Bring on summer…. and a great condo market in San Diego

Discovery on Cortez Hill

Now that its May, it’s time to look forward to the beautiful days of summer here in San Diego. We truly live in paradise and enjoy the best weather, don’t we! And things are definitely heating up in the real estate market as well! It truly is a fabulous time to buy and many of those people that have been waiting on the fence are now taking advantage of the 30-40% lower pricing, unbelievably low interest rates and the $8000 principal residence federal tax credit (as well as the California tax credit for new construction!). These combining factors are putting the flame under the local and statewide market.

Here’s what I am seeing in the local condo market:
1. Multiple offers on normal sales, short sales and foreclosures alike.
2. Less negotiation on stressed sales.
3. First-time home buyers making a move in the new market.
4. Able investors purchasing with all cash.
5. Banks releasing REO properties slowly to help stabalize pricing.

Downtown, we are seeing somewhat of a frenzy occurring. However, pricing continues to remain low. Repeat… we are not seeing pricing move upward at all. I believe we’ll be looking at low pricing for at least the remainder of 2009 with the number of sales remaining strong.