San Diego's Rancho Bernardo Housing Cools Slightly by Blanche Evans
Located in northern San Diego, Rancho Bernardo offers homebuyers a lot of lifestyle, but high prices are starting to cool the market, say some Realtors. "Rancho Bernardo is a relatively quiet suburb in the Northern part of San Diego," says Realtor Jason Yow. "The eastern portion has many nice subdivisions, golf courses, and senior communities. To the west is a huge master-planned community called 4S Ranch. Award-winning Poway schools help to make this a desirable city for those people for whom education is a top priority." Yow advises, "June 2005 sales data indicate that Rancho Bernardo detached median home prices are now at $685,000 which represents a decrease of 2.7 percent compared to last year. Attached homes also reached a median of $422,250 which represents an increase of 11.5 percent from last year. We are currently in a balanced buyer/seller market. Buyers are able to purchase homes as long as they have properly prepared themselves to be ready with the help of a qualified realtor. Home owners are still able to sell their homes as long as they have done their research, priced it well and have the representation of an excellent realtor." Says Realtor Winston Widdes, "Golfing, horseback riding, fishing and a brand new dog park are available in this quiet city. This is the perfect place to retire or vacation. In Rancho Bernardo, you get San Diego weather and a real sense of community." Widdes suggests, "The Rancho Bernardo market is slowing slightly with houses sitting on the market an average of 43 days so far this month. That is up two days from last month. There is no shortage of available homes however, both condos and detached homes have stayed the same with a total of 361 active listings. The average sold price for home in this area has gone up slightly from July." "The market today has swung into balance with cautious buyers and many choices of homes in the Rancho Bernardo, California area," says Realtor Dave Harlan. "Currently there are over 13,000 homes on the market in San Diego. This is a huge increase over the all-time low of 2,301 homes in March 2004. To put this all in perspective, the record high inventory of 19,000 homes was reached in July 1995 when massive layoffs and a laborious recession forced 1000's workers to exit San Diego." Harlan explains, "A majority of homes in the North County that were once $300,000 a few years ago, now sell close to $500,000 (about a 15 percent per year increase). However, there are definitely less offers than before -- no longer 20 offers per property. We see many more 100 percent financing offers than ever. Residential properties above $1,000,000 are more negotiable than those under $600,000. As to be expected, there are several pockets where homes are hard to find while in other areas it seems to be more difficult to find buyers. A strong marketing plan from an experienced realtor can overcome many of these challenges." "Appraisers believe that the real estate market is due for a correction," continues Harlan. "The uncertain question is when and how much? But any correction will be tempered by the following facts about San Diego: A climate that is near perfect year-round; a terrain that varies from sunny beaches, lush foliage, rugged mountains, and breath-taking high deserts; and a long-standing defense and military-based economy and world-class high tech and bio medical industries." |
