Rancho Bernardo Market Trends for 92127 & 92128
Posted by Gretchen Pagnotta | Visited 469 times, 1 so far today | Currently 1 Comment »
Rancho Bernardo Market Trends for 92127,92128
All the newspapers had the same message today…last month home sales were down. The market is very specific for neighborhood and zip code. We are still seeing short sales and bank owned properties come on the market. The difference I have seen is that now limited partnerships and individuals are purchasing some properties at auction. They do what I consider limited improvements such as paint and general cleaning. They put them on the market (flipping) as quickly as possible to minimize carrying costs. One recent example was a large home in Santaluz that was purchased in the low $800′s. It was a popular floor plan on a good lot. They repainted and did some basic cleaning and repair work. It went on the market for $1,075,000 and had multiple offers!
I am also noticing short sales coming back on the market. These are representing fantastic opportunities. They have been in escrow 4-7 months and when the bank finally agrees to the sale the clients change their minds. I just had this happen on one of my listings. Now someone can jump in and not have the long waiting period for approval. This occurs if the offer made is a mirror image of what was approved. I watch the “back on the market” properties daily to spot opportunities.
To continue reading this and viewing statistics go to: http://sandiegohomeinfoblog.com/2010/08/25/rancho-bernardo-market-trends/
Great post, Gretchen. It’s nice to see the full story. Sometimes that papers/headlines don’t share all the details. I appreciate your research!