New Downtown San Diego Condos: Market Freaking

We are working with a lot of buyers and the process is the same, no matter who the buyer may be. Articles like this one in the Los Angeles Times are what buyers initially use in their purchase scenario. The media has done such a good job of telling us how much the market has dropped, that every buyer, and I mean every buyer we work with, wants to slash, slash, slash the offering price. What these type articles forget to say is that ocean front propertiesor properties within walking distance to the ocean stillare premium locations. Downtown San Diego has seen decreasing prices, but it appears, based on our current experience, that pricing at the low end is not moving lower. In fact, every property under $350k we have offered on for one of our buyers has had multiple offers. Sometimes our buyer wins. Sometimes our buyer loses.



The other situation we are running into is rising interest rates. One of our buyers has lost $20k in his purchasing power over the last week. An up tick in rates is a downturn in purchasing power. For buyers in the $1 million+ range that might now be an important issue. For FHA, VA or low down payment buyers, this increase in rates becomes a major issue in purchasing power.

No matter who you voted for in the last election, it is becoming apparent to everyone that the amount of money the government is borrowing and spending has started to create pressure in the marketplace. The irresponsiblity of spend, spend, spend is going to affect all of us via interest rates. Too much competition for too little money or fake printed money will cause interest rates to rise. I try to stay out of the political arena in my business, but the current circumstances are affecting the market for both our buyers and sellers. If you are not a political person, or do not pay attention to the news, now might be a time to start. Decisions that are being made now are going to affect you, your family, your children and grandchildren for a long time to come. If you are thinking about purchasing, this may be the moment to get it done, as Larry the Cable guy would say.

That's my soap boxing for today.



By Sharyn & Victoria Crown, Downtown San Diego real estate brokers

This is part of a series of articles entitled, New Condos, Downtown San Diego Style

Comments

[San Diego]

You might find carpet cleaners in San Diego and some other places who use very powerful and effective techniques like hot water extraction, deep steam cleaning, fast flush rinse and fast dry using specialized machines like hot water truck mount. After the cleaning you will find that there is no residue or odor. When free you can fix an appointment with these cleaning companies and you can discuss the work schedule and the estimate as well. After your discussion with the cleaning company and after you get the quotation from them you can fix up an appointment and register a cleaning session which will suit your convenience so that it will not obstruct with your normal work life. Generally these carpet cleaning companies have an insurance cover and give you a guarantee on their work.