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sdrealtor
ParticipantId try to find one with a good amount of experience particularly in markets like this. Many realtors are struggling to survive and would sell their mom down the river to collect a commission check. Try to find someone who is not in that position.
ParticipantAgree with both and I’d add that I would try to do it asap. With the pent up demand we are likely to see prices increasing this Spring. I know a few spots that fit your general criteria that are ripe to appreciate 10%. The benefit of buying early this year is assuming prices continue as they seem certain to do your 10 to 15% down payment will be 20% or more equity later this year. That will allow you to refi into a fully conventional prime loan without PMI or an adjustable 2nd subject to rising rates.
ParticipantPreseason begins
New listings 6 – half we listed last year and taken off before holidays
New Pendings of 12 –
Thats -6
Closed sales at 18 –
Price reductions at 0 –
Total houses for sale 18 with median of $2.77M.
Still early but Im looking to see how much higher sellers are willing to test the market. TBD
ParticipantPreseason begins
New listings 1
New Pendings of 1
Closed sales at 2 –
Price reductions at 0.
Current inventory at 2
Zillow owned home still shows active but they dont update status. The Open Door home sold. Probate sale just came on at attractive price. needs work but nice house, location, lot and view so will get plenty of attention quickly
ParticipantLast one of the year as of Tuesday
New listings 2 – mostly tenant occupied or prior rental
New Pendings of 5 –
Thats -3
Closed sales at 6 –
Price reductions at 0 –
Total houses for sale 18 with median of $2.9M.
We end the year with the shelves empty. Everything on the market is well over $3M or if less than that horribly overpriced. Even so I just rechecked and we are down to 14 with median of $3.25M. Looking forward to a fresh start to see what next year brings but dont expect much relief. By mid Jan we should start seeing things trickling on
ParticipantLast of the year
New listings 1
New Pendings of 2
Closed sales at 3 –
Price reductions at 0.
Current inventory at 2
The 2 for sale are owned by Zillow and Open Door who usually collect offers for a couple weeks before selling. I saw the one owned by OD when it was on the market before they took best offer to OD and got better net proceeds. OD painted interior and replaced carpet then put back on market for 70K more than they paid. I can see they did not replace any of the rotting fascia boards or rafter tails in their photos. House is still a mess but will sell quickly too
ParticipantAbsolutely the answer is to do the math. 10 years ago I bought a condo in North Park and sold it five years later for 3x what I paid. At the time it was worth paying long term capital gains as it allowed me to wipe out all my debt except my 1st mortgage on my primary. For me that was life changing. Had I held it now it is about 4.5x what I originally paid. It would also be generating almost $20k actual income which would be more than a 20% income stream return. Would I like to have that today and on into retirement? Sure but looking back it was and still is the right decision to have made. I paid off a large HELOC I still have with a zero balance that I’ve used a few times to capitalize on great investments that have returned even more. I’ll likely use it next to build an ADU for myself that will allow me to convert my primary into a massive cash flow generator. Do the math, apply it to your own circumstances and make the best decision you can for yourself and your family
Participant[quote=yipla]Yes, that’s right I can’t take cap gains on Clairemont. What’s are good reasons for holding long term? Long term is not work-free… Rents commanded are not a ton more than my mortgage and maintenance costs. In fact, I don’t think I’ve yet broken even with the maintenance I had to do in the years I’ve rented it out. Perhaps those deferred maintenance issues are done now, and I won’t have as many large expenses anymore. If I sell, even without cap gains exclusion benefits, I would still cash out a decent chunk and could just dump it into the stock market. Maybe I’ll wait and see if Build Back Better actually passes and kills step-up in basis at death. Or maybe I just hold until these times of massive appreciation stop/slow.
I agree on UC. Plus our neighbor there is a real thorn.[/quote]
You are missing three things in CM.
1 You are paying down principal
2 It is appreciating
3 Rents are rising but your mortage and taxes are basically fixedAs for UC the opportunity to walk with a few hundred K tax free is potentially life changing as you can pay off/down your current debts, improve current home, fund retirement or college for kids so that would be mighty tempting for me. One thing I agree with is that bad neighbors evenutally move. After 17 years I got rid of a lousy one last Summer. Now I have new neighbors I love who have very young children. They will likely stay as long as Im above ground. This place Im planning to leave as a generational asset
ParticipantThis post reminds me of what my friends and I referred to as the due factor when we were betting on football. A team that lost or won a few in a row was over due to do the opposite. We all lost a lot of money betting on the due factor
ParticipantSo did you move out of Clairemont in 17? If so you can’t take tax free capital gains on it. I’d think about holding it longer term. If you just moved out of UC place I’d give it another year, if you don’t sell it then revisit two years after you moved out to decide if worth taking cap gains 2 out of 5 years exclusion while still available. Was that clear ?
ParticipantNew listings 5 – mostly tenant occupied or prior rental
New Pendings of 16 –
Thats -11
Closed sales at 11 –
Price reductions at 0 –
Total houses for sale 24 with median of $2.512M.
Another very large market albeit mostly a luxury market now. These 3 zips are home to nearly 140K residents. This time last year there were 54. Most of what is left on the market is very high end $3M+ or has some issue making the sale difficult if not impossible. Virtually nothing for sale here either
ParticipantNew listings 4
New Pendings of 5
Closed sales at 12 –
Price reductions at 0.
Current inventory at 3 at median of 935K
The market stragglers with challenging situations have now been cleansed from the market. Homes like that tend to come back ont he market at a higher rate but for now they are in escrow. The 3 on the market are very saleable and will go soon. They are likely negotiating offers now.
This is not a tiny niche market like OB, it is home to almost 90K residents and there are virtually no homes for sale. Astounding
ParticipantNext time try Lotus of Siam for Thai food. Its off the strip and very very good. Nice to drink a dry or semi dry german reisling with dinner. Goes well with the food and very low alcohol
ParticipantI hated that book in high school
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