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Friday, October 31st, 2008 at 11:46 AM

October Pricing (part 2)

How is October shaping up for average $$ per square foot? (DOM=days on mkt.)

Town or Area Zip Code # of sales ’06/’08 $$ per sf ’06/’08 $$ % chg DOM ’06/’08
Carlsbad NW 92008
11 / 10
$315 / $298
-5%
88 / 49
Carlsbad SE 92009
35 / 30
$311 / $280
-10%
73 / 60
Carlsbad NE 92010
9 / 6
$325 / $290
-12%
74 / 24
Carlsbad SW 92011
15 / 19
$315 / $318
+1%
63 / 83
DM / SB 14,75
12 / 6
$554 / $816
+47%
97 / 96
Encinitas 92024
25 / 29
$406 / $399
-2%
83 / 49
La Jolla 92037
18 / 21
$746 / $706
-5%
88 / 68
Oceanside 54-57
90 / 121
$320 / $209
-35%
60 / 55
Poway 92064
37 / 13
$350 / $284
-19%
64 / 72
RSF 92067
12 / 8
$554 / $500
-10%
188 / 114
Vista 81-84
58 / 64
$317 / $196
-38%
63 / 59
PB / MB 92109
14 / 11
$530 / $674
+27%
59 / 80
Univ. City 92122
8 / 7
$369 / $353
-4%
38 / 66
West RB 92127
27 / 30
$314 / $268
-15%
61 / 73
Carmel Vly 92130
39 / 24
$359 / $372
+4%
64 / 90
Scripps Rch 92131
17 / 12
$325 / $282
-10%
58 / 41
SD County all
1,511 / 1,596
$346 / $255
-26%
67 / 63

The more people hear that prices are down 20% to 30% year-over-year, the more they will inch towards buying. There will be a lot of lookers come springtime.

For those who want to take advantage of year-end closeout buys, now is the time to make offers. Even though the lenders are drooling about receiving bailout money, those who already own foreclosed property should want to clean up the books prior to year-end. Hopefully that’ll translate into bargains(?).

Here’s an update on REO totals:

SD Real Estate Owned by Lender (REOs)

Lender/Bank 9/24/07 6/21/08 8/14/08 10/31/08
Deutsche 628 904 723 600
BoNY 363 579 451 523
WFB 524 420 382
HSBC 262 414 316 287
WaMu 524 355 351
CFC 87 98 112 140
BofA 87 94 88
Downey 58 266
Totals 3,130 2,529 2,637

Today’s Downey count was done manually to screen out those individuals with the last name ‘Downey’, and it picked up some that the previous count probably missed. There are undoubtably more properties owned by each lender in obscure names, so this chart is just a beginning.

But if you’re looking to grind an owner/lender for a year-end closing, this list is a place to start. Most of the properties owned by Deutsche, HSBC, and Bank of New York are being administered by Countrywide, and they have gotten more aggressive in the last couple of weeks. You can follow their inventory at:

Countrywide’s REO list

Happy Halloweeen!

Posted on Friday, October 31st, 2008 at 11:46 AM in Monthly Sales Count, REO Counts | 4 Comments » | Print Print 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.

Reader Comments: 4 Responses

  1. Wow, the real outlier there is Del Mar/Solana Beach. Are those numbers correct? If so, the situation is: 2 years ago, Del Mar/SB was much cheaper than La Jolla, and about the same as Rancho Santa Fe. And yet today, Del Mar/SB is somewhat more expensive than La Jolla, and far more expensive than Rancho Santa Fe. Sure suggests they are in line for a heck of a haircut.

    Dwip | October 31st, 2008 at 11:56 am

  2. “For those who want to take advantage of year-end closeout buys, now is the time to make offers.”
    No, thank you.

    BGinRB | October 31st, 2008 at 12:27 pm

  3. Happy Halloween all.

    Dwip: Check out the volume in DM/SB. It’s waaaay too low to be a reasonable price indicator. The area is really nice, but it’s no La Jolla. As far as LJ is concerned, I’m convinced that when Ridgegate falls the rest of the area comes down 6 months later.

    Jim: These posts are really helpful, thanks for putting the data together.

    Remember when $300/sqft was considered expensive? Hopefully we find our way back into that mentality.

    Genius | October 31st, 2008 at 3:11 pm

  4. Large rude yawn!

    Turnack | October 31st, 2008 at 8:15 pm

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