AgentMarkets & Economy

Signs of real estate turnaround in San Diego?

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

About two years ago, San Diego real estate investor Ronnie Morgan was looking at his home market, which was seriously beat up by the collapse of the housing bubble and corresponding recession, and decided there was opportunity in the air. He got together with a group of partners to form Alegria Real Estate Funds, a company that would buy foreclosed and underwater properties, then flip them relatively quickly back into the market. Alegria has raised close to $20 million in three funds and earlier this year acquired its 115th house, all in the San Diego area. San Diego single-family residential is really two markets. San Diego proper and the wealthier string of communities that hug the Pacific coast to the north. This is a dense housing area, with little room for new development, and the home prices can be as stunning as the ocean vistas. During the boom years of the housing market, the real growth in the region was to the emptier lands to the south and east, particularly ...