Hard Times For Real Estate in Rancho Santa Fe CA
Rancho Santa Fe CA , one of the most exclusive and prestigious communites in the country, is continuing to see hard times. Home values are plummeting, and we’re seeing more and more short sales and foreclosures.
New listings vs New Sales in Rancho Santa Fe
One good indicator of a healthy market is one in which the inventory is relatively stable, and the rate at which new listings are coming on line is similar to the rate at which properties are being sold. The graph on the right shows the continuing monthly disparity between the number of new listings versus new sales (accepted offers). There are 325 detached homes currently on the market in Rancho Santa Fe. In the last month, 38 new properties were listed while only 12 went into escrow. Another 9 properties officially went under contract as well, but they are short sales, contingent upon lender approval. Who knows whether they’ll end up as foreclosures…
Fantastic Opportunity to Buy in Rancho Santa Fe CA
While many Rancho Santa Fe sellers have been slow to wrap their brain around the realities of the new market, there are finally a few who seem to have no choice but to sell, and, as a result, values are truly coming down. For example, this exquisite 10,000 sq ft architectural masterpiece recently sold for $4.9 million after originally being listed at $7.9! Now, that’s a deal!
We’d love to help YOU negotiate the best price for YOUR piece of paradise – just visit DreamHomesByTheBeach.com or give us a call (760-815-1318).