Forum Replies Created
-
AuthorPosts
-
sdrealtor
ParticipantPhoenix -9%,
Vegas -6%,
Boise -14%
Austin -16%
Nashville -2% but inventory skyrocketing
and of course Saint George -16%
ParticipantYet you conveniently ignore my numbers showing falling prices and rising inventory in SG relative to SD by a large margin. SH shows down 16% yoy while SD is only 3%
If you look at the data for places you mentioned it is turning down. There are already signs of trouble in Phoenix, Vegas, Boise, Nashville and Austin relative to here. But I guess you only like the data that fits your skewed version of the world.
ParticipantSpeaking of ritzy neighborhoods, let me make a wild guess. Brio is a ritzy neighborhood for Saint George isn’t it! That would explain why your neighbors are former Californians and why you have such a biased perspective of where people came from. Take that same straw poll in a less ritzy part of SG and I’d wager there are a lot less former Coastal Californians
ParticipantWalk on. There’s probably even more you don’t know about
ParticipantJust the same there is also future appreciation potential. Lots of moving parts there
ParticipantGotcha on the unemployment but that rhetoric about things being the same in 08 are not really true. The university has grown incredibly. Almost double what it was. Major tech companies have a presence here in a way they didn’t back then. The medical center has expanded greatly. WFH is now a major force. There is now a trolley that opened less than 2 years ago. So much has changed so fast here.
ParticipantBy way of comparision
Carlsbad
115,000 residents
91 houses for sale (minimum 3/2)
Saint George
100, 000 residents
437 houses for sale (minimum 3/2)
Which do you think looks stronger?
Participanthttps://www.redfin.com/city/16751/UT/St-George/housing-market
https://www.redfin.com/city/16904/CA/San-Diego/housing-market
Our market seems to be holding up much better
The best part is at the bottom where you can click on “Where people are moving from” and “Where people are moving to”. People are moving here from the other top tier cities in America. The folks that couldn’t cut it here are moving to second, third and fourth tier cities in the South and Northwest.
Sadly this data isnt available for Saint George. But if you check Salt Lake, Ogden and Vegas one of the top destinations is SG. Your population growth is really coming from those places not here
Participantlets limit this to SD as talking about CA is like talking about 10 states not one with its massive size and population. SD is doing great. I drive around and all I see are massive cranes and construction projects going on in key places. Our economy is thriving and growing in leaps and bounds in the industries of today and tomorrow. Unlike Saint George our job growth is not simply building homes. Most of the good spots here are near or completely built out.
When they build something like this ( https://www.sheahomes.com/new-homes/california/san-diego-area/encinitas/fox-point-farms/ ) around here they have several thousand people on a list hoping to buy one of 250 homes. My neighborhood of roughly 1000 homes should have had 15 to 20 closed sales the first 4 months of this year and we’ve had 4. People are staying put and countywide new listings are running around 50% of last year which was already a very low number.
Its expensive here and affordability is an issue as it is everywhere in the country including SG. There are a lot less buyers here and everywhere. But here there are even less sellers. Hopefully values will stagnate for several years . I expect most of any correction ahead to be the erosion of real values over time with little nominal downside in sight. Places like Saint George wont fare so well
The people moving out are like a loudmouth neighbor of mine. He has been telling me how much money he has for the last two decades. He complains about CA the same ways as you. He just sold the house he paid $500K for about $2.5M. He’ll be passing your direction on his way to the northwest. I saw him last week packing for his move. I laughed in his face because he was packing everything himself and loading up a U-Haul. I said arent you a little old for that? Suddenly his tune changed and he said Im not rich like you. I said where did all the money go bigshot? Of course Ive known for years he’s been raiding the equity on his house to finance the lifestyle he never really could afford. I checked and he owed about $2M on it. I sure hope he has several hundred thousand to pay the taxable capital gains tax on that puppy. I expect he’ll inflate his tax basis with improvements he never made on the house to avoid paying what he owes
The people coming in are like my other neighbors that replaced another guy like him 2 years ago. Nice well educated, down to earth humble couple with great jobs from an even higher cost area. Poor pretenders out. Real deal quality people in. Lather rinse repeat
ParticipantIm gonna address this on a micro level.
MM is in the shadows of one of the top research universities in the world, the medical center of one of the largest cities in the US, down the street from QCOM and every major tech companies SD office, the US militaries tech center and a few large bases, a major life sciences research core and perhaps the nicest city in America to reside. And more. A lot more. How could you be at a loss? Dont be such a Debbie Downer
ParticipantI’m sensing a more introspective EP here. Nice to see and hope all is going well.
FWIW, last month I had a negative electric bill with solar, my gas bill was $35 and my water bill was $60 for a 5BR house on an 11,000 sq ft lot. I can go for nice hike 5 minutes away and see snow capped mountains AND the ocean from the same spot. With the return of Sunny weather Downtown all over SD including Carlsbad, Encinitas, Solana Beach and Del Mar have been buzzing with activities, street fairs and cultural events everywhere. Jimmy Buffet played the new Snapdragon Stadium. All the things people were complaining about in January political, SDGE, the drought and otherwise have gone by the wayside as San Diegans are back to doing what they do best. Living life to its fullest and enjoying our World Class City.
ParticipantNew 16 (22) – Ok we got the Spring bump in listings this week.
Pending 23 (27) – not many but now we have some decent inventory for next week
Thats -7
Closed 15 (192)
Total houses on the market 54 (54) with a median of 2.24M (2.2M). Two years ago there were 59 on the market with a median around $1.95M.
Looks like there are some buyers out there and expect that to continue.
Im gonna say next week the headline will be that was then and this is now.
Last year up this way, we got a bunch of new listings and few pendings in the week ahead. It was when things really changed. Inventory shot up a lot. Dont expect that to happen this year. that was then and this is now
ParticipantNew listings 4 (7) –
New Pendings of 4 (11)
Thats 0
Closed sales at 3 (5)
Total houses for sale 12 (19) with median of $999k ($999K). There were 11 on the market 2 years ago with a 849K median.
Heading into the time of year where things started freezing up with interest rate surge last year.
Inventory now well below last year and expect that to persist this year
ParticipantDidn’t know him personally IRL but always thoughtful and respectful of others here as well as a valuable contributor for many years. I’m sure his family will miss him dearly which is the greatest measure of a man. He was younger than me:( RIP Allan
-
AuthorPosts
