How many La Jolla homes are being sold by short sale? In La Jolla and neighboring communities, short sales are outnumbering foreclosures in almost all categories. In today’s interesting La Jolla real estate market, the effects of short sales are being felt.
Here are some current details compiled from the SANDICOR MLS system according to San Diego short sale specialist Gary Kent of the Gary Kent Team of Keller Williams in La Jolla.
For the first half of 2012 there were 15 detached homes sold by short sale in La Jolla, compared to 11 bank-owned houses. For La Jolla condos, there were 17 short sales and only 12 bank-owned condos and other attached homes.
In the surrounding communities of Pacific Beach (92109), University City (92122) and Clairemont/Linda Vista (92117, 92111) there were 57 short sales of houses and 109 short sale condos sold and closed, compared to 41 bank-owned houses and 70 bank-owned condos.
Perhaps the most significant numbers are not just the active listings but the pending and contingent status. When a house or condo is sold “short sale” we enter into a sometimes long period of time to negotiate with the lenders to approve the sale.
Currently in La Jolla there are 4 active houses and 4 condos listed, with another 17 La Jolla houses and 18 condos being sold by short sale that are either pending or contingent. In the three neighboring communities of Pacific Beach, University City and Clairemont/Linda Vista, the combined numbers of short sales are similar, with 69 houses and 121 condos in contingent or pending status.
As a REO (bank-owned property) agent, Gary Kent and his team have sold over 800 homes for bank clients and were recently ranked in the top 250 agent teams in the nation by Real Trends. These numbers support the idea that there is a big shift by the lenders to help distressed San Diego home owners complete a short sale on their house or condo.
Overall, La Jolla, Pacific Beach, University City are doing better than Clairemont and Linda Vista and other parts of the county. Recent research found that in La Jolla, 867 homes (289 single family homes and 578 condos) owed more than 120 percent of what they are worth. For most La Jolla home owners this means they can sell their home with relative ease. For the remainder, if a sale is required, then a short sale may be needed. Overall, the possibility of getting a short sale approved has greatly increased over the past two years. The process can still be frustrating and time consuming, but most lenders are open to the option. In the rest of San Diego County, short sales are even more of a factor.