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!

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Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!

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