Reversion of Loan Limits - What You Can Buy Under the New Cap

Come the end of the year, conforming loan limits will roll back. Not quite as far as they were, but they will fall to $550,000 under the current plan. What does that mean for us San Diegans? Well, it means loans will be in shorter supply and the pool of properties falling under the new guidelines will get a whole lot smaller. If you follow any of our posts dealing with pricing, you understand the implications exactly. While they say the median home price in San Diego is somewhere around $500,000, the truth is that takes a lot of territory into account. The more desirable neighborhoods in the Hills and by the beach have very little inventory in that price range and those that are have their issues. If the loan limits were to be rolled back today, here are your choices in Ocean Beach for which you could obtain a conforming loan. Pretty slim pickin’s!

5176, 5178 and 5180 Longbranch - Three condominiums in the Sea and Sand Building. Each has one bedroom and two baths. They are priced between $499,000 and $539,000. All have been on Redfin 333+ days.

4521 Voltaire Street - 1921 single family home with one bed, one bath. Asking $385,000. Last sold for $205,000 on July 5, 2000. It’s Zestimate is $402,500 and eppraisal is $462,119.

2440 Seaside Street - 1941 single family home with three beds, one bath. Asking $469,007. Last sold for $597,500 on April 5, 2005. It’s Zestimate is $587,500 and eppraisal is $724,696. Fixer-upper.

4636 Longbranch Avenue - 1937 single family home with two beds, one bath. Asking $500,000. Last sold for $615,000 on August 21, 2006. It’s Zestimate is $648,000 and eppraisal is $613,117. Probate and Short Sale combined.

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