Flippers see prime opportunity in foreclosures priced above $300K
Interestingly, the upper end of the market that buffered the overall San Diego market during the heart of the recession has now become the drag on the data.
"Right now, we have just 1.6 months of inventory in our $700,000-and-under prices in San Diego County," Sanfilippo said. "It is a seller's market, with multiple offers. On the flip side, for homes costing above $700,000, there's 7.9 months of inventory."
Again, Morgan seems to be on the right side of the market.
"In the space that we play, starter homes, we feel like the recovery is happening and people are buying homes," he said. "As long as we can continue to do what we do, we are at the forefront of the recovery. Once you take a house and put it into the hands of someone who can afford it, the yards get mowed, property values stabilize and things move forward."
Morgan and Sanfilippo are optimists, but Cox is keeping a wary eye on the local economy. "San Diego has a highly concentrated area of defense contractors and military personnel," he said. "To the extent that there are cutbacks in the Department of Defense, San Diego will probably be hit worse than other areas."
Steve Bergsman is a freelance writer in Arizona and author of several books. His latest book, "Growing Up Levittown: In a Time of Conformity, Controversy and Cultural Crisis," is now available for sale on Amazon.com.
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