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This Week’s Santee Real Estate Wrap-Up

This weeks "Hot Picks" for Real Estate in Santee.

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ON MARKET:

My "Hot Pick" for this week in Santee is 8610 Sunridge Dr. Although the curb appeal may not be the best right now, it looks like there is some good potential in this one. At only $192.84 a square foot this 4 bedroom, 2 bath, 1,815 square foot home is a steal of a deal. It has been a while now since we have had a home on the market under $200 a square foot that was also both livable and financeable. This home looks to be pretty move in ready with some opportunity to still put your own finishing touches on it.

Asking Price Bed/Bath Adddress Sq Ft

$/Sq Ft

$350,000 4/2 8610 Sunridge Dr. 1,815 $192.84 $398,000 4/3 10976 Collinwood Dr. 1,817 $219.04 $275,000 4/2 8045 Poplin Dr. 1226 $224.31 $449,900 4/3 10018 Shaggybark Dr. 1,938 $232.15

Recently SOLD:

There have been 29 detached homes that have closed escrow in the last 30 days in Santee (down from 37 when checked a couple weeks ago). Using all of them together we get an average of $222.42 per square foot in that same time frame. However if we just use the sales from the last two weeks, that price per square foot actually drops to $220.55.

Now, don't get too alarmed by the drop. This is first off seasonally typical as families concentrate more on last minute vacations and getting the kids ready to go back to school than looking for a new home. We also need to add to that the settlement of the lawsuit against several of the country's largest mortgage servicers. That settlement has allowed the servicers to get back to processing both short sales and foreclosures in a much faster manner. This means that we will start to see a number of short sales that have been in escrow for 6 months and even longer start to close very fast and those agreed upon prices from 6-12 months ago are going to temporarily affect the current market trend.

The other good news about this streamlined approach by servicers for these short sales is less foreclosures. The banks are starting to realize that they will get a higher yield in a short sale than they will with a foreclosure, and they don't tend to get sued on short sales like they do with foreclosures. A higher yield to the bank also means a higher sales price for the neighborhood.

Now with all of that said, here are four of the 16 sales that closed in the last two weeks.

Sold Price Bed/Bath Address Sq Ft $/Sq Ft $310,000
3/2 9221 Prospect Ave. 1,008 $307.54 $357,973  3/2 9937 Medina Dr. 1,274 $280.98 $320,000 4/2 8723 Big Rock Rd. 1,228 $260.59 449,900 4/3 9045 Les Rd. 1,280 $254.69

If you would like to get pre-qualified for your purchase loan, or maybe even a refinance of your current home, please feel free to give me a call, or drop me an email. There is never a cost or obligation to apply.

Rob McNelis

Summit Mortgage
NMLS#830519
(619) 928-9762
robm@summit-mortgage.com
www.RobMcNelis.com

Data from SANDICOR, Inc. for July/August 2012, represents properties listed or sold by various brokers.

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