The foreclosure numbers aren’t growing yet – we’re all convinced that they’ll be dripped out for years to come, right? The push towards loan mods and short sales enables all participants to drag out the inevitable, and it’s probably not going to change.
In San Diego County, there has been an average of 1,053 properties per month get foreclosed over the last 13 months – with an average of 764 per month going back-to-bene, and an average of 289 per month being bought by third parties:
Over the same 13 months, there has been an average of 2,716 properties per month sell on the MLS, so there has been an appetite for more than just the bank-owneds.
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In North SD County Coastal, the recent detached pendings are starting to wane slightly, though the battles for the high-quality buys continue – there were six written offers on the Glaucus listing in Leucadia over the weekend, with many more interested. Here are the recent weekly new pendings from La Jolla to Carlsbad:
| Week | New Pendings | LP Avg $/sf | # Already Closed | SP Avg $/sf |
| Feb 7-13 | ||||
| Feb 14-20 | ||||
| Feb 21-27 | ||||
| Feb 28-6 | ||||
| Mar 7-13 | ||||
While there isn’t obvious evidence that prices are on the rise, it looks like last year’s $380/sf average for detached homes sold in North SD County Coastal is holding up for now.
There have been 69 detached closings in NSDCC since February 1st; their average LP-per-sf was $417/sf, and the sold average was $391/sf.
Jim and fellow bubblers,
The Leucadia house is awesome. Just curious as to what you all think:
If I bought a house in Leucadia for say $1 million today, what type of appreciation do you think we’ll see in 10 years? I’m looking to buy and sell in 10 years exactly. Do you think we’ll see 3%, 1%, or 6% per year? Do you think the house price can double in the coastal areas if you get a good price today? Please don’t try to over analyze the situation or tell me to wait, because my wife cannot wait anymore. I just want a rough opinion on prices over the next 10 years in Leucadia. I like what’s coming to the area with the new 101 remodel and more roundabouts on Leucadia blvd. I also like what’s happening on Ponto Beach and the several 200 million hotels coming.
Thanks!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Also,
do you think if Japan has multiple major meltdowns, that it’s possible a demand for southern California real estate may occur by the Japanese?
Jim, please break out the Troll Away spray.
Jack, assume 0% appreciation over 10 years, and buy the house to live in. Then, you won’t worry as much.