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4s Ranch Market Update January 2013

By
Services for Real Estate Pros with Award Referral Network Inc. DRE#00915227

4s Ranch is a neighborhood in the Rancho Bernardo area, located in the North Inland part of San Diego, California. It is home to an upscale shopping center, that hosts World Market, Karl Strauss Brewery Restaurant, along with Panera’s, and Miguel’s Cocina. Just a side note, I was at Miguel’s on New Year’s eve just to “take-out” some tortillas, and they had a line out the door, and between getting people seated and written down, they still managed to fill my order with the best customer service I’ve experienced in a long time. Needless to say, I was very impressed with how well they served so many people under pressure. There's also fast food at Wendy's and Chinese food at Pei Wei's available. And I don't want to forget Jamba Juice or Daphne's, if you're feeling like Greek food.

Anyhow, for groceries, the 4s Commons shopping center is also home to Ralph’s and Jimbo’s Naturally; both stores stock everything residents need from fresh produce to natural remedies, and each sell their own specialties and a wide selection of groceries to choose from. The shopping center also has Bed, Bath and Beyond, which is a local favorite for all those home goods we all seem to need when setting up new households.

bed bath beyond

This brings me to January’s 2013 update on the housing market in 4s Ranch.There are currently 10 active listings in 4s Ranch, 2 of which are condominiums, 3 are townhomes and the rest are detached homes. On the bright side 34 properties are in contingent status, which is a little less than June of last year. Contingent status means those homes have accepted offers waiting for short sale approval. In pending status there are 18 properties, 12 of which are detached.

Unike other areas, there was much more inventory in sold status. In the last 60 days there were a whopping 38 properties that have actually closed escrow and sold. Their sold prices ranged from $333,000 to $990,000. This is encouraging, considering that some sold at or over listed price and these sales closed in a traditionally slower time of the year. Overall, the market is moving, and there is still very high demand for this area, as it has a lot to offer to residents that appreciate how well the community has been master planned. There’s never been a better time to sell in 4s Ranch, since the demand is so high and the prices are still relatively affordable with the lower mortgage rates. 

Obviously, we still have a good number of contingent properties waiting for bank approval, but with the new law (no dual tracking, Cal. Civil Code §2923.5, et seq.) in place, homeowners choosing a short sale will be protected from foreclosure, while they seek a loan modification or short sale approval. The process should push prices up as time marches forward and the economy improves, so a buyer that is waiting for an approval would be smart to be patient for the process. Time and the shorter inventory or higher demand, may buy them some equity.

4s Ranch Market Update January 2013

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