RANCHO SANTA FE — When it comes to real estate sales in the Rancho Santa Fe area, there is a light at the end of the tunnel explained Rick Hoffman, COO and president of Coldwell Banker in San Diego, who gave a presentation at the March 15 Association meeting.“Pricing is off the floor and is coming back,” he said.
He was at the meeting at the request of Association Director Eamon Callahan, who had attended a presentation by Hoffman earlier in the month.
Callahan asked him to come to the Association meeting and give the presentation to the board.
What he said was encouraging.
“The market has stabilized in San Diego,” Hoffman said. “Pricing is beginning to inch up.”
He said the average sale price for a “high-end” home is $3.894 million and that the average list price is up 14 percent recently and that real estate is starting to move.
“There is a lot of money that has been sitting on the sidelines for several years that is showing up,” Hoffman said.
Hoffman said he has been in the real estate business in San Diego County since 1971.
“I have seen the ups and downs of the market. This is the most serious down I have seen, but there is a light at the end of the tunnel and it is not a train,” he said.
He said the real estate market in San Diego has always been cyclical and that it is in an upward mode.
“Interest rates have been at a historic low and I just don’t see interest rates being an issue,” he said.
Hoffman said that many homeowners got into trouble during the recession because they had thought of their homes as more than an investment, but also as “piggy banks” or “slot machines.”
Even his company has changed the posture of its advertising to depict homes in an old-fashioned way.
“Home is kids or grandkids in the backyard, and dogs and cats,” he said. “It is not a piggy bank. It is not a slot machine.”
He predicts sales will continue to rise.
“Rancho Santa Fe in many areas is quite a bargain. It will remain the quiet jewel of San Diego County,” he said.
Hoffman said the prediction is not only in the Covenant, but in the whole 92067 zip code.