Here are the counts of SFRs foreclosed in North SD County Coastal, YTD (La Jolla to Carlsbad):
Without more foreclosed properties to sell, the inventory will continue to be bleak – homeowners with equity and lower motivation are either priced to sit, or on the sidelines.
Yet sales keep happening – consider this one that hit the market Friday at almost $500/sf:
The seller, who just got his license and is working on his first sale, did some smart things, like install a moderate line of Frigidaire stainless appliances to help disguise his original kitchen that needs a full renovation. There are plenty of windows and light, and the yard has been tastefully arranged.
But with only 2,258sf built in 1948 and just a peek ocean view from the upstairs master only, the $1,074,000 list price still sounded optimistic……and he got a full price offer on Easter Sunday!
We need more foreclosures just to add something to inventory!