Calculated Risk had a post about the worsening San Diego market.
He heard first hand how condo sellers are unable to sell their properties. In order to find a buyer, they'd have to reduce the price so much that they'd have to come to closing with a check for $40,000!
I've been following the local market since I live here. There in currently over 2 years worth of condo inventory on the MLS. Not only that, there are 1800 condos slated to come online in the next 24 months in Downtown. And in the University Town Center area, builders are building a ton of new apartments. It doesn't look good!
I just got a flyer in the mail yesterday that the buider for RIMROCKSUMMIT.com is offering $50 gift card just to see his model homes! Builders are starting to get desperate. With the tightening of lending standards a huge section of home buyers just disappeared too.
If you live in San Diego, don't be in a hurry to buy new property!
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