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profhoff
ParticipantThey are getting more brazen. This one was bought last spring. Buyer did nothing. Now they want hundreds of thousands more for the opportunity. No plans, no permits, n o nothing.
ParticipantHere’s another one. Paid $1.2m less than a year ago. Pay these guys around $600k more for the privilege of getting plans that aren’t approved yet!
http://www.sdlookup.com/MLS-170024645-1265_Rubenstein_Cardiff_CA_92007ParticipantForeign cash is killing the comps.
ParticipantIt seems one argument against high prices reflecting a bubble is if buyers are owners as opposed to speculators, investors, etc. So just the other day I was talking to a colleague who lives in Del Mar and he told me that in the past few weeks two buyers came in and paid stupid money priced in cash for nearby houses. One was from Taiwan and one was from Brazil and neither are going to be owner occupiers.
This surprised me because we know this is happening with real estate in NY, SF, Orange County, parts of LA, but I didn’t realize it was happening here in the village of Del Mar.
So, that helps to explain the crazy increases in list price and adds to fears that normal people are being priced out. I can’t compete with foreign cash.
ParticipantNice post. I’m just trying to make sense of the market. Prices don’t seem tied to fundamentals. Not to middle income wage increases, not to high income investment returns. I don’t get it.
I currently own a home in NCCSD SW C’bad, but would like to live closer to friends and colleagues which means SB, DM area. Good luck with that.
I think we’re priced out. 🙁
ParticipantHere’s another one.
FSBO, gotta love that, significantly above a MODEL MATCH comp that sold a few months ago. Model match was completely redone. That was a helluva deal at $1.4m ha ha.
Here’s a FSBO that while lot is as large as the comp, and view is just as nice, it’s not as good because it’s not nearly as private and it needs to be renovated and repaired from a lot of deferred maintenance (leaky roof, leaky windows, etc). Plus, the giant ficus is a hazard and will have to go.
ParticipantTake a look at this example:
Closed August 2015 after several price chops and now, less than a year later, back on the market at a hefty increase.
I saw this place several times last year. Opening up the floor plan was a good idea, but it was a flipper crazy town of bad decisions.
Well staged and looks good in the pictures but had a lot of issues that I think would significantly affect livability, not to mention expenses down the road.
Anyway, here it is again, with the same listing pictures as last time and the same listing agent, but with a much higher price:
http://www.zillow.com/homedetails/14105-Recuerdo-Dr-Del-Mar-CA-92014/16764650_zpid/This seems scary to me.
ParticipantThis one just closed. I saw this one. It was unlivable as is, and in fact so bad, the seller had plans for a really nice house you could put in its place to help you envision the dream.
It had nice ocean views from the front rooms, as many on the “Riviera” in Del Mar do, since they are angled up and down the hilly street.
Closed for $1.736m. And you are talking gut renovation:
http://www.sdlookup.com/MLS-160016135-2205_La_Amatista_Del_Mar_CA_92014ParticipantHere are two good examples. I’ve gone back and looked at the history of these and even found the photos and in some cases videos of what they looked like at each sale, plus I’ve seen the current versions in person.
My sense is that sellers want the maximum gain for upgrades they didn’t do! That seems crazy. OTOH, if prices have gone up and that’s the market, then they’ve gone up. I’m just trying to figure out how much.
http://www.sdlookup.com/MLS-160022709-14722_Caminito_Puntas_Arenas_Del_Mar_CA_92014
http://www.sdlookup.com/MLS-160026733-14121_Recuerdo_Del_Mar_CA_92014
ParticipantYeah, flu, the Qualcomm price correction everyone waited for…
Yet, in SF, rents are going down and there is definitely talk of a bubble. VC money is tight and the housing blogs suggest price increases in real estate are already starting to slow down…
In LA, rents are going down, too.
And incomes certainly aren’t going up fast enough to keep pace.
So there are some definite clouds on the horizon in California!
My own theory is that there are a lot of aging boomers in NCCSD and there is no reason for them to leave. Plus, there are a lot of boomers on the younger end moving in – maybe buying that retirement place ahead of time so they can lock in the tax base now instead of 5-10-15 years from now, not to mention crazy low interest rates where jumbo is less than conventional and pretty close to 3% – and that’s putting pressure on inventory and pushing prices up.
But how high can it go? And as prices keep going up, are there really enough people with that much money?
ParticipantSeems unlikely they know where he is. The LAPD is offering a million dollar reward now that they admit the manhunt has failed:
http://www.guardian.co.uk/world/2013/feb/10/christopher-dorner-authorities-reward
http://www.reuters.com/article/2013/02/10/us-usa-california-cop-idUSBRE9160SM20130210
ParticipantSee the link above.
ParticipantMy vote is Chinese maternity “hotel” with the tables set up
for study of English, etc.Law enforcement recently shut one down in Chino Hills.
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