It continues to amaze me that a near-record number of foreclosures in San Diego are being recorded, while we are back to countering multiple offers on well priced properties.

My simple explanation to clients is that the foreclosed upon properties were overpriced to begin with. If a foreclosure heat map could by laid over San Diego, I think we would see that most of the defaulted loans are clustered in South Bay, portions of east San Diego County, and some of the new home communities where buyers got caught up in Phase One Mania.

I’ve been asked the same question, as all agents have – Are we at the Bottom? And my answer is, I don’t know. I recently pulled some number from Sandicor, for the Downtown area.

I found that prices from this year, versus last year, are less than 1% apart! Does that indicate a steady decline? I like to look at statistics…not news headlines.

http://www.sandiegoh.com/2007/12/04/2006-vs-2007-downtown-san-diego-condo-sales-statistics/

I asked the question first in the title: Where is the San Diego Market Bottom? What say you? What do you think it will look like? Will you recognize it?

I don’t think San Diego’s real estate bottom will chart out sharp and pointed; rather, it will be a nice, rounded bottom that is well-supported by qualified home buyers, investors and others who have been waiting patiently on the sidelines.

It’s these multiple offers on aggressively-priced properties (including one of our listings)that makes me wonder….

How else to you explain the multiple offers that come in on San Diego properties priced solidly under market value?

There are buyers waiting for circumstances such as these. Some are investors–and more and more, they are Euro and Loonie-packing foreigners who, because of stronger currencies, are able to buy at an even steeper discount.

The statistics you cite for San Diego’s current real estate market are not pretty; in fact, they are ugly enough to look something like the bottom end of the market.

And that is where the biggest pool of buyers is congregating–and competing.

Suggesting we are anywhere near the bottom is laughable.