North County Coastal monitor

[scaredyclassic]

[quote=sdrealtor]New listings 6 (17) – less coming on market

New Pendings of 19 (14) – but more selling with lower prices

Thats -13

Closed sales at 8 (23)

Total houses for sale 93 (55) with median of $1.85M ($2.5M).

And just like that new listings evaporate again. The bigger surprise though is the big bounce back in pendings! There were tons of buyers out last Spring and many didnt get new homes. Im sure the higher rates have priced out a bunch of folks but not all. Prices are lower now, a lot lower. Im talking as much as 200-400K for some houses and that seems to be getting some folks off the sidelines.

I’ll be watching that and if it continues it will serve as more evidence that there will be enough buyers at new price levels to prevent another big leg down. Im still thinking we should see another 10% next year but also thinking that may very well be it.

On a side note spent a quick weekend back east at a high school reunion which was an amazing experience. Reconnected with lots of childhood friends that are not just incredibly succesful but also still well grounded wonderful kind people. Oh and funny too. Havent laughed so much in a while. No one cared so much what others achieved but rather that we were all generally happy, healthy and here. And then a baseball game with a legendary ending before grabbing a flight home Sunday night. So fortunate[/quote]

Thoughts on downtown condos?

No piles of equity I’m guessing.

Lots of building going on.

Comparable pent up demand?

Seing small declines but where does this settle?

[sdrealtor]

Just saw this. Id have to look into it but Ive always felt the high maintenance fees down there always are a tough sell down there particularly when appreciation isnt in the near term cards

[sdrealtor]

New listings 8 (11) – less coming on market

New Pendings of 13 (23) – but more selling with lower prices

Thats -5

Closed sales at 10 (23)

Total houses for sale 89 (54) with median of $1.829M ($2.375M).

Pendings not as high as last week but still doing OK and eating away at supply. As in MM we’ve had a lot less come on the market the last 5 weeks (50 this year vs 76 last year).

Demand is much lower than last year but new supply is also. Where it all goes will dictate price action next year. Will supply increase a lot come Spring or does the seller’s strike continue? TBD

We are 3 weeks from when discretionary seller’s typically start taking a break for the holidays

[scaredyclassic]

[quote=sdrealtor]Just saw this. Id have to look into it but Ive always felt the high maintenance fees down there always are a tough sell down there particularly when appreciation isnt in the near term cards[/quote]

Are condo maintenance fees really higher than house maintenance fees? They’re irritating, sure,because they’re every month. But I wonder if they’re really more costly than regular home maintenance costs.

[sdrealtor]

I’ve not spent over $1000 a month which is what the nicer buildings run and for a much smaller property.

[scaredyclassic]

yeah but what about as a percentage of the property value, including a pool guy, landscaping, etc.

say a million dollar condo, 12000 a year is about 1.2 percent. Wouldnt one expect to pay at least 1.2 percent on general maintenance on average (not every month, but on average) on a comparable house?

[sdrealtor]

I have historically spent nowhere close to that

[scaredyclassic]

[quote=sdrealtor]I have historically spent nowhere close to that[/quote]

not sure what’s reasonable on a house. The internet says budget anywhere from 1-4% of a houses value for maintenance.

What Do Annual House Maintenance Costs Look Like?

but not sure how that translates to high dollar homes.

But even if it’s the american average of 3-4,000$, add in pool maintenance, and a yard guy, and it’s not that far off a low end condo. Plus, one reroofing could take a long time to recoup ona single house.

I have a feeling we all generally underestimate the true costs of maintenance. 7 k a year sounds like a lot of maintenance, but I doubt most houses average less than 6 longterm

[sdrealtor]

I think that rule of thumb is wrong and it’s important to consider we live in Ritz Carlton of locations for homes. Do heaters and a/c have any easier life than in SD? Yards, home exteriors, roofs?

I’m pretty sue I’ve been well under 6k. My landscaper was $1200/year but fired him 8 years ago and put in drought tolerant for well under $10k that looks much nicer too. Spent $3500 to paint exterior 7 years ago and won’t need to do that again for a long time. New fences were 3k about six years ago and those will last 20+ years. No pool to care for, only HOA of about $1500/yr but that includes pool, gym, tennis, parks and more I use often. I’m sure many of my neighbors spend more by choice but that’s a different matter

[sdrealtor]

New listings 16 (11) – biggest count in 3 months

New Pendings of 12 (21) – about the same its been

Thats +4

Closed sales at 15 (14)

Total houses for sale 93 (48) with median of $1.925M ($2.287M).

Slight increase in inventory and it seems most of its on the high end. One more week of typically flattish inventory and then should start seasonal decline

[The-Shoveler]

My Mothers Condo is a little under 4K a year HOA,

But includes water, insurance (including earthquake and flood), nice Gym, nice golf course, pool, jacuzzi etc…

Never used any of them (except water obviously) LOL

[sdrealtor]

[quote=The-Shoveler]My Mothers Condo is a little under 4K a year HOA,

But includes water, insurance (including earthquake and flood), nice Gym, nice golf course, pool, jacuzzi etc…

Never used any of them (except water obviously) LOL[/quote]

I wouldn’t consider utilities like water, amenities like a pool or insurance to be maintenance. I consider actual repair and replacement of things on the exterior maintenance. Inside there is no difference between a condo or sfr

[The-Shoveler]

Fair point sdr but my point was you get all that + exterior maintenance.

So far we have never had a special assessment (knock on wood) and our HOA is run by retirees so it is very very conservative with regards to expenses.
Everything is well maintained, we just had new roofs and new dual pane windows installed (again no special assessment).

[sdrealtor]

[quote=The-Shoveler]Fair point sdr but my point was you get all that + exterior maintenance.

So far we have never had a special assessment (knock on wood) and our HOA is run by retirees so it is very very conservative with regards to expenses.
Everything is well maintained, we just had new roofs and new dual pane windows installed (again no special assessment).[/quote]

The point Im making is that if you are gonna compare an SFR and a condo it should be on things that are different.

Its good to have a well run HOA. I have a great one also. We basically get private parks and trails, beautiful entry landscaping which follows through out, a gym, a pool/spa/, tennis and country club level clubhouse for $130/month all of which I can walk to and use often. It was $87 in 1998 and the increase is no more than inflation if that. Those are amenties I would pay for elsewhere and not what Id consider maintenance. After 25 years our pool complex needs a refresh. Gonna be over $1M and its all been properly budgeted and reserves built for. No assessment needed

[ncsd760]

Sitio Abeto closed 2.8…same house in Spring heyday would have closed at or above list price I think.

Two things are true, the good ones will always go, and, markets are softer now. Just one I was watching. Interested in Caliente pending at 2.85.

[Author]

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