Mira Mesa Monitor

[Coronita]

[quote=limkotir][quote=an]https://www.redfin.com/CA/San-Diego/10484-Flanders-Pl-92126/home/6398700

Closed at $1.51m, $310k above asking.[/quote]

Oh wow. Looking at the pictures, the home is remodeled tastefully, located in a cal-de-sac, and 1-min walk next to the new elementary school and park (both important to starting families).

I guess for first time buyers, start look at condos or townhouses to get exposed to the local market — even homes in undesirable locations are being snapped up like hotcakes in this market, was hoping folks would leave those for first SFH buyers.

Which brings me to ask another question to those who are much experienced with the SD market. All things being equal, how much less should a Single Family House (SFH) be, each valued independently, versus a SFH which does not carry those unchangeable characteristics:

1) Next or close to a freeway (noise issue)
2) Located on a double yellow line neighborhood (traffic issue)
3) Zero lot line, red colored curb, in front of the house (no parking in front of the house)
4) No driveway (gotta use your garage for parking your car, lose storage use for garage)

I understand each person would value the above characteristic very differently based on their needs, just looking for some directional / general guidance.[/quote]

2 and 3 are not a big deal.

1, if you live in 92130 or Mira Mesa, you’re bigger issue is being next to Miramar. Hasn’t stopped people from buying homes in 92130 or 92126.

4, not sure that would be a big deal. Price to pay for home ownership these days.

[sdrealtor]

I used to say 2/3 of what you are buying is what you are standing on not standing in. Now I’d say 70-80% is the land value depending upon the property

As for the specific question you asked there is a lot of nuance involved and no simple answers. Having done this a couple decades I can look at two houses and comps and put a number on what I think any given house is worth above or below average market value at the time but that comes with experience. Generally I advocate buying the best lot/location you can get because that can’t be changed and it’s where most of the value is. Plus you’ll stay longer and enjoy more a property on a good lot in a good location

I think all four matter and if you are able get the best you can. Buying here is all about compromises and even people spending millions rarely get everything they want. Figure out what is most important and try to focus on that. With inventory as tight as it is that’s a tall order right now

[sdrealtor]

MM continues to be the steady performer.

New listings 4 (8) – seems to avg about about half of last year

New Pendings of 5 (7) – all homes pretty much sell with multiple offers

Closed sales at 8 (12) –

Inventory at 4 of which 1 came back on market/will go right back into escrow and the other 3 should be gone soon. It was 9 last year. The median is 1.186M vs 799K. This year a bit high because of such low inventory skewing it but prices definitely feel a good 30% up since last year

I see no signs of change or weakness in anyway here as I toggle through the individual listings in each category

[sdrealtor]

Side note. The sellers continue to list the “bread and butter” smaller 1 story homes not being flipped at attractive levels and letting buyers bid them up. I think that will bode well for the health of the market here. When sellers start pushing price too much buyers tend to start pushing back. I think I may be starting to see some of that along the NCC and will be watching to see what happens.

[an]

I can’t believe we’re talking about $1m+ as a median in MM.

[limkotir]

https://www.redfin.com/CA/San-Diego/7852-Tampico-Ct-92126/home/4570382

The above beauty went into pending…in normal times, would have been a decent first time buyer and courageous DIYer purchase. If I had to bet, a cash offer with no contingences probably took it into pending status.

I am guess it will sell for $825K, any over and under calls?

[limkotir]

[quote=an]I can’t believe we’re talking about $1m+ as a median in MM.[/quote]

I think the listing data is left skewed distribution due to what’s being listed, and the sample size is tiny, but if we looked at SFH for the last 50 sales, I think we may be still be under that $1m median midpoint magical mark, but it won’t hold much longer if the current trend keeps up.

[an]

[quote=limkotir]https://www.redfin.com/CA/San-Diego/7852-Tampico-Ct-92126/home/4570382

The above beauty went into pending…in normal times, would have been a decent first time buyer and courageous DIYer purchase. If I had to bet, a cash offer with no contingences probably took it into pending status.

I am guess it will sell for $825K, any over and under calls?[/quote]
I say $875k

[sdrealtor]

[quote=limkotir]https://www.redfin.com/CA/San-Diego/7852-Tampico-Ct-92126/home/4570382

The above beauty went into pending…in normal times, would have been a decent first time buyer and courageous DIYer purchase. If I had to bet, a cash offer with no contingences probably took it into pending status.

I am guess it will sell for $825K, any over and under calls?[/quote]

House was sold as is cash only and definitely over 800k. I’ll say 860k

[sdrealtor]

[quote=limkotir][quote=an]I can’t believe we’re talking about $1m+ as a median in MM.[/quote]

I think the listing data is left skewed distribution due to what’s being listed, and the sample size is tiny, but if we looked at SFH for the last 50 sales, I think we may be still be under that $1m median midpoint magical mark, but it won’t hold much longer if the current trend keeps up.[/quote]

Yes that is exactly the factors I was referencing on the skew. With only 4 houses of which two are high end for MM the high current median reflects that.

I know you are a datahound also so I ran closed sales over the last 60 days for 92126. There were 47closed sales with a median list price of $925. The median closed sale price is $1.02M so we are already legitmately over $1M.

If I add 92121 we gain 6 more sales and median sales price goes to $1.03M.

Welcome to Beverly Mesa

[oceanbreeze]

[quote=an]https://www.redfin.com/CA/San-Diego/10484-Flanders-Pl-92126/home/6398700

Closed at $1.51m, $310k above asking.[/quote]

20 days closing. It looks like a cash buyer also.

[sdrealtor]

[quote=oceanbreeze][quote=an]https://www.redfin.com/CA/San-Diego/10484-Flanders-Pl-92126/home/6398700

Closed at $1.51m, $310k above asking.[/quote]

20 days closing. It looks like a cash buyer also.[/quote]

Not necessarily. I’ll have to check. Lenders have gotten very good at closing loans much faster

[an]

https://www.redfin.com/CA/San-Diego/10858-Canyon-Hill-Ln-92126/home/4590406

Closed at $1.55m, $250k above asking.

[Coronita]

[quote=an]https://www.redfin.com/CA/San-Diego/10858-Canyon-Hill-Ln-92126/home/4590406

Closed at $1.55m, $250k above asking.[/quote]

I guess people really underestimated the number of people that emerged from pandemic significantly financially stronger than than they went into it.

Must not have been job growth and meaningingful financial gain in those industries….

I wonder how many folks cashed in their RSU and ESPP stock to buy a house. I would have as a hedge to tradeoff being too concentrated in stock market and having something to live in.

[limkotir]

On the positive side, there is a flood of new listings in several of the “starter” home communities this week — saw couple listings in person myself in MM, still good amount of foot traffic, but I suspect a few of the listings on the lower end of price spectrum to go into pending status come this Tuesday / Wednesday.

Of course, with 30Y fixed mortgage above 5%, sales volume could start to taper off, maybe.

[Author]

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