- This topic has 827 replies, 38 voices, and was last updated 5 months, 3 weeks ago by
sdrealtor.
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September 29, 2021 at 4:31 PM #823300September 29, 2021 at 7:29 PM #823301
gzz
ParticipantSame in OB. Only 2 houses listed below 1.9M, versus 16 listings exactly a year ago.
In the combined peninsula 92106/7 the cheapest detached is currently 1.32M.
High income bay area people are paying top dollar for long term rentals and monthly airbnb whole house short terms too. We remain #2 of 20 in the case schiller index behind Phoenix.
September 30, 2021 at 1:51 PM #823302sdrealtor
ParticipantOdd thing is same agent had place in bread n butter area of Encinitas (Village Park) but no calls from Bay Area cash buyers. The pockets of relative abnormal demand are not everywhere in SD. Just spoke to a neighbor that bought a year ago for 1.25 and hes at 1.75 now
Just an FYI in 92106/92107 you are at 13 active and 22 pending for $2M and less so 1.7:1. We are 4:1 up here by the same measure (20 active:80 pendings). Despite the numbers being larger, its far more inventory constrained up here. For comparison Carmel valley is 8 active:22 pendings. Its a powder keg up here at the moment
October 1, 2021 at 8:51 AM #823303flyer
ParticipantWhen we look at our portfolio, here and elsewhere, it’s clear that some areas seem to have a greater demand than others–most, for obvious reasons. Although many areas seem to be doing very well, it’s clear that the run up is becoming more and more niche.
Although Schiller is still warning of a crash, which I don’t espouse, we don’t plan on selling anything (the kids won’t let us:) it’s fun to watch, and great for the rental/leasing business. Cycles come and go, but you can weather most any real estate storm as long as you plan well from the beginning.
October 5, 2021 at 5:26 PM #823326ParticipantNew listings 19 – usually a few decent weeks and then by late Oct the big annual drop off
New Pendings of 28 – demand keeps chugging along
Thats -9
Closed sales at 24 –
Price reductions at 7
Total houses for sale 59 with median of $2.5M.
One thing I see quite a bit more of is old beach area properties hitting the marketing that have been owned for many decades. Prices are so high now some oldtimers are cashing out at a rate I havent seen the last 20 years. Interesting to watch and some really good parcels of land changing hands
10% appreciation seems in the bag this year and most are predicting closer to 20%
October 5, 2021 at 11:15 PM #823335sdduuuude
ParticipantThis is all nice and all – but Rich makes charts for us. 🙂
October 6, 2021 at 9:10 AM #823336Participant[quote=sdduuuude]This is all nice and all – but Rich makes charts for us. :)[/quote]
I’ve got the raw data and it’s linked to graphs. I’m just not so good at posting them 🙂
October 6, 2021 at 10:15 AM #823337ParticipantFulvia house just closed 70% above the 2019 new purchase price
October 8, 2021 at 10:00 AM #823348Anonymous
Guest>>Stopped by broker open house around the corner today. Was talking to agent. House was listed yesterday. Already has 7 showings booked for Saturday that are all cash buyers. Bay Area.
She got 15 offers.
October 8, 2021 at 11:19 AM #823350Participant[quote=Jim the Realtor]>>Stopped by broker open house around the corner today. Was talking to agent. House was listed yesterday. Already has 7 showings booked for Saturday that are all cash buyers. Bay Area.
She got 15 offers.[/quote]
No surprise. There should have been two houses built on that lot. Its perfect for adding an ADU or more. Its crazy here! Im starting to plan mine. If I build what I hoping to, it would be a house that could sell for around $1M itself if it was on its own parcel. The value of land here is insane
October 9, 2021 at 9:48 AM #823352ParticipantReally interested to see what that house ends up going for as it is really the perfect lot to add an ADU and there’s a very good chance the buyer is looking at it that way. Would help to get an idea as to what someone would value a lot like that over and above what the house alone would sell for.
In case anyone is interested this is the house in question
https://www.zillow.com/homedetails/2878-Avenida-Cereza-Carlsbad-CA-92009/59308886_zpid/
October 13, 2021 at 2:49 PM #823357ParticipantNew listings 14 – big annual drop off is aorund the corner
New Pendings of 22 – demand keeps chugging along but few things to buy
Thats -8
Closed sales at 23 – still seeing things close 6 figures over asking but fewer of them than during peak frenzy a few months ago
Price reductions at 2
Total houses for sale 49 with median of $2.65M
This time last year there was 99 for sale. Inventory is half what it was. Keep packing the powder the keg
October 19, 2021 at 3:27 PM #823395ParticipantNew listings 15
New Pendings of 19 – less and less to buy
Thats -4
Closed sales at 31 –
Price reductions at 2
Total houses for sale 49 with median of $2.4M
Almost sleepy time
October 22, 2021 at 3:39 PM #823415Participant[quote=sdrealtor]Really interested to see what that house ends up going for as it is really the perfect lot to add an ADU and there’s a very good chance the buyer is looking at it that way. Would help to get an idea as to what someone would value a lot like that over and above what the house alone would sell for.
In case anyone is interested this is the house in question
https://www.zillow.com/homedetails/2878-Avenida-Cereza-Carlsbad-CA-92009/59308886_zpid/%5B/quote%5D
House in question just closed for $2M. Just wow
October 22, 2021 at 4:35 PM #823416XBoxBoy
Participant[quote=sdrealtor]
House in question just closed for $2M. Just wow[/quote]
More than double what it sold for in 2017! And $305k more than asking. I guess someone really wanted that house!
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