- This topic has 414 replies, 24 voices, and was last updated 6 months, 1 week ago by
sdrealtor.
-
AuthorPosts
-
November 23, 2021 at 9:40 AM #823553November 23, 2021 at 2:31 PM #823554
sdrealtor
ParticipantWanted to get this one in early before holiday shutdown. We expect the market to be mostly shut down by now. Homes listed now are more than likely vacant. Who would want to list their home over the holidays if they didnt have to? Why not wait for the early Spring rush to begin at this point. Lets see what we got
New listings 4 – pretty much shutdown
New Pendings of 14 – buyers still chasing though!
Closed sales at 6.
Price reductions at 0.
Current inventory at 7 with median price of $969K.
Verdict: Of the 7 on the market 4 are negotiating offers and 1 cant be shown due to tenants. There are 2 overpriced homes sitting and one of which should sell in the next or at most two. Should be sluggish for rest of the year. This market is wrapped up for all intents and purposes
November 30, 2021 at 5:22 PM #823560ParticipantNew listings 1 – a vacant home owned by Redfin
New Pendings of 6 – buyers still out there
Closed sales at 13 – median sales price was $920K.
Price reductions at 0.
Current inventory at 4 with median price of $981K.
Of the 4 on the market 2 are in multiple counters so basically gone. One has tenants and cant be shown. There’s pretty much 1 house on the market. Its a nice home remodeled by one of the big flippers in town but the backyard is all pool and its about $1M. Shouldnt last much longer either way.
MM is closed for the year. There could be some drips and drabs of activity here and there but the shelves are/will be empty. Expect prices for a 3BR home to start at $800K+ when it re-opens in Mid January unless a house is a disaster.
December 7, 2021 at 5:54 PM #823581ParticipantWelcome to sleepy time
New listings 1 – its already in escrow
New Pendings of 4 – cleaned up what was left last week
Closed sales at 10 –
Price reductions at 0.
Current inventory at 2.
A probate sale you can wait in line to see next week on the one day tenats are allowing and submit one of many offers on it
A tenant occupied home home you cant see which has been sitting on the market that way 6 months. Submit a full priced offer sight unseen offer on an overpriced home and they may let you see it
The store is closed
December 14, 2021 at 4:22 PM #823602ParticipantNew listings 4 – 3 flips and perhaps someone trying to get ahead of the market
New Pendings of 3 – cleaned up what was left last week
Closed sales at 10 –
Price reductions at 0.
Current inventory at 5 at median of 959K
Currently on the market. The long time tenant occupied you cant see, 3 vacant flipped homes (one is long time owner flipping their own home) and one sale looking for a rent back. The last one looks interesting. If its what I think thats a smart move. They are selling now and looking for a rent back which they should be able to get. This way when listing activity picks up in Jan/Feb they will have nothing to sell and cash in the bank so they will be strong buyers and have best chance of success. Kudos to them if that is what they are up to
December 22, 2021 at 9:26 AM #823634ParticipantNew listings 4
New Pendings of 5
Closed sales at 12 –
Price reductions at 0.
Current inventory at 3 at median of 935K
The market stragglers with challenging situations have now been cleansed from the market. Homes like that tend to come back ont he market at a higher rate but for now they are in escrow. The 3 on the market are very saleable and will go soon. They are likely negotiating offers now.
This is not a tiny niche market like OB, it is home to almost 90K residents and there are virtually no homes for sale. Astounding
December 30, 2021 at 8:45 AM #823669ParticipantLast of the year
New listings 1
New Pendings of 2
Closed sales at 3 –
Price reductions at 0.
Current inventory at 2
The 2 for sale are owned by Zillow and Open Door who usually collect offers for a couple weeks before selling. I saw the one owned by OD when it was on the market before they took best offer to OD and got better net proceeds. OD painted interior and replaced carpet then put back on market for 70K more than they paid. I can see they did not replace any of the rotting fascia boards or rafter tails in their photos. House is still a mess but will sell quickly too
January 4, 2022 at 4:06 PM #823673ParticipantPreseason begins
New listings 1
New Pendings of 1
Closed sales at 2 –
Price reductions at 0.
Current inventory at 2
Zillow owned home still shows active but they dont update status. The Open Door home sold. Probate sale just came on at attractive price. needs work but nice house, location, lot and view so will get plenty of attention quickly
January 11, 2022 at 3:59 PM #823722ParticipantFirst week of the season. Im gonna make one slight change going forward. Next to the listings and pendings each week I will include the figure from last year. That will start next week for this thread as I started tracking MM that week last year.
New listings 7
New Pendings of 4
Closed sales at 2 –
Price reductions at 0.
Current inventory at 4 with median of 913K. The end of homes under 800K should come at some point if trend continues
All things considered this is a healthy start and in line with what we saw most weeks last year
January 12, 2022 at 9:12 PM #823733jmw
Participant[img_assist|nid=27501|title=MM|desc=|link=node|align=left|width=100|height=78]
If you had told me 10 years ago one of the standard models in Mira Mesa would sell for $1m…January 12, 2022 at 10:15 PM #823735Escoguy
Participant[quote=jmw][img_assist|nid=27501|title=MM|desc=|link=node|align=left|width=100|height=78]
If you had told me 10 years ago one of the standard models in Mira Mesa would sell for $1m…[/quote]When I see this, I realize my projection of 1400 sf in 4S at 1.2M isn’t far off.
January 13, 2022 at 5:24 PM #823739Participant[quote=Escoguy][quote=jmw][img_assist|nid=27501|title=MM|desc=|link=node|align=left|width=100|height=78]
If you had told me 10 years ago one of the standard models in Mira Mesa would sell for $1m…[/quote]When I see this, I realize my projection of 1400 sf in 4S at 1.2M isn’t far off.[/quote]
As you know a 1400 sf 4S house is a detached condo and really more townhouse than sfr. Pricing is knocking on the door of that level and there is nothing for sale
I never saw this coming but feel like we are heading toward Silicon Valley pricing down here unless something changes quickly. I hope Im wrong
January 13, 2022 at 7:46 PM #823740an
Participant[quote=sdrealtor][quote=Escoguy][quote=jmw][img_assist|nid=27501|title=MM|desc=|link=node|align=left|width=100|height=78]
If you had told me 10 years ago one of the standard models in Mira Mesa would sell for $1m…[/quote]When I see this, I realize my projection of 1400 sf in 4S at 1.2M isn’t far off.[/quote]
As you know a 1400 sf 4S house is a detached condo and really more townhouse than sfr. Pricing is knocking on the door of that level and there is nothing for sale
I never saw this coming but feel like we are heading toward Silicon Valley pricing down here unless something changes quickly. I hope Im wrong[/quote]
I have my fingers and toes crossed that you’re right 😀January 13, 2022 at 9:11 PM #823741ParticipantSame. Crazy to think some of the original owners in MM may not even be paying $1,000/yr in property tax. While those moving in are paying $1,000/mo. Talk about golden handcuffs!
January 13, 2022 at 9:21 PM #823742ParticipantSo those houses were still around 100k new and many years of 2% tax increases so about $2k is the least anyone is paying. Not quite 10X but 5X certainly in the realm. I’ve been in my home 22 years now. House next door just resold and they’ll be paying 3X. I am old enough to move my tax basis now but like it where I am so that’s my bigger golden handcuffs
-
AuthorPosts
- You must be logged in to reply to this topic.