You may remember the story of my buyers purchasing a home in Bressi Ranch about a year ago. Since then, there have been two more sales on the same street:
March 10, 2021: $1,900,000
April 30, 2021: $2,450,000
March 2, 2022: $3,000,000
This is not normal!
House isn’t going up, still the same house.
It’s the destruction of our money.
It will get worse.
• Foreclosure starts rose sharply in January as borrower protections in place throughout the economic recovery begin to roll off, with 32,900 loans referred to foreclosure in the month
• While up significantly from December’s 4,100, January’s start volume was still more than 20% below the 42,800 in January 2020, prior to the onset of the COVID-19 pandemic
• Roughly half of the month’s starts were among borrowers who were already delinquent prior to the economic impacts of COVID-19, and half from borrowers who became past due in March 2020 or later
• In turn, the national foreclosure rate rose to its highest level since May 2021 (0.28%) – still nearly 40% below its pre-pandemic level, with foreclosure sales (completions) 70% below January 2020 levels
Pacific Ridge School is just down the street from Bressi and is arguably “the best” private school in San Diego County. Have heard nothing but amazing things about the school. And it’s $36,000 a year so only the rich kids get to attend.
Agree – thanks Jim!
I don’t know why more people don’t buy in Vista and send their kids to private school. The $36,000 doesn’t last forever!
russian oligarchs looking to hide out in San Diego county?
At any cost.
But the pool is deep. I’ll be showing a video soon of a $1,200,000 house in Carlsbad that got 28 offers.
And sold for more than $1,500,000.
It seems lately that there are more sales at 20% over than 10% over.
Carlsbad is starting to catch up in price to Carmel Valley, it has just taken a decade longer. Crazy prices to us down here but to NorCA folks…sell your 50 year old 1,200 sq ft bungalow in Silicon Valley for $4M and come down here, live large in better weather and slower paced environment + money in the bank and semi-retire.
Jim, it is far smarter to buy a bigger home in Vista for less than a $3 million Carmel Valley home and suffer with overcrowded ridiculously competitive schools.
It is also easier to get into a UC school if you come from a lower income zip code. It’s called zip code bias.