North County Coastal monitor

[profhoff]

$400k over list. Huge lot, pano ocean. Vintage leucadia build your dream house entry price now $2.7m.

https://www.redfin.com/CA/Encinitas/1002-Hymettus-Ave-92024/home/4065194?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

[profhoff]

Sdrealtor wrote

[quote=sdrealtor][quote=profhoff]

I wouldn’t discount that new arrivals will have friends. Friends that will visit. Friends that will look around and ask themselves why am I doing that when I could be doing this?[/quote]

Indeed.

[sdrealtor]

[quote=profhoff]$400k over list. Huge lot, pano ocean. Vintage leucadia build your dream house entry price now $2.7m.

https://www.redfin.com/CA/Encinitas/1002-Hymettus-Ave-92024/home/4065194?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link%5B/quote%5D

I should reach out to the new owner. I have the perfect furniture for that house. I inherited my parents 1950’s Herman Miller furniture bought from store in NYC and well cared for all these years. i even have the original sales reciepts. Eames and George Nelson stuff. Its amazing

[profhoff]

$2m for Portofino conveniently located ON the freeway. Now I’ve seen it all. Will they get it?

https://www.zillow.com/homedetails/13297-Portofino-Dr-Del-Mar-CA-92014/16765530_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

[sdrealtor]

[quote=profhoff]$2m for Portofino conveniently located ON the freeway. Now I’ve seen it all. Will they get it?

https://www.zillow.com/homedetails/13297-Portofino-Dr-Del-Mar-CA-92014/16765530_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare%5B/quote%5D

This is the one that puts my jaw on the floor. These are least expensive detached homes in this area. They are condominium ownership as land is owned in common. This is close to where the landslide was a decade ago. Kinda changes everything

https://www.redfin.com/CA/Carlsbad/3301-Dorado-Pl-92009/home/3868424

[sdrealtor]

Update time along the NCC. TNumbers for week ended yesterday

New listings 23 – a little better and hopefully more to come as end of school year approaches. I know of a neighbor thats waiting for that but

New Pendings of 35 – plenty of demand and peak demand around the corner

Thats a -12 for the week.

Closed sales at 30 –

Price reductions at 1

Total houses for sale 48 with median of $1.97M.

Prices just keep going. Like the one above Im seeing homes in what were the least expensive neighborhoods in 92009 going in the 1.1M+ range. Pre COVID it was possible to get into my neighborhood under $1M, now its starts around 1.3. At this pace we will be Bay Area pricing in another year or two with a nice 4BR tract home $2M+. Not gonna say it will happen but not gonna say otherwise at this point

Current reports for SD say 21% y-o-y appreciation but that includes condos which have not kept up with detached. Market is up 30% for detached homes many places

[profhoff]

Seller cracking. $100k knocked off. Clearly buyers aren’t THAT stupid…
https://www.redfin.com/CA/Encinitas/356-Fulvia-St-92024/home/166861020?utm_source=myredfin&utm_medium=email&utm_campaign=recommendations_update&riftinfo=ZXY9ZW1haWwmbD01NDAyOSZwPWxpc3RpbmdfdXBkYXRlc19yZWNvbW1lbmRhdGlvbnMmYT1jbGljayZzPXJlY29tbWVuZGF0aW9ucyZ0PXZpZXdfZGV0YWlscyZlbWFpbF9pZD01NDAyOV8xNjIwMTQ2ODA4XzYmdXBkYXRlX3R5cGU9MyZsaWxyX3Njb3JlPTAuNjQyMSZsaXN0aW5nX2lkPTEzMDE1ODUwMSZwcm9wZXJ0eV9pZD0xNjY4NjEwMjAmcG9zaXRpb25fbnVtYmVyPTA=

[sdduuuude]

[quote=profhoff]$2m for Portofino conveniently located ON the freeway. Now I’ve seen it all. Will they get it?

https://www.zillow.com/homedetails/13297-Portofino-Dr-Del-Mar-CA-92014/16765530_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare%5B/quote%5D

Yeah, but it’s in the slow lane.

[sdrealtor]

Update time along the NCC. Numbers for week ended yesterday

New listings 26 – a little better and hopefully more to come as end of school year approaches. Hoping we are over 30 this time next week

New Pendings of 33 – plenty of demand and peak demand around the corner

Thats a -7 for the week.

Closed sales at 46 –

Price reductions at 1

Total houses for sale 57 with median of $1.86M.

Big weeks ahead. If inventory is gonna build its gotta start now. More inventory is only thing that could slow down pricing

Last year I sold the only house in my hood under $1M ($995k)and maybe the last one we will ever see. It was one of the smallest and during the height of the pandemic shut down with tenants in place so it was sold as-is and blind to buyer. Prices ranged from $1M to 1.5M last year. Lowest sale this year is $1.275 for a bigger one in impaired location and at best fair condition. Its pretty much 1.3 and up now here. Prices are now $1.3M to 1.9M with $2m sales in sight for the right home. How did we get here?

[svelte]

It’s just total nuts all over. I just checked, my house in San Marcos is up more than 30% in one year. In. Sane.

[sdrealtor]

Agree. I’ve been saying we are up 30% y-o-y even though the stats don’t show it yet

[gzz]

Zillow says:

“Home values in 92024 have increased 12.3 % (↑) over the past 12 months.”

That seems a bit too low, but it doesn’t look close to 30% either.

[sdrealtor]

Its wrong though I dont think they have gone up quite as much as S Carlsbad which enjoys newer and bigger homes that are honey to Bay Area bees

Here you go. 8 months. House turned over for 22% more. I dont think they even ever moved in. No changes made. Had they sold four months earlier last year it would’ve been a $100K less.

https://www.redfin.com/CA/Carlsbad/7141-Sitio-Corazon-92009/home/22391458

Here’s another. House sold in Jan 2020 but April 2020 price would have been no different. Resold April 2021 for 29% more. No changes made to this one either.

https://www.redfin.com/CA/Carlsbad/3280-Avenida-La-Cima-92009/home/6540371

Prices are up around 30% year over year around me. Dont care what Zillow says

[gzz]

That Jan 2020 Carlsbad price seems suspect as a reflection of the market then. Seems REALLY nice in size, lot, location for 1.34m, even for 1/2020.

The 1.34M price is also only 6% higher than the June 2018 price. So this gain of 28.7% during a 15 month period (still not 30% YoY) came after a period of only a 6% gain over the prior 18 months.

[sdrealtor]

Actually not a great lot or location for that neighborhood which I know well and have sold good ones there. I’ve sold this floor plan also and it’s got a few wonky issues with it. That was an average lot with a noisy pocket park behind it. It had little usable yard. One of my good friends sold It and they were lucky to get 1.34 then. It struggled a bit to sell the first time which makes the second sale even MORE extraordinarily

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