Just based on price alone, this new REO listing on Newcastle in Cardiff will get a lot of interest – I had to wait for two others groups to clear out before shooting this youtube tour:
Some of 92007 extends east of the I-5, but to me that was always suburban Baja Encinitas. This house is in the real Cardiff, west of the freeway, where most sellers still think they are worth $1,000,000+.
Sellers (and their listing agents) will be quick to dismiss a dumpy REO with no view as an outlier, but buyers won’t. They’ll expect bigger discounts of the nicer ones – but when will sellers oblige?
There are currently 2,055 houses listed over $1,000,000 in SD County, and 449 have closed this year, or about 75 per month on average.
2,055/75 = 27.4 months worth of inventory of million-dollar homes!