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limkotir
Participant[quote=an][quote=deadzone]Who’s talking about NAIL? You don’t own any so what do you care. But pretty sure AN is in the Red on his Nail calls if he even bought it.
Meanwhile NFLX is now down 25% after hours. Cratering would be putting it mildly. Not going to be a good day tomorrow in the markets.[/quote]
Nope, still have both NAIL and NFLX 2024 calls. I’ll probably sell in a year and a half. NAIL calls are up and NFLX calls will be down tomorrow. Expecting my NFLX calls to be down about 40% tomorrow. You win some and you lose some. But they’re all paper win/loss until I sell. That’s what you told me, right?[/quote]My condolences on your NFLX 2024 call options. Isn’t the theta decay on those options pretty insane, as even if the stock does not move up or down to your in-the-money strike prices? Options are great fun, but I have to have very strong conviction in what I am buying or selling.
ParticipantNot familiar with bay area neighborhoods or market dynamics, but fully recognize Sunnyvale is a city that houses many tech companies.
Seems like the K-12 public schools this house is zoned to is ok, whereas MM has high achieving schools, but definitely not close to the nearby tech money influence.
Two questions: are public schools in the bay area in MM-like / -esque neighborhoods are typically like this per GreatSchools, mostly with 6s to 8s ratings, and 2) is it true many upper middle class families, by bay area standards, just end up going the private school route?
ParticipantNew high SFH price for 92126 is in – $1.61m
https://www.redfin.com/CA/San-Diego/7785-Norcanyon-Way-92126/home/4557024
Participantdupe post
Participantdupe post
ParticipantOh wow, thanks for the insight.
Judging by the participants’ Nextdoor neighborhoods they are indexed to, folks complaining are in zip 92130 Carmel Valley, but with folks chiming in from Mira Mesa and the even more affluent beach communities.
For CV, I suspect it gets that extra oomph of demand due to the upper middle class families that try to push their kids into the best schools as possible, especially among certain groups of minorities from the other side of the globe. Truth to be told, I think most “starting” families aren’t in position looking at CV as their SFH these days at current price point and 5% interest rate for 30Y fixed loan, for that, join the rest of us and look in 92126, 92123, and south bay and way northern county zips that are still closer to the $1M range!! It’s a feasting frenzy.
On a side note, few replies ago, we were talking about that gorgeous Carlsbad home 5 houses away from power lines. Take a look at the below SFH in CV, powerlines are behind the backyard (50 feet away from property line?) — Redfin calculated if this home is sold for $2M, the monthly payment at 5% 30Y fixed mortgage, HOA, insurance and Prop Taxes (I used 1.09%) is around a cool ~$10,500 a month.
https://www.redfin.com/CA/San-Diego/11244-Laurelcrest-Dr-92130/home/22651174
But will it sell for $2M, over and under? Place your bets!!!
Participant[quote=matt]I own a rental on this street in La costa oaks. At the end of the street are power lines. Yet this one sold for 3.1m (700k over asking). Insane.
This home is around 500 feet away from the power lines, so I think it wouldn’t affect its value too much; although some buyers may pause and back off. Insane large lot size!!
Having said that, in a much more normal market, all other variables being equal, how much would an exact house close to the power lines (say within 100 feet) be worth less, versus one that is not? 5%? 10%? 20%
Zillow and Redfin do not seem to “discount” the power line factor too much, so does that mean there will be less buyers / offers instead? Aka, just takes more time to sell that type of home.
Participant[quote=sdrealtor]I’ve been saying this was gonna happen for a year. Now media is recognizing it also. Higher rates will hurt as much as help
https://finance.yahoo.com/news/mortgage-rate-trap-housing-market-203108693.html%5B/quote%5D
Prop 13 in the form and name of historical low 30-year fixed mortgage rate — for those that are benefitting from it, perhaps even more profoundly impactful, since it’s likely their biggest overhead cost, mortgage, is FIXED for the next 28-30 years.
ParticipantOn the positive side, there is a flood of new listings in several of the “starter” home communities this week — saw couple listings in person myself in MM, still good amount of foot traffic, but I suspect a few of the listings on the lower end of price spectrum to go into pending status come this Tuesday / Wednesday.
Of course, with 30Y fixed mortgage above 5%, sales volume could start to taper off, maybe.
Participant[quote=an]I can’t believe we’re talking about $1m+ as a median in MM.[/quote]
I think the listing data is left skewed distribution due to what’s being listed, and the sample size is tiny, but if we looked at SFH for the last 50 sales, I think we may be still be under that $1m median midpoint magical mark, but it won’t hold much longer if the current trend keeps up.
Participanthttps://www.redfin.com/CA/San-Diego/7852-Tampico-Ct-92126/home/4570382
The above beauty went into pending…in normal times, would have been a decent first time buyer and courageous DIYer purchase. If I had to bet, a cash offer with no contingences probably took it into pending status.
I am guess it will sell for $825K, any over and under calls?
Participant[quote=sdrealtor]You might get in under but some will defintely go well over $2M when all is said and done. They are building a modern day country club community in the middle of the SD tech center. Brilliant![/quote]
https://www.lennar.com/new-homes/california/san-diego/san-diego/3-roots/alta
Alta’s exterior modern style, may attract those younger and tech driven buyers.
Judging by the pictures on the developers sites, out of the 10 communities in 3Roots (4 townhouses, 1 bungalow, 1 condo, 1 villa, 3 single family homes), it appears only 3 communities have a driveaway, and probably nobody has curb front parking (just a guess).
I read many buyers and prospective buyers are already complaining about the parking situation in 3Roots, are looking for refuge across Camino Santa Fe where Quidel is located, which that company may take heartburns against during M-F wordays.
Participant[quote=an]https://www.redfin.com/CA/San-Diego/10484-Flanders-Pl-92126/home/6398700
Closed at $1.51m, $310k above asking.[/quote]
Oh wow. Looking at the pictures, the home is remodeled tastefully, located in a cal-de-sac, and 1-min walk next to the new elementary school and park (both important to starting families).
I guess for first time buyers, start look at condos or townhouses to get exposed to the local market — even homes in undesirable locations are being snapped up like hotcakes in this market, was hoping folks would leave those for first SFH buyers.
Which brings me to ask another question to those who are much experienced with the SD market. All things being equal, how much less should a Single Family House (SFH) be, each valued independently, versus a SFH which does not carry those unchangeable characteristics:
1) Next or close to a freeway (noise issue)
2) Located on a double yellow line neighborhood (traffic issue)
3) Zero lot line, red colored curb, in front of the house (no parking in front of the house)
4) No driveway (gotta use your garage for parking your car, lose storage use for garage)I understand each person would value the above characteristic very differently based on their needs, just looking for some directional / general guidance.
Participant8576 Andromeda Rd
https://www.coldwellbankerhomes.com/ca/san-diego/8576-andromeda-rd/pid_45743569/
(Contains the old pic of the house)
Sold for $750K on 2/10/2022https://www.redfin.com/CA/San-Diego/8576-Andromeda-Rd-92126/home/4527421
(Contains the new flip job pics)
Will list for $1.374m this Sat (~40 days later) with a flip job. Probably will sell around that price.This is what people are battling in older neighborhoods such as MM.
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