Reposado? I’ll drink to that! Let’s see how it goes. There are 12 houses on the street and here is the tenure of each homeowner rounded off to the closest 1/2 year:
12.5 years
15.5 years
4.5 years
7.5 years
15.5 years
10 years
3 years
29.5 years
19.5 years
15 years
19.5 years
6.5 years
Avg tenure = 13.2 years!!!!
A couple comments. This is an established neighborhood so naturally you will find longer tenure than a newer neighborhood. Come back to a 5 or 10 year old neighborhood in 20 years and you will see the results.
One home has resold 3 times in the last 6 years. Two homes have resold twice in the last 10 years. I see this quite a bit where one home sells over and over again while most homeowners in the neighborhood are there long term.
Three of the properties have different mailing addresses indicating they are probably now investment properties or 2nd homes for the owners.
With the exception of the most recent purchaser all have LTV’s below 50% (the new guys are about 70%).
Many have zero loan balances or loan balances below $100,000.
These folks are all still on the clock and we have no idea how much longer they will stay.
This is probably what I would consider a move up neighborhood to possibly a destination neighborhood to address Bugs comment.
Lastly, this is probably a more stable street than most but I think that it is interesting to see that places like this do exist in SD.
