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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/

Congress has passed the bill that will bailout banks and financial institutions who have contributed to this disarray in the mortgage and real estate industries.  So, how will the passing of this bill affect the San Diego real estate market? 

As Marc Von Musser states on his blog, the Emergency Economic Stabilization Act doesn’t directly help homeowners or homebuyers, but it does so indirectly as buying habits are driven by consumer confidence.  However, I’m not so sure that people will be so confident just because Congress passed this bill.  I’m not even so sure the banks will even regain trust from the American people - and if they do, it will come back very slowly. 

The question that crosses my mind over and over again is:  Where is the bailout for the people whose homes were lost in foreclosure due to predatory lending practices by these banks?  These people’s credit scores have been mutiliated, not to mention that they have to go back to renting or live with other family members in order to get back on their feet.  Also, why do taxpayers have to pay for the mistakes of Big Bank Executives?  I’m not one to really dwell on all the negative press, but I feel the need to ask these questions.

In theory, the Emergency Economic Stabilization Act (a.k.a. “$700B Bailout Plan”) sounds like it could work, but this seems like a short-term resolution.

MarketWatch has published a summary which explains what the EESA means in layman’s terms.

Photo Credit: Ricardo Carreon

What’s it like to live in San Diego? Well, as I browsed through The San Diego Beat blog, I came across this blog about San Elijo Life. The community of San Elijo is representative of the North County lifestyle. Rolling hills, gentle breezes, and over all easy-going, relaxed living. Hmmm…sounds like the life of almost every San Diego resident!

San Elijo is a suburban community located just over 30 miles north of downtown San Diego. It is home to San Elijo Hills, the highest point in the North County. Find out more about San Elijo Hills from Realtor, Jeff Dowler.

Pictured here is a home that is part of the Masterpiece Collection of single family homes located in San Elijo Hills. Other newer neighborhoods include Atherton, Luminara, and Symphony. Homes in these areas begin around the mid $500K’s.

Relaxed, easy living is a great way to describe Bonita, a community just 20 minutes south of downtown San Diego. Residents enjoy luxurious homes on hilltops which can overlook a golf course, the canyons, a park, or perhaps see the skyline of downtown in the distance.

You’ll find grocery stores and shopping centers like Plaza Bonita Mall within the community. It’s also a common thing to see people riding their horses or going for a run on the trail that outlines the golf course.

Bonita borders East Chula Vista where many new residential projects have been built recently. For more information about Bonita, check out this Bonita Community Profile.

To get an idea of what homes are currently selling for in Bonita, check out Bonita MLS Listings.