How much is real estate in San Diego going for these days?
Well, recently I attended a foreclosure auction at the San Diego Convention Center that was put on by REDC. Curiosity led me to help out a real estate investor who needed a list of sales prices at the auction, so I was at the convention center the whole day.
The auction was free to attend and was held in one of the main exhibit halls. Rows of seats were taken up by about 300 or more attendees - many of them who had made the deposit of $5,000 to place a bid on a home while people like me were there just to check out the auction.
This foreclosure auction was like your typical auction where you have an auctioneer who talks fast and rambles off prices to build up that “I gotta have it now” energy. There are guys in suits on the floor who walk up to you if you make a bid and let you know where the price is at - or if you look like you’re going to back off, they entice you to keep bidding.
If you plan on attending one of these foreclosure auctions put on by REDC, here are a few tips:
- Preview the home before you go to the auction. Most of the time there will be an open house a couple days before the auction starts. Sure, a home could look nice on the outside, but it’s best to check out everything before you even place a bid.
- Know what your bidding limit is. At auctions like this you can get caught up in the excitement and next thing you know you’re bidding way above what you can actually afford.
- Keep in mind that there is a 5% premium on top of the sales price. REDC charges this 5% as their fee.
- If you have a real estate broker or agent, bring them along for support. (Brokers will need to register here)
To answer the question I posed at the beginning of this post, my answer would be…
Real estate in San Diego is going for about 30-50% of what it was four years ago - according to the sales prices at this particular auction that I attended. It certainly is a great time to buy!
Find out more about REDC auctions by visiting: www.ushomeauction.com/


