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sdrealtor
Participant[quote=ncsd760]Logging in to say I’m having the experiences of watching houses I tracked at the bottom of the market resell/list for much higher prices. One of the Centex Plan 2 in La Costa Oaks just listed for 2.7 — sold at the bottom of the market for 766k which was the lowest sale of this floorplan. It’s at the end of the street where Sitio Lima was extended to connect with Arterro. The one that went for 3.1 was a much better lot though this will be a solid ROI as well since they didn’t do anything to the backyard.
The new owners put in nice wood floors and dolled up the kitchen somewhat but the bathroom tiles are all original ceramic with original vanities. The house has some road noise and power line views since the transmission towers are across the street and the landscaping is average.[/quote]
I could be proven wrong but think they are starting too high. Better to start lower and have compettive bidding. This could sit for a bit but what do I know
Participant[quote=Coronita]These will rent like hotcakes to UCSD students.[/quote]
What he said and what I was thinking
Participant[quote=limkotir]https://www.redfin.com/CA/San-Diego/10975-Bali-Ln-92126/home/4568514
https://www.apartmentlist.com/ca/san-diego/10977-bali-lane-studio-a
Per the description of the MLS posting and pictures, and other links I found, looks like this SFH in Mira Mesa has been carved up into 3 units, 10977, 10977-A and -B “apartment” studio units. Is this legal and lawful?[/quote]
If done correctly it is now. You can have an ADU and a JADU in addition to a main house.
Participant[quote=deadzone]I doubt you own NAIL, but if you do, enjoy it while you can. These fast rising interest rates are not good for homebuilders, stock market, housing market, etc.[/quote]
Enjoyed it immensely and sold at the open for a very nice gain. Thx
ParticipantWell its seems for now the winds of change I felt last week were merely a brief Santa Ana condition. Demand came roaring back this week
New listings 14 (16) – way back down likely due to tax season
New Pendings of 24 (39) – bounced back up but well below last year with limited choices. Call it part tax season slow down and part higher prices but we should be seeing 30+ soon as long as we get the inventory. We’ll know soon
Thats -10
Closed sales at 25 –
Total houses for sale 41 (49) with median of $2.625M ($2.1M)
When I look at active inventory its just skewed too much to big high end properties and not enough 3 to 4 BR homes between 1500 and 3000 sq ft. When I take out the beach properties and big lot redevelopment potential listings there are only about 10 so still pretty slim pickings for most.
A lot of them and others are listed at crazy prices pushing the comps which seems to be a recipe to sit. The key is to list at attractive price, gets tons of traffic through and let the buyers sort out market value.
I still think the market has begun shifting but its looking like we should have another 2-3 strong months at the least.
One thing that does stand out to me having gone through all the listings this year. I am seeing some truly special properties change hands. Great homes, great lots, great locations and more that have been owned for decades are turning over at rates Ive not seen before. A lot is due to the fact people that have been here 40 to 50 years are now aging out but damn Ive seen some homes Id love to live in come up which is not the norm. The newcomers are getting some great places albeit at high prices
Participant[quote=deadzone]I doubt you own NAIL, but if you do, enjoy it while you can. These fast rising interest rates are not good for homebuilders, stock market, housing market, etc.[/quote]
Why do you doubt me? I always do what I say and I told you I bought it a while ago. Ill probably take a small profit at some time but who knows? Just fun money
Participant[quote=deadzone][quote=sdrealtor][quote=deadzone][quote=an][quote=Coronita]
But that’s not in the money!!! fake news![/quote]
LoL, yes, I’m no longer in the money. But I’m in the green. Is that good enough?[/quote]NFLX down 20% after hours, most definitely out of the money big time. You can stick a fork in NFLX. Hope you cashed out.[/quote]
While the rest of the market was up massively today. NAIL up over 11% today Though it is nice to see you climb out of the rat hole and provide more fuel for another market rally[/quote]
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]
Hope you have a nice long term lease with a charitable landlord. I hear St George UT is up and coming
And I do own NAIL which is now back in the green nicely
ParticipantAs I hinted yesterday. Any sign of a market slowing vanished this week. I did mention that things are tougher around now to predict as tax season usually mutes things. The next two weeks should give us more info and then May our strongest month most years.
New listings 1 (4) – this week was way down. The week before and during tax deadline usually are but this was really low
New Pendings of 8 (11) – strong week and with tax season past should only get stronger
Closed sales at 7 (5) –
Inventory at 5 with median of 1M. Last year it was 6 with median of 799K.
The market here has been very consistent all year. It showed a slight softness a couple weeks ago but Im gonna call that tax season related. The party typically starts now with more inventory coming in the face of peak demand.
I follow inventory flow around the country. Month over month inventory is growing in almost every city except here. Our new listing count is down the most in the country. I understand the macro-economic headwinds in the country and what this tells me is there is something else going on here. SD is currently and has been the biggest exception nationally
Something like this
Participant[quote=deadzone][quote=an][quote=Coronita]
But that’s not in the money!!! fake news![/quote]
LoL, yes, I’m no longer in the money. But I’m in the green. Is that good enough?[/quote]NFLX down 20% after hours, most definitely out of the money big time. You can stick a fork in NFLX. Hope you cashed out.[/quote]
While the rest of the market was up massively today. NAIL up over 11% today Though it is nice to see you climb out of the rat hole and provide more fuel for another market rally
ParticipantYeah Zillow has the rent estimate on my house at 7500 which just seems too high but what do I know? I haven’t seen a house go up for rent around here in a while
And even if it was that high I don’t think I could charge someone that in good conscience on my house
Participant[quote=an]What’s interesting is, according to Redfin, the rent estimate for that Sunnyvale home is only ~$6k. Houses in Mira Mesa with similar rent estimate from Redfin (trying to keep variables as close to the same as possible) is going for ~$1.3-1.4m.[/quote]
I don’t know about Redfin rent estimates but my neighborhood has rents around $6k now and prices are $2m+ ish
ParticipantRemember last week I said the market looked to be changing? Forget I said that. Update tomorrow
Participant[quote=matt]Yep – he’s definitely in the 3m club. When I bought in 2010 I tried hard to close on a view home in the community but just couldn’t get one of those short sales to close. Ended up buying on Lima for 900k. Has been rented since.[/quote]
I have a friend on your street. Haven’t seen him in years though. Name is Vince
ParticipantSo here’s your comp. I’ve been in both and know em both very well
This one still has 2006 Tuscan decor which is a dated look, lot under 10k but all usable and pretty much nothing in the backyard and no view
The one on your street is actually 8 houses away from power line and pretty much no impact that far. It’s been updated to have current look and even with slope about 15k of lot is flat and usable which is pretty rare in these parts. It has a pool/spa /swim up bar and lots of nice outdoor space. The updating inside and big yard with pool gets you the extra 500kish. Not saying it’s not a crazy price but it’s just how things have been going.
FWIW I have a client at top of neighborhood with big yard, pool, swim up bar and ocean view. He’s been asking and I’ve been saying conservatively he was over $3m. When that one closed I sent it to him and said welcome to $3m club no questions asked anymore
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