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sdrealtor.
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October 13, 2020 at 10:54 AM #819912October 13, 2020 at 2:56 PM #819915
sdrealtor
ParticipantGotcha those CCR’s will make it nicer for owners. Waters End is a nice spot and I dont see much downside to holding onto something there. If I owned one Id furnish it really nicely and look to rent it out to people who are remodelling homes or dealing with insurance repairs where they get reimbursed for temporary housing. They tend to have nice big budgets and love the opportunity to spend a few months by the beach. Should be able to get $7 to 8K a month easy that way maybe more doing 2 to 6 month rentals.
October 13, 2020 at 3:50 PM #819916gzz
ParticipantI feel a sense of calmness being very close to the ocean. I don’t even go to the beach much anymore, but the sense of calmness and contentedness is worth a premium.
Seeing people walk by on the sidewalk excited to be headed to the beach is also nice.
Speaking of 17,000sq ft lots, there was a lot in the residential section of Newport Ave to the east of Ebers street that was 17,500sq ft, and it sold for $4.7 million!
It has a commanding ocean view and a great location, walking distance to Newport’s business district, but two blocks of quiet SFH area as a buffer.
Still, that price is quite high compared to other sales.
October 14, 2020 at 1:12 PM #819919ParticipantUpdate time. Reporting of umbers still a little glitchy but getting better.
New listings 37 thats more! keep it coming
New Pendings of 36 buyers still very active.
Closed sales at 27 which may be reporting issue but lower and maybe due to closings clustering more toward month ends
Price reductions up to 13. Virtually all at high end of 1.5 or higher so nothing for most buyers
Total houses for sale up to 99. Still very thin below and just over $1M
Ran into a nice La Costa Twin home last week with a client. Was priced at 750K. Per comps its shouldnt have gone much higher. It went much highher with a bunch of offers
October 20, 2020 at 8:29 PM #819957ParticipantUpdate time. Reporting of umbers still a little glitchy but getting better.
New listings 45 thats more and a good sign! keep it coming
New Pendings of 44 buyers still very active and more inventory easily consumed by raging market.
Closed sales at 24 which feels low and may be reporting issue we’ll see
Price reductions only 4. Why bother, someone will buy it
Total houses for sale up to 110. Still very thin below and just over $1M. Median listing price is 1.65M
Client ran into 17 offers on a nice townhome in the area. Last sale was 675K but this one was nicer location, 6 months later and very nicely remodelled. Only 6 were countered of the 17 including us. 3 of those 6 were all cash. We offered 50K+ over with no loan or appraisal contingency, short inspection window and a free month rent back to seller. We werent gonna make it easy on the other buyers. Still didnt get it.
October 27, 2020 at 2:04 PM #820009ParticipantUpdate time. Reporting of numbers finally seems to have gotten reliable. That makes this all even more astounding. Just a note to people watching the market. Other markets may not be this crazy.
New listings 22 thats a big drop which is what we expect to happen as we head into the holiday season but not good news for buyers here.
New Pendings of 48! More than double the new listings and a -26! Easily the biggest inventory loss of the year at -26
Thats astounding in the face of limited inventory and a number we saw exceeded only during Summer peak. The buyers arent slowing down yet which bodes for a strong Spring ahead if it continues.
Closed sales at 37 so those high pending counts we have been seeing are showing up now.
Price reductions only 5. Why bother, someone will buy it
Total houses for sale back down to 92. Only 4 below $1m and Im confident 3 of those are negotiating with multple offers. Median listing price is 1.725M up from 1.65M last week
October 27, 2020 at 4:09 PM #820014ParticipantIt’s frustrating to see so few sellers price aggressively above 2019/early 2020 prices, or reduce too quickly after listing.
It is nice to see the “upper middle” end of the local market be the strongest segment for once. Also nice to see SD outperforming LA/SF/Seattle. We’re really a relative deal compared to, say, 2015.
October 27, 2020 at 6:17 PM #820015ParticipantThey are pricing agressively up here. In my hood prices are $100 to 150K higher than this time last year. We are catching up with CV
November 3, 2020 at 10:51 AM #820092ParticipantSDR: I spoke too soon. Just got a bunch of high but reasonable new listings in 92107.
November 3, 2020 at 1:46 PM #820093Participant[quote=gzz]SDR: I spoke too soon. Just got a bunch of high but reasonable new listings in 92107.[/quote] It takes some time for the new comps to close. Until they do they generally price near existing comps and let the market take prices where it may. Once new comps from bidding wars close the new bar is set
November 4, 2020 at 10:11 AM #820095ParticipantElection Update time. ran numbers yesterday and more of the same.
New listings 19 thats a small drop which is what we expect to happen as we head into the holiday season but not good news for buyers here.
New Pendings of 27! Lowest since May as there just isnt much out there to buy. It was overdue to drop but still a -8.
Closed sales at 32 in loine with expectations based upon sales activity.
Price reductions up to 8. If you havent sold you are too high
Total houses for sale still 92. All 4 of those sub $1m homes sold from last week. Median listing price is 1.695M. Just bouncing around but the real take on this is Holy Cow how did we get here?
Oh and good news for clients of mine. After battling through 15 -20 offers on a bunch of properties they got one. We only offered on the best properties learning a long way what it would take to win. We know what the closing prices will be like in the coming weeks on the homes we missed out on which is critical in a market like this. We let lots of other buyers get their orders filled on inferior properties. They got what looks like a good one that could be home for 10 to 20 years if they want it to be. Happy for them:)
November 10, 2020 at 8:03 PM #820232ParticipantJoe time Update. This week looked like last week
New listings 19 less coming on as we head towards holidays.
New Pendings of 30. Limited choices but buyers still rattling the cages. It was a drop of -11.
Closed sales at 34 in line with expectations based upon sales activity.
Price reductions up to 12. Lower it now or wait until after the holidays to sell.
Total houses for sale down to 86. Median listing price is 1.68M.
November 17, 2020 at 4:35 PM #820267ParticipantUpdate time and first new look in a LONG time
New listings 28 and a reversal in the recent trend.
New Pendings of 20. Limited choices and holidays upon us so no surprise there but…
Thats a plus 8 for the week which is significant in that we have not seen a positive # (besides a couple +1 weeks) since May. Im not gonna call it enough to read much into it but if things do change this would be the frist sign if that.
Closed sales at 37 in line with expectations based upon sales activity.
Price reductions up to 12. Lower it now or wait until after the holidays to sell.
Total houses for sale back up to 101
November 25, 2020 at 12:09 PM #820288ParticipantUpdate time. Ran the numbers yesterday and we are back to the old trend.
New listings 16 – looks like sellers are starting to shut it down for the holidays
New Pendings of 35 – but buyers sure as heck are not!
Thats a minus 19 for the week. We are back to declining inventory and last week looks like an anomaly.
Closed sales at 34 in line with expectations based upon sales activity.
Price reductions up to 8. All ticket stuff
Total houses for sale back down to 86 with median of nearly $1.8M. Only the really expensive stuff is left
December 2, 2020 at 11:29 AM #820296ParticipantUpdate time. Ran the numbers yesterday and we are back to the old trend.
New listings 10 – sellers really shutting it down for the holidays
New Pendings of 27 – but buyers sure as heck are not!
Thats a -17 for the week.
Closed sales at 34 in line with expectations based upon sales activity.
Price reductions down to 3. Still all high ticket stuff
Total houses for sale back down to 84 with median of $1.825M.
Anecdotally another model match for my house just closed. My model hasnt had many sales over the years but there were 2 this past Summer almost 10% higher than last year. Then a 3rd came on and just closed another 5% higher and all cash. A 4th just listed with a range starting at the level of the 2 sales this Summer with the top 5% above the most recent one. Its in a worse location, with inferior lot and upgrades to the others. If it sells in that range that would be nuts but I guess thats where we are at. It seems like prices up here are almost even with CV now
And in positive holiday news. Client in escrow on a great property in Encinitas after losing out on several others in bidding wars. Its got great access to beach area and he’s thrilled. I wrote a personal letter to seller on this one that hit all the right notes. We met them and she said it had her in tears. Sometimes these things are about more than just money. Happy Holidays everyone!
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