is busy. If you’re actively looking to buy a place, I’m sure you have been frustrated with the lack of inventory and constantly getting out bid. Now, as inventory shrinks further, some sellers are negotiating less and refuse to drop their prices.
Take Bosa’s Bayside condos for example. Current list prices at the Bayside condos are about 30% below what Bosa originally offered them at and in some cases, Bosa even took off up to an additional 13%! A few months ago, I was able to get my clients an additional 13% off the list price. However, now that Bosa has sold about 100 of the 232 condos at Bayside. And now that Nat Bosa has all, or close to all, of his money out of the development, he’s tightening the belts and isn’t willing to give money away. The 10-13% decreases we were seeing is now closer to 5-10%.
Bosa is also reducing how much they’ll negotiate with buyers on specific floor plans, which are more popular. For example, there are very few A and C floor plans left and well, it’s demand versus supply(unfortunately for you). These NW and SW facing 2+Den condos offer great water views at relatively low price and people were quick to pick them up.
Countywide, San Diego’s median home prices have also gone up by 6.9% and up 14% for Southern California, compared to last year. Clearly it still heavily depends on where in So Cal, or San Diego, you’re looking to buy though. If you’re looking to buy, or sell, please let me know. And unless you’re a cash buyer, you should seriously start looking at when you can buy. Don’t wait for interest rates to go up any higher!
Make sure you have an agent represent you on your purchase and do NOT let the seller’s agent represent you…unless you don’t care about having someone looking out for you. Call me to schedule a viewing today. Denny Oh 858-243-2092.