Higher End RE

[2-stroke triple]

My life partner and I have rented in Coronado for the past few years. We’ve been watching prices in Coronado, Mission Hills and Kensington with the intent of buying a single-family home. Our observations:

– Values have fallen significantly from the peak
– Not much is selling, particularly above $1.5 million
– Sellers are generally not willing to lower their asking prices appreciably
– Houses are languishing on the market for months, sometimes years.

After reading numerous comments from RE agents on this board and others, we are left with the impression that houses in the $750,000 to $1.5 million range are getting multiple offers and flying off the market. Additionally, agents representing buyers are submitting offers but not getting responses. Perhaps this is true in Carmel Valley and Carlsbad, but we are not seeing it in the higher end neighborhoods down south.

Any insight into the current state of affairs in Coronado, Mission Hills and Kensington would be greatly appreciated.

[UCGal]

I have friends that live in Mission Hills and Kensington.

I think one of the reasons both areas are less “hot” than CV is schools. Mission Hills has the excellent public school of Grant Elementary – but not much for middle schools or high schools. My friends in Kensington send their daughter to a charter school because they were NOT going to send her to the default school.

Both neighborhoods are much more interesting than CV, IMO, if you remove the schools issue. Older, classic homes. Lots of character. Many of the high end homes back up to pocket canyons in both neighborhoods. Plus both have restaurants/shops and a walkability that is not present in CV.

A lot of people prefer newer construction, though. And that’s available in CV more than M.H. or Kensington.

In this market, though – school districts matter. Which is why CV is hotter than the neighborhoods you’re talking about.

(I’m less familiar with Coronado’s schools -so I left that out.)

[UCGal]

I have friends that live in Mission Hills and Kensington.

I think one of the reasons both areas are less “hot” than CV is schools. Mission Hills has the excellent public school of Grant Elementary – but not much for middle schools or high schools. My friends in Kensington send their daughter to a charter school because they were NOT going to send her to the default school.

Both neighborhoods are much more interesting than CV, IMO, if you remove the schools issue. Older, classic homes. Lots of character. Many of the high end homes back up to pocket canyons in both neighborhoods. Plus both have restaurants/shops and a walkability that is not present in CV.

A lot of people prefer newer construction, though. And that’s available in CV more than M.H. or Kensington.

In this market, though – school districts matter. Which is why CV is hotter than the neighborhoods you’re talking about.

(I’m less familiar with Coronado’s schools -so I left that out.)

[UCGal]

I have friends that live in Mission Hills and Kensington.

I think one of the reasons both areas are less “hot” than CV is schools. Mission Hills has the excellent public school of Grant Elementary – but not much for middle schools or high schools. My friends in Kensington send their daughter to a charter school because they were NOT going to send her to the default school.

Both neighborhoods are much more interesting than CV, IMO, if you remove the schools issue. Older, classic homes. Lots of character. Many of the high end homes back up to pocket canyons in both neighborhoods. Plus both have restaurants/shops and a walkability that is not present in CV.

A lot of people prefer newer construction, though. And that’s available in CV more than M.H. or Kensington.

In this market, though – school districts matter. Which is why CV is hotter than the neighborhoods you’re talking about.

(I’m less familiar with Coronado’s schools -so I left that out.)

[UCGal]

I have friends that live in Mission Hills and Kensington.

I think one of the reasons both areas are less “hot” than CV is schools. Mission Hills has the excellent public school of Grant Elementary – but not much for middle schools or high schools. My friends in Kensington send their daughter to a charter school because they were NOT going to send her to the default school.

Both neighborhoods are much more interesting than CV, IMO, if you remove the schools issue. Older, classic homes. Lots of character. Many of the high end homes back up to pocket canyons in both neighborhoods. Plus both have restaurants/shops and a walkability that is not present in CV.

A lot of people prefer newer construction, though. And that’s available in CV more than M.H. or Kensington.

In this market, though – school districts matter. Which is why CV is hotter than the neighborhoods you’re talking about.

(I’m less familiar with Coronado’s schools -so I left that out.)

[UCGal]

I have friends that live in Mission Hills and Kensington.

I think one of the reasons both areas are less “hot” than CV is schools. Mission Hills has the excellent public school of Grant Elementary – but not much for middle schools or high schools. My friends in Kensington send their daughter to a charter school because they were NOT going to send her to the default school.

Both neighborhoods are much more interesting than CV, IMO, if you remove the schools issue. Older, classic homes. Lots of character. Many of the high end homes back up to pocket canyons in both neighborhoods. Plus both have restaurants/shops and a walkability that is not present in CV.

A lot of people prefer newer construction, though. And that’s available in CV more than M.H. or Kensington.

In this market, though – school districts matter. Which is why CV is hotter than the neighborhoods you’re talking about.

(I’m less familiar with Coronado’s schools -so I left that out.)

[SD Realtor]

I have two clients shopping in Kensington and both are being very patient. Not alot of quality inventory there but to me it is cearly nowhere near as frantic as places like Carmel Valley, LCV and 4S. You will be well served to continue to be patient because I think there will be continued depreciation there and it will occur marginally sooner then the other places that are more desired primarly due to school district and newer housing stock.

[SD Realtor]

I have two clients shopping in Kensington and both are being very patient. Not alot of quality inventory there but to me it is cearly nowhere near as frantic as places like Carmel Valley, LCV and 4S. You will be well served to continue to be patient because I think there will be continued depreciation there and it will occur marginally sooner then the other places that are more desired primarly due to school district and newer housing stock.

[SD Realtor]

I have two clients shopping in Kensington and both are being very patient. Not alot of quality inventory there but to me it is cearly nowhere near as frantic as places like Carmel Valley, LCV and 4S. You will be well served to continue to be patient because I think there will be continued depreciation there and it will occur marginally sooner then the other places that are more desired primarly due to school district and newer housing stock.

[SD Realtor]

I have two clients shopping in Kensington and both are being very patient. Not alot of quality inventory there but to me it is cearly nowhere near as frantic as places like Carmel Valley, LCV and 4S. You will be well served to continue to be patient because I think there will be continued depreciation there and it will occur marginally sooner then the other places that are more desired primarly due to school district and newer housing stock.

[SD Realtor]

I have two clients shopping in Kensington and both are being very patient. Not alot of quality inventory there but to me it is cearly nowhere near as frantic as places like Carmel Valley, LCV and 4S. You will be well served to continue to be patient because I think there will be continued depreciation there and it will occur marginally sooner then the other places that are more desired primarly due to school district and newer housing stock.

[DaCounselor]

Until just this past week, Mission Hills has been one of the deadest “higher-end” areas in SD County in the $1 mil-plus market. There has been a recent flurry of closings in the $1 mil-plus range but overall it has been very slow year. We will certainly know much more once we get through the summer. I’m estimating about 70 $1 mil-plus listings in the area currently, so there is alot of inventory for this area. I haven’t looked hard at the numbers recently but I’m estimating that is 2-3 years of inventory in the $1 mil-plus market. I’m expecting further downward pressure on prices for several years in MH.

[DaCounselor]

Until just this past week, Mission Hills has been one of the deadest “higher-end” areas in SD County in the $1 mil-plus market. There has been a recent flurry of closings in the $1 mil-plus range but overall it has been very slow year. We will certainly know much more once we get through the summer. I’m estimating about 70 $1 mil-plus listings in the area currently, so there is alot of inventory for this area. I haven’t looked hard at the numbers recently but I’m estimating that is 2-3 years of inventory in the $1 mil-plus market. I’m expecting further downward pressure on prices for several years in MH.

[DaCounselor]

Until just this past week, Mission Hills has been one of the deadest “higher-end” areas in SD County in the $1 mil-plus market. There has been a recent flurry of closings in the $1 mil-plus range but overall it has been very slow year. We will certainly know much more once we get through the summer. I’m estimating about 70 $1 mil-plus listings in the area currently, so there is alot of inventory for this area. I haven’t looked hard at the numbers recently but I’m estimating that is 2-3 years of inventory in the $1 mil-plus market. I’m expecting further downward pressure on prices for several years in MH.

[DaCounselor]

Until just this past week, Mission Hills has been one of the deadest “higher-end” areas in SD County in the $1 mil-plus market. There has been a recent flurry of closings in the $1 mil-plus range but overall it has been very slow year. We will certainly know much more once we get through the summer. I’m estimating about 70 $1 mil-plus listings in the area currently, so there is alot of inventory for this area. I haven’t looked hard at the numbers recently but I’m estimating that is 2-3 years of inventory in the $1 mil-plus market. I’m expecting further downward pressure on prices for several years in MH.

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