North County Coastal monitor

[sdrealtor]

More of the same

New listings 23 – thats not a pick up. Schools almost out and we usually see a bunch waiting for that

New Pendings of 32 – plenty of demand to feed off the higher inventory last week. 3 day weekend slows down negotiations so I expect a bunch more in next 24 hours

Thats a -9 for the week.

Closed sales at 36 –

Price reductions at 4

Total houses for sale 57 with median of $2M. More than last week but should drop down in next 24 hours. Will try to check tomorrow.

Already up to 111 closed sales in 3 zips for May 2021 and will get more once late reporters are marked closed. Volume will be double last years artifically low pandemic sales count.

[Coronita]

This is fvcked up…

https://www.redfin.com/CA/San-Diego/12549-El-Camino-Real-92130/unit-A/home/4516199

$1million in 92130 only affords you a 3/3 townhome. Not even a SFH… Wow.

3 months ago.. $130k less.

https://www.redfin.com/CA/San-Diego/12509-El-Camino-Real-92130/unit-D/home/4515866

Wages definitely not going to keep up with this bullshit.

[sdrealtor]

[quote=Coronita]This is fvcked up…

https://www.redfin.com/CA/San-Diego/12549-El-Camino-Real-92130/unit-A/home/4516199

$1million in 92130 only affords you a 3/3 townhome. Not even a SFH… Wow.

3 months ago.. $130k less.

https://www.redfin.com/CA/San-Diego/12509-El-Camino-Real-92130/unit-D/home/4515866

Wages definitely not going to keep up with this bullshit.[/quote]

People need garages for their Bentleys

[sdrealtor]

Was busy at a charity event yesterday but ran the numbers when I got back last night.

New listings 19 – dropped down to lowest level in a while. Hopefully after graduation we get a little more

New Pendings of 32 – plenty of demand

Thats a -13 for the week.

Closed sales at 32 –

Price reductions at 3

Total houses for sale 54 with median of $1.985M. Dropped and we got less new inventory. This is far from over

[The-Shoveler]

[quote=sdrealtor][quote=Coronita]This is fvcked up…

https://www.redfin.com/CA/San-Diego/12549-El-Camino-Real-92130/unit-A/home/4516199

$1million in 92130 only affords you a 3/3 townhome. Not even a SFH… Wow.

3 months ago.. $130k less.

https://www.redfin.com/CA/San-Diego/12509-El-Camino-Real-92130/unit-D/home/4515866

Wages definitely not going to keep up with this bullshit.[/quote]

People need garages for their Bentleys[/quote]

Not sure about buyers remorse, but it is easy these days to have sellers remorse LOL.

[Coronita]

[quote=sdrealtor][quote=Coronita]This is fvcked up…

https://www.redfin.com/CA/San-Diego/12549-El-Camino-Real-92130/unit-A/home/4516199

$1million in 92130 only affords you a 3/3 townhome. Not even a SFH… Wow.

3 months ago.. $130k less.

https://www.redfin.com/CA/San-Diego/12509-El-Camino-Real-92130/unit-D/home/4515866

Wages definitely not going to keep up with this bullshit.[/quote]

People need garages for their Bentleys[/quote]

Well, I did share you the picture of the Spectrum cable guy canvassing a townhome community in 92130…And he showed up in a Bentley..

[Coronita]

[quote=The-Shoveler][quote=sdrealtor][quote=Coronita]This is fvcked up…

https://www.redfin.com/CA/San-Diego/12549-El-Camino-Real-92130/unit-A/home/4516199

$1million in 92130 only affords you a 3/3 townhome. Not even a SFH… Wow.

3 months ago.. $130k less.

https://www.redfin.com/CA/San-Diego/12509-El-Camino-Real-92130/unit-D/home/4515866

Wages definitely not going to keep up with this bullshit.[/quote]

People need garages for their Bentleys[/quote]

Not sure about buyers remorse, but it is easy these days to have sellers remorse LOL.[/quote]

Well I definitely have Would-Be-Buyer-But-Backed-Out Remorse. I played it too safe. I believed it paying off my house, being completely free and clear and didn’t think rates could fall lower or prices could go up further. Wrong across the board. I should have done the cash out years ago, and bought then, not now. I think I’m going to sit it out…really brutal market right now. Home prices might have doubled wages certainly did not. Not good.

[gzz]

Flu, zillow says my condo is 1.05m up from 800k 30 days ago.

I don’t think this is correct, but who knows.

I think I did try to talk you out of an early mortgage payoff. Not specifically to buy more RE, more on general principle of keeping very low interest debt.

I had dinner last night at Kaiserhoff with a wealthy couple visiting San Diego, friends of my relatives. They are insanely bullish right now across the board, stocks and more, and the wife was talking about buying a house in Coronado where they were staying and retiring part time to San Diego. They didn’t flinch when I told them a house in Coronado up to their standards would be $3 million or more.

I did the spectrum to att switch at my office. I am getting too old and rich to switch every 13 months back and forth to always be on the promo rate. But spectrum’s retention dept wouldn’t budge below $90/mo for biz internet, att offered $55 for a year. I had them for about 3 years, that’s probably a record for me. Besides saving $400 for 40 minutes of my time, switching also confuses all the creepy adware databases by giving me a new IP range.

[gzz]

“ Home prices might have doubled wages certainly did not.”

Payments haven’t doubled though. And stock portfolios have.

And if you’re talking about wages for a new liberal arts degree grads from ucsd and state, yes they have more than doubled since about 2012.

Construction labor wages have also basically doubled since 2012ish.

[an]

[quote=Coronita]
Well I definitely have Would-Be-Buyer-But-Backed-Out Remorse. I played it too safe. I believed it paying off my house, being completely free and clear and didn’t think rates could fall lower or prices could go up further. Wrong across the board. I should have done the cash out years ago, and bought then, not now. I think I’m going to sit it out…really brutal market right now. Home prices might have doubled wages certainly did not. Not good.[/quote]Housing price might went up 2x, but I don’t think monthly payment has gone up 2x. At the end of the day, for most people, monthly payment means a lot more than total housing price, since most people don’t pay cash for their house.

Also, where will inflation go from here. IMHO, that’ll matter a lot more than anything else, especially if you buy today w/ a 30 years fixed mortgage and can afford the monthly payment today.

[profhoff]

Closed on our c’bad house. Accepted 1st offer – all cash with 17 day close. Buyers inspected immediately and released inspection contingency well ahead of time. Very smooth and pleasant escrow process. We had several buyers waiting in line, but it wasn’t necessary to go back to the list. All’s well that ends well.

[profhoff]

Closed on our c’bad house. Accepted 1st offer – all cash with 17 day close. Buyers inspected immediately and released inspection contingency well ahead of time. Very smooth and pleasant escrow process. We had several buyers waiting in line, but it wasn’t necessary to go back to the list. All’s well that ends well.

[sdrealtor]

Congrats! I still owe you ask an update. Ran numbers but been tied up with other things. Will get back to it tomorrow

[sdrealtor]

Uggh, went to update and realized computer shut down without me saving the numbers the last week. Bottom line more of the same but anecdotally some softening.

Starting to hear things are calming down slightly. Id atttribute that to a few things

Higher prices have eliminatred some buyers

Some buyers giving up because they are tired of losing

Seasonal slow down we see almost every year as attention shifts to Summer fun

Instead of 10 to 20 offers Im hearing more in the 3-10 range. Thats a big change but still inventory is inadequate for demand. One offer is all it takes.

[SDNative2]

Just got myself a condo on the beach in Oceanside. Got to know folks in the complex to find someone who wanted to sell, and worked with seller through an escrow company directly. Much easier than I imagined…Comps came in 35K above what I paid a month ago. My mortgage person said I had instant equity…yay! More importantly, I now have a place to park myself for a little bit. Thank you, God!

[Author]

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