- This topic has 827 replies, 38 voices, and was last updated 5 months, 3 weeks ago by
sdrealtor.
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September 12, 2020 at 6:10 PM #819631September 13, 2020 at 9:15 AM #819638
profhoff
ParticipantWe did, sdrealtor! We finally did. But I will say it took a lot of preparation. It also helped to have four years of experience looking and losing out on offers to snag the perfect one when it finally hit.
September 13, 2020 at 9:20 AM #819639ParticipantI also think you are right, sdrealtor, that as the masses come and discover the unique charms of Encinitas, they’ll buy what they can afford to buy to grab a little piece of the magic.
The I-5 won’t have the same connotation to them that it does to locals and I think the “wrong side of the tracks” perception will largely fade away.
Also agree that the “barefoot luxury” the new Alila Marea Beach Resort represents will be a real game changer for Leucadia, in particular.
https://www.alilahotels.com/about-alila/upcoming-developments/alila-marea
September 14, 2020 at 3:16 PM #819657sdrealtor
Participant[quote=profhoff]I also think you are right, sdrealtor, that as the masses come and discover the unique charms of Encinitas, they’ll buy what they can afford to buy to grab a little piece of the magic.
The I-5 won’t have the same connotation to them that it does to locals and I think the “wrong side of the tracks” perception will largely fade away.
Also agree that the “barefoot luxury” the new Alila Marea Beach Resort represents will be a real game changer for Leucadia, in particular.
https://www.alilahotels.com/about-alila/upcoming-developments/alila-marea%5B/quote%5D
We are on the same page. It’s not just Encinitas. The NCC from Del Mar through Carlsbad is all very special and in this same trajectory IMO. That new resort will attract Hollywood elite, pro athletes, corporate execs and billionaires will be guests at this place with their families. SD is a world class destination and this resort will represent the single best beach resort here. I think it’s gonna be a home run for the area despite local old time opposition. It’s funny that the Sea Bluffe folks view it as a threat. It could triple their property values over the next twenty years if not sooner
Congrats on your new home and glad to hear your heels are dug in
September 15, 2020 at 5:20 PM #819664ParticipantUpdate time. Im starting to think all of SD cant possibly be like here. Here’s the latest
New listings 24 back down and seems about average for this time of year.
New Pendings of 35 so the buyers still very active. Its gotta be real tough to be a buyer out there shaking one’s head! Pendings were 11 higher than new listings. There seems to be no end to the demand
Closed sales at 40 were highest of the year. Here’s something astounding I found when reviewing them. 25 closed at or above asking price with most of those above asking. That means unfilled orders and more upward pressure on prices.
Back up with 13 price reductions.
Total houses for sale down to 85. Just a note here as to the reason why inventory doesnt drop as much as the gap between new and pending listings. Each week a bunch of properties come back on the market for a variety of reasons. It can be a buyer that cancelled, a seller that pulled their home of the market to do upgrades or take a break or any number of reasons. Its good to look at the inventory number but I think the gap between new and pending listings is more indicative of market conditions.
September 21, 2020 at 12:18 PM #819736ParticipantJust a heads up. I’ll do an update tomorrow but it will likely be a mess. They switched MLS platform and we had to access to update it since noon on Wednesday. It just re-opened but I think there will be some lag and glitches so data could be wacky this week and possibly next week as local realtors play catch up. Should be back to normal in a couple weeks
September 22, 2020 at 1:35 PM #819764ParticipantNo update the transition is too glitchy and I cant get the data Ive been running. if I search for all new listings the last 7 days I get every listing in history of the database as they have all been added to the database in the last few days. We can get back to normal reporting next week.
Until then I’ll report active SFR inventory at 93 which is up from last week but still subject to the new system.
There were 6 brand new listings entered here in last 2 days but only 3 marked pending. The whole transition has thrown us all for a loop so not much value in the last week of data anyway. Best to consider it all no change this this week
September 30, 2020 at 11:39 AM #819794ParticipantI wouldnt read anything into listing activity. Its been a mess the last week and we should see some catch up. You may see a surge of listings this week due to that. Id call it a trend if it keeps going for a couple weeks. I couldnt even log in yesterday. MLS transition to new platform is still struggling to get it right. Sorry no update this week. Not that Id put credence in it but I could not even pull it yesterday.
October 6, 2020 at 12:39 PM #819862ParticipantGoing to try to get this rolling again. the transition to the new platform has been very glitchy and I dont completely trust the data yet but we are close
New listings 31 and we need more. A lot more
New Pendings of 34 so the buyers still very active. We really need to fill more orders the next couple months before we get to the Spring surge in demand
Closed sales at 36 and the number for September were way up over last year. Like 40% + up for September
Price reductions down to 8. Virtually not happening unless someone shot way too high
Total houses for sale down to 90.
Just a note to how crazy it is. I ran into a fixer in MM priced just under $500K. Should have been priced at $550K and it went well over that. It had over 70 offers! Im sure a lot were flipper/investors but that is an insane number. Even if 50 were investors that is a ton of unfilled orders out there.
October 9, 2020 at 9:04 AM #819879Escoguy
Participant70 offers! wow, I feel like mine was easy with 10
Even if I (we) don’t respond to these updates, it is actually very helpful you do them. Not that I’m planning any major actions other than the one I have under contract.
But am thinking of looking at condos closer to the coast in not too distant future.
🙂
October 9, 2020 at 4:41 PM #819885ParticipantMy pleasure. The idea that there are 70 people even ready to jump gives us an idea of the depth of the demand. I think we are pretty darn solid on the downside. Upside is hard to predict but dont feel like there’s a lot of downside risk out there right now
This one might be even more shocking to me. Its in my hood. These were the lowest quality homes in the least expensive section of the community, house is just meh upgraded inside for the community and its got big powerlines behind it.
But its got a 17,000 sq ft lot with lots of grass and a pool which apparently is a huge draw. Was listed for $1.25M and closed for $1.38M. Oh and there were 18 offers from people willing to live with all that for a big yard with pool.
Gotta sign off and start digging in back!
https://www.zillow.com/homes/2146-Corte-Moral-Carlsbad,-CA,-92009_rb/16712058_zpid/?
October 11, 2020 at 1:56 PM #819890Participantsdrealtor, what’s your sense of the tight SFH homes in the gated communities near the beach in c’bad off Poinsettia? The houses aren’t massive, the backyards are postage stamp tiny, but it’s west of the 5 and a few minutes walk from the beach.
October 12, 2020 at 1:23 PM #819902Andrew32
Participantprofhoff – are looking to purchase to live or as an investment property?
I’ve been eyeing 92011 to buy in the next few months (currently renting in PQ) and one concern that is keeping me from seriously considering coastal neighborhoods like Waters End is the # of a vacation rentals I see on Airbnb/VBRO. Right now, there are 5+ in Waters End alone.
for me at least, i feel like that will take away from the community aspect of buying into a neighborhood (presumably for good schools + families).
October 12, 2020 at 2:50 PM #819905Participant[quote=profhoff]sdrealtor, what’s your sense of the tight SFH homes in the gated communities near the beach in c’bad off Poinsettia? The houses aren’t massive, the backyards are postage stamp tiny, but it’s west of the 5 and a few minutes walk from the beach.[/quote]
I think you mentioned you are off to Encinitas/Leucadia so thinking you have one there wondering what to do with. Id hold onto it. I think those will do just fine as there arent any new sfr’s coming in that area again on any scale.
The area will see some more commercial development over time but who knows how long that will take. It will be hotly contested by local government and held to high standards to preserve what is a spectacular spot. The new hotel will bring high end travellers some of whom will look to return to longer term accomodations. Its all upside there IMO
It is in the coastal zone so the AirBnB’s that Andrew would decry as a homeowner are possible. Wouldnt be surprised to see them hit 4 to 5K a week in the next decade.
October 12, 2020 at 2:52 PM #819906Participant[quote=Andrew32]profhoff – are looking to purchase to live or as an investment property?
I’ve been eyeing 92011 to buy in the next few months (currently renting in PQ) and one concern that is keeping me from seriously considering coastal neighborhoods like Waters End is the # of a vacation rentals I see on Airbnb/VBRO. Right now, there are 5+ in Waters End alone.
for me at least, i feel like that will take away from the community aspect of buying into a neighborhood (presumably for good schools + families).[/quote]
Id stick to the east side of the 5 if buying for a family as a long term residence. Living that close to the beach comes with lots of things most dont consider until they get there. You really have to want to live by the beach and use it almost daily for it to make sense IMO. Ive been around here for 30 years selling real estate most of that time so I think I have a good sense of things.
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