Mira Mesa Monitor

[sdrealtor]

Yeah Zillow has the rent estimate on my house at 7500 which just seems too high but what do I know? I haven’t seen a house go up for rent around here in a while

And even if it was that high I don’t think I could charge someone that in good conscience on my house

[sdrealtor]

As I hinted yesterday. Any sign of a market slowing vanished this week. I did mention that things are tougher around now to predict as tax season usually mutes things. The next two weeks should give us more info and then May our strongest month most years.

New listings 1 (4) – this week was way down. The week before and during tax deadline usually are but this was really low

New Pendings of 8 (11) – strong week and with tax season past should only get stronger

Closed sales at 7 (5) –

Inventory at 5 with median of 1M. Last year it was 6 with median of 799K.

The market here has been very consistent all year. It showed a slight softness a couple weeks ago but Im gonna call that tax season related. The party typically starts now with more inventory coming in the face of peak demand.

I follow inventory flow around the country. Month over month inventory is growing in almost every city except here. Our new listing count is down the most in the country. I understand the macro-economic headwinds in the country and what this tells me is there is something else going on here. SD is currently and has been the biggest exception nationally

Something like this

[limkotir]

https://www.redfin.com/CA/San-Diego/10975-Bali-Ln-92126/home/4568514

https://www.apartmentlist.com/ca/san-diego/10977-bali-lane-studio-a

Per the description of the MLS posting and pictures, and other links I found, looks like this SFH in Mira Mesa has been carved up into 3 units, 10977, 10977-A and -B “apartment” studio units. Is this legal and lawful?

[sdrealtor]

[quote=limkotir]https://www.redfin.com/CA/San-Diego/10975-Bali-Ln-92126/home/4568514

https://www.apartmentlist.com/ca/san-diego/10977-bali-lane-studio-a

Per the description of the MLS posting and pictures, and other links I found, looks like this SFH in Mira Mesa has been carved up into 3 units, 10977, 10977-A and -B “apartment” studio units. Is this legal and lawful?[/quote]

If done correctly it is now. You can have an ADU and a JADU in addition to a main house.

[Coronita]

These will rent like hotcakes to UCSD students.

[sdrealtor]

[quote=Coronita]These will rent like hotcakes to UCSD students.[/quote]

What he said and what I was thinking

[limkotir]

[quote=limkotir]8576 Andromeda Rd

https://www.coldwellbankerhomes.com/ca/san-diego/8576-andromeda-rd/pid_45743569/
(Contains the old pic of the house)
Sold for $750K on 2/10/2022

https://www.redfin.com/CA/San-Diego/8576-Andromeda-Rd-92126/home/4527421
(Contains the new flip job pics)
Will list for $1.374m this Sat (~40 days later) with a flip job. Probably will sell around that price.

This is what people are battling in older neighborhoods such as MM.[/quote]

This house was removed from market a few days ago, then relisted at $1.2M (instead of the prior $1.374m) and immediately went into pending… guess $1.374m was bit aggressive, or was it? Guess we’ll find out in a few weeks.

[limkotir]

[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]

3/30: listed for $745k
4/23: sold for $906k

I said $825k
an said $875k
sdrealtor said $860k

[sdrealtor]

Haven’t checked yet but my guess is went to pro flippers who can turn that place around for $50k or less. I’d guess we see it back on market late May or early June for $1.075m and goes with multiple offers

[sdrealtor]

Just an FYI I came upon an interesting data point. Last year inventory here was in double digits from the beginning of May until Mid November and single digits the rest of the year. If inventory relief is gonna happen its gonna start real soon

[sdrealtor]

[quote=sdrealtor]Haven’t checked yet but my guess is went to pro flippers who can turn that place around for $50k or less. I’d guess we see it back on market late May or early June for $1.075m and goes with multiple offers[/quote]

OK just checked. Buyer was rep’d by agent who lives in MM and has contractor husband. Pretty sure they are the buyers. They did 2 nice flips last year. Id expect this to be their next one

[an]

[quote=limkotir][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]

3/30: listed for $745k
4/23: sold for $906k

I said $825k
an said $875k
sdrealtor said $860k[/quote]Woohoo, I’m the closest lol

[sdrealtor]

[quote=sdrealtor]Just an FYI I came upon an interesting data point. Last year inventory here was in double digits from the beginning of May until Mid November and single digits the rest of the year. If inventory relief is gonna happen its gonna start real soon[/quote]

And just like that….

Day of golf yesterday but ran the data and things are progressing as predicted.

New listings 7 (5) – one of the higher counts the last couple months as expected post tax season and May around the corner

New Pendings of 7 (8) – steady as she goes

Closed sales at 8 (7) –

Inventory at 11 with median of 997K. Last year it was 3 with median of 765K.

The demand has definitely slowed but there is still plenty of demand for the slow, steady trickle of supply. Inventory should build slowly into the 20’s and 30’s unless we start getting 20+ new listings a week for a few months. Then we would rise a bit higher.

Lets see what happens next but for now its still the steady, consistent market its been for quite a while. Only time will tell

[sdrealtor]

I think we can say the market is coming into or already back into balance.

New listings 10 (11) – increasing as expected

New Pendings of 4 (4) – lots more choices and would expect an uptick next week

Closed sales at 2 (4) –

Inventory at 19 with median of 975K. Last year it was 11 with median of 800K.

Demand has been creeping down as there hasnt been much to buy but now there are a bunch of nice choices out there listed at fair prices not reaching. This should be where market comes into balance or shifts. If I was looking Id watch to see if demand increases as it seasonally should. If it doesnt I think once inventory gets much above 30 things will start shifting towards the buyers. I’d keep looking and watching for the good ones (good location/lot). Learn how to identify them immediately. Based upon past years data, pendings should be close to or above 10 the next 4 to 6 weeks.

[an]

https://www.redfin.com/CA/San-Diego/7833-Backer-Rd-92126/home/4857038?utm_source=android_share&utm_medium=share&utm_nooverride=1&utm_content=link&2010988919=variant&813945303=variant

Pending after 6 days. Same house probably would go for about 850-900k last year and about 575k 5 years ago.

[Author]

Posts