Mira Mesa Monitor

[bewildering]

[quote=sdrealtor] I am old enough to move my tax basis now but like it where I am so that’s my bigger golden handcuffs[/quote]

What does remodeling a house do to the tax basis? When I move back to San Diego I would probably remodel my SFH. I am guessing that would change the tax basis to current property values?

[sdrealtor]

Doing an addition, adding a pool etc would trigger reassessment. Painting , new flooring, new cabinets, counters, appliances, lighting, plumbing fixtures and the like not

[sdrealtor]

Dupe

[bewildering]

[quote=sdrealtor]Doing an addition, adding a pool etc would trigger reassessment. Painting , new flooring, new cabinets, counters, appliances, lighting, plumbing fixtures and the like not[/quote]

Does the reassessment just look at vlue of addition? Or would it include land price?

[sdrealtor]

[quote=bewildering][quote=sdrealtor]Doing an addition, adding a pool etc would trigger reassessment. Painting , new flooring, new cabinets, counters, appliances, lighting, plumbing fixtures and the like not[/quote]

Does the reassessment just look at vlue of addition? Or would it include land price?[/quote]

Land would not get reassessed only the improvements built and the increase is typically well under what they cost.

[sdrealtor]

And so it begins in earnest

New listings 3 (6) – not many, half last year

New Pendings of 2 (11) – nothing to buy

Closed sales at 6 –

Current inventory at 2 with median of 792K. Both small and likely sell over 800K

Keep it coming!

[sdrealtor]

So no one seems interested in moving away

New listings 3 (7) – less than half last year

New Pendings of 4 (5) – still nothing to buy

Closed sales at 5 –

Current inventory at 2

One of the listings is 2br/1ba 740 sf that Zillow overpaid for and is smaller than many 2br apartments. The other is nice one but seller looking to close quickly but not move out until end of May. Im gonna call that essentially nothing for sale

[sdrealtor]

More of the same

New listings 3 (6) – less than half last year

New Pendings of 2 (11) – still nothing to buy

Closed sales at 4 –

Current inventory at 3 (8) with median of 982K

New listings and inventory half what it was last year when we were already complaining

[sdrealtor]

New listings 6 (6) – back to last year

New Pendings of 5 (4) – still nothing to buy

Closed sales at 5 –

Current inventory at 7 (13) with median of 900K

With the exception of the <800sf 2/1 everything is on the market less than a week and will sell quickly

Market seems to be appreciating steadily but not in huge jumps

[sdrealtor]

New listings 6 (8) –

New Pendings of 9 (12) –

Closed sales at 4 –

Current inventory at 7 (10) with median of 940K (770K)

<800 sqft home in escrow. Anything on the market is on less than a week or as long as it takes to sort through offers. One to three motnh rent backs are typically post closing.

With such low inventory the median asking jumps around a lot but just the same is about 20% higher than last year

One thing Ive noticed is the quality is improving. In the past most of the listings seemed to be old homes in drastic need of a remodel but thats shifting. Now its more flips, long time owners that upgraded but are relocating/downsizing or buyers in the 3 to 10 years who are moving up. I havent seen much of a move up seller/buyer market here in the past but that seems to be changing as lots can sell and walk away with 300-500K or more. Perhaps some are going to3 Roots

[scruffydog]

At least there are listings in MM.
In the entire community of 92124 there are now ZERO listings.
Anybody care to guess how this madness ends?

[sdrealtor]

[quote=scruffydog]At least there are listings in MM.
In the entire community of 92124 there are now ZERO listings.
Anybody care to guess how this madness ends?[/quote]

In fairness Tierrasanta is a very small market. Last year there were 252 sales as compared with MM which had 652 sales or the NCC (92009/92011/92024) which had 1914 sales. Its most similar in size to 92107 which had about 265 sales.

[sdrealtor]

New listings 4 (5) –

New Pendings of 10 (12) –

Closed sales at 3 –

Current inventory at 4 (5) with median of 945K (750K)

More of the same. It seems like 1/3rd of sales are off market fixers sold direct to flippers and 1/3 of listings are remodeled flips of the same. I remember shoping with clients Fall 2020 and we would run into the same 10 buyers on every new lsiting. Its gotta be 20 to 30 now. No relief in sight and median price should continue ascent

[an]

I keep on getting blown away about this prices this spring. I would have never imagined we’re talking about low to mid $1m in Mira Mesa: https://www.redfin.com/CA/San-Diego/11122-Avenida-Del-Gato-92126/home/4529475

[sdrealtor]

The party continues

New listings 4 (6) –

New Pendings of 5 (6) –

Closed sales at 5 –

Current inventory at 7 (7) with median of 1.075M (770K)

MM continues its steady climb. INventory is a little worse than last as things really tightened up earlier here than other markets. Its a more slow and orderly process as housing is so homogenous and there are few high end properties compared to the traditional homes but there is no mistaking what is happening. OF note we have our first M instead of a K on the median home price on the market

[Author]

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