63 F
San Diego
Sunday, Oct 1, 2023

Residential Real Estate Sales Slump Arrives in North County Neighborhoods

Even home prices in North County are falling. The median price for all homes there decreased to $535,000 in September from $567,900 in August, according to HomeDex, a North San Diego County Association of Realtors report.

The median priced single-family detached home declined 4.55 percent to $630,000 in September from $660,000 a month earlier. The good news, however, is that prices were up 1.6 percent (to $620,000) compared with September 2006 at the tail end of the boom.

The report said the number of single-family detached units sold declined 38.6 percent to 398 in September compared with 648 in August.

In addition, there was a 35 percent decline in homes sold in September compared with September 2006.

- Advertisement -

Another bit of positive news for buyers is that the monthly payment, including principal, interest, taxes and insurance, for the median priced single-family home fell to $3,950 last month from $4,166 in August, said HomeDex. This statistic is based on a conventional mortgage.

The monthly payment for the median priced, single-family home in the rest of the county was $3,104 in September compared with $3,197 in August.

The affordability percentage for all homes in North County was up 2 percent in September over August. The number of households that could afford to pay the median priced single-family detached home remained 8 percent in September and August, although the percentage of households in non-North County ZIP codes that could afford the median priced single-family detached home increased to 16 percent last month from 15 percent in August.

The median priced single-family attached home decreased 5.5 percent to $364,000 in September from $385,000 in August, according to HomeDex, and the median priced single-family attached home outside of North County fell 3.1 percent to $323,700 last month from $334,000 in August.

The median year-over-year prices in September decreased 7.85 percent from $395,500 in September 2006 in North County.

While prices may be dropping, the number of days on the market for single-family attached homes sold in North County increased to 51 days in September from 43 days in August.

The number of single-family attached units sold declined to 173 last month from 258 in August, according to NSDCAR’s report.

The monthly payment, including principal, interest, property taxes and insurance, for the median priced single-family attached home in North County decreased to $2,282 in September from $2,430 in August. Only 21 percent of all county households could afford this median-priced home.

– – –

Rancho Bernardo To Get Greener:

A San Francisco developer has scheduled a groundbreaking ceremony for Oct. 25 for the state’s largest green development. Jay Paul Co. is constructing the 3.2 million-square-foot Summit Rancho Bernardo office development, with hopes of achieving LEED, or Leadership in Energy and Environmental Design, certification from the U.S. Green Building Council.

The $1.2 billion campus in San Diego’s Rancho Bernardo community will feature 11 office towers ranging in size from five to nine stories each.

The first phase includes two Class A office towers totaling 407,000 square feet plus one 40,000-square-foot amenities building that includes a fitness facility, spa and cafe. Phase one is scheduled for completion in early 2009.

Jay Paul has completed similar projects in Northern California, such as the 104-acre Pacific Shores Campus in Redwood City.

– – –

Venturing North Of The Border:

CB Richard Ellis said Oct. 16 that a Mexican developer recently acquired five local office properties from Arden Realty. Gisca, or Grupo Immobiliario Cababie, operating as Cabi West Coast Acquisitions, acquired Bernardo Regency Center in Rancho Bernardo, Carmel Valley Centre I and II in Carmel Valley, Foremost Professional Plaza in Carmel Valley, Legacy Creekside in Sorrento Valley, and Three Governor in San Diego’s Governor Park area for an undisclosed sum.

Bernardo Regency Center is a three-story, 48,000-square-foot office building. It was built in 1986 and underwent renovations in 1998. The building is 85 percent leased.

Carmel Valley Center I and II is a 112,400-square-foot office project on El Camino Real.

Foremost Professional Plaza is a 60,500-square-foot office building on World Trade Center Drive. The three-story building is 78 percent leased.

Three Governor on Shoreham Place is a 38,000-square-foot Class B office structure, and Legacy Creekside on Sorrento Valley Road is a Class B research and development project.

This portfolio purchase was Cabi West Coast Acquisitions’ first San Diego venture.

– – –

A Champion To Real Estate Agents:

Even with the slowing of homes sales, one real estate-related activity is growing. A local signage company recently expanded manufacturing and installation services throughout Southern California. Champion Signs offers online sign design, digital printing, banners, and sign installation, removal and storage for thousands of real estate agents.

“Champion Signs has been a major player in San Diego’s real estate signage industry for over 28 years,” said John Heier, general manager of Champion Signs. “We’re pleased to be able to offer our turnkey sign manufacturing and post installation services to the Los Angeles, Orange County and Riverside real estate markets.”

Send real estate news to Michelle Mowad at


. She may also be reached at (858) 277-6359, ext. 3109.


Featured Articles


Related Articles