Fallbrook High-end Real Estate Market
The Fallbrook high-end real estate market is dismal with only two properties sold over $1 million in 2009. However, there’re plenty of low-end properties that have sold in Fallbrook. As of May 2009, 71 properties have sold up to $300,000, 65 properties between $300,000 and $500,000 and 30 properties between $500,000 and $1 million. The most expensive property sold for $900,000.
Fallbrook has 58 interesting properties for over $1 million active on the market, some more interesting than other. There’re lots of opportunities that can be had in Fallbrook both under and over $1 million, it all depends what a buyer is looking for. If you want around a 5,000 Sqft., 4 bedroom and 5 bathroom home on a couple of acres for around $1 million, such opportunities are available.
San Diego High-end Real Estate Market
This Monday morning I pulled the San Diego Union-Tribune out of its plastic bag and read the headline on the front page; High-end homeowners now feeling the pinch. The subheading was – While cheaper houses sell, ‘market is terrible’ for multimillion-dollar properties in the county.
Interestingly enough on Sunday I looked through the San Diego multiple listing services (MLS). I wanted to find out how the high-end market had been doing in 2009 - properties $1 million up, and this is what I found. As far as I could gather, as of June 13, 2009, there were 2,458 properties active (for sale), 228 pending (in escrow), and 468 sold properties over $1 million sold in San Diego county since the beginning of 2009. A new category has been added as the result of the economy and the market downturn called contingent – these are properties that have offers in on them that are either bank-owned or short sales, there were 38 properties listed as contingent.
Well, 468 properties sold for over $1 million is not too bad, that’s 78 every month. Granted, sellers may not get what they think their properties are worth but when digging deeper into how many properties sold for over a certain price; this is what I learned. Two properties sold for over $10 million, one in La Jolla for close to $18 million and one in Del Mar right at $14 million. There have been twelve properties sold over $5 million and under $10 million, the highest priced coming in at $8,250,000 in Carmel Valley, the least expensive property to sell in the $5 to $10 million range sold for $6,160,000, and that being a condo downtown San Diego on Kettner Blvd. There’s been twenty-eight properties sold downtown San Diego this year over $1 million. There’re fifty-nine properties that have sold between $2.5 and $5 million throughout San Diego. In the price range of $1 to $2.5 million there has been 395 properties sold. To top this all off, seventy-seven of the 468 properties that have sold over $1 million are attached properties. The majority of the properties sold are in the coastal areas. However, if you don’t mind being 20 to 30 minutes from the ocean there’re other areas that have great deals on high-end quality properties on much larger parcels of land.
Here’s the deal, things could be a lot worse, the high-end property market could just be standing still, but it’s not. One more thing, it shows that people are still willing to spend a large sum of money to own property in San Diego, and enjoy the great lifestyle San Diego has to offer. This is a great time to be shopping for high-end properties in San Diego, there’re deals to be had and equity to gain and San Diego county is great place to live.
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