Based upon our research of the local San Diego County real estate market, it appears that the real estate prices have decreased in Otay Ranch San Diego County, CA.
This is a discussion on the sales prices for homes sold recently as compared to last year. In the past 90 days, there have been 180 homes that have sold and closed escrow in Otay Ranch, Chula Vista, CA. These homes range in price from a low of $335,000 for a 3 bedroom, 2.5 bath, 1408 square foot home at 1418 Laytonville Pl . To a high price of $679,900 for a 5 bedroom, 4 bath, 3649 square foot home on 1217 Farmerville St. in Otay Ranch. The average sold price is $460,975. The average price per square foot is $209 and the average days on market are 77 days.
During this same 90 day period last year, there were 194 homes that sold and closed escrow in Otay Ranch , Chula Vista, CA. These homes ranged in price from $435,000 for a 3 bedroom, 2.5 bath, 1408 square foot home on 1438 Laytonville Pl. On up to $690,000 for a 4 bedroom, 3 bath, 2989 square foot home. The average price of these sold homes one year ago was $627,070, the average price per square foot was $277 and the average days on market was 72 days. Comparing these figures to the current market are the following; the average price decreased by 36% and the average price per square foot decreased by 32%. This is a large drop in prices do to the correction in the market, high inventory and a increase in foreclosures, which are good deals for buyers. In the current real estate climate there are multiple offers on many of the bank owned forclosures. The buyers affordability index is higher as a result of the dramatic drop in prices. Buyers that can afford to buy are very motivated, currently due to the recent changes and are taking advantage of lower payments on financing. You can get financing information on the home below, one of County Properties Bank Foreclosure listings in Otay Ranch.
948 Red Granite Rd
Chula Vista CALIFORNIA, 91913 Price: $789,900
GORGEOUS, move in ready home. Kitchen is a cooks delight with granite counters,double ovens & large island.Enjoy fireplace in family rm while utilizing kitchen.Recessed lighting thru out home. Double staircase leading to 2nd floor.Good sized bedrooms, 2 having own bathrooms, not including master. BANK FORECLOSURE.
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