Are rising post-recession real estate prices starting to crack? Yes, for high-end properties, says inland North County realtor Suzan Isber.
“Three weeks ago we started noticing sellers of million-dollar-plus properties not getting their asking price. Some had to come down as much as 30 percent to close the deal,” Isber said. The Coldwell Banker agent mainly sells in the Rancho Bernardo to Carmel Valley areas.
“Cash buyers seemed to have become unwilling to pay top dollar and are putting in offers much lower. Homes are staying on the market longer, unless sellers reduce their asking price,” she added.
“North County real estate will always hold its value, even in the last recession; prices fell slower than other counties. It also recovers the fastest.”
As it has in Coastal North County. With recession prices of ocean-view homes in Cardiff by the Sea lowering to the mid to high hundred-thousand-dollar range at the bottom of the recession, home prices west of I-5 have dramatically recovered, with no single family homes listed for less than $1,500,000.
But for San Diego County properties under one million, sellers seemed to be getting their listing price. Abra Rider, an agent with Your Real Estate Place in San Marcos, says her last six listings closed at asking price. “But cash buyers always want discounts and sometimes get them,” she said.
“There’s a lot of cash buyers right now,” Isber added.
As for investment properties, what’s the best on the market right now? Dennis Smith of ReMax-by-the-Sea in Encinitas says it’s three-bedroom condos. “Families renting need more space,” he said. “The inventory of larger than two-bedroom condos is low,” concurred Isber.