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August 29, 2021 at 3:25 PM in reply to: Retirement Planning: Reducing Return Target and Risk? #823047
sdrealtor
ParticipantIts pending
ParticipantLol funny sitting in the middle of the family room. House needs more than a simple polectomy
ParticipantI’ll look but those were always kinda wonky floor plans
ParticipantNew listings 19 – slow but steady flow though seems skewed to high end
New Pendings of 31 – demand keeps chugging along
Thats -13!
Closed sales at 28 –
Price reductions at 4 – If you shot to high with your initial asking price its obvious now
Total houses for sale 68 with median of $1.995M.
It just struck me that a median around $2M means that half the houses on the market are listed for $2M+. Thats crazy town. Lowest priced SFR is now $1.1M. While we could see sub $1M sales on some homes the market under $1M is essentially gone now
Still seeing price records fall though frenzy has slowed. Stopped by an open in my hood last week and it was very busy with nearly all potential buyers from up north.
If you told me that SD County could increase 20% next year I d say no way. If you told me that NCC would Id say, sure seems possible. So much money seems to flowing in here.
Still too early to check in on the long market time escrows to see if price came to them or they lowered expectations.
ParticipantNew listings 8 –
New Pendings of 9 –
Thats -1 change
Closed sales at 12.
Price reductions at 1. There are more which should be reduced.
Current inventory at 26 with median price of $867K.
Just humming along here. Inventory building slightly due to some that need to but dont reduce. Prices in the 800’s completely normalized. Seeing more sales of $1M every week for the bigger nicer homes. Prices have settled down and stabilized at least for now
ParticipantLast 4 closed sales in the hood. Two from Bay Area, One from LA and one from OC. The great migration South continues
Participant[quote=The-Shoveler]IMO What is happening in Carlsbad is spreading north and east very quickly.
Oceanside coastal area is almost completely unrecognizable from a few years earlier.[/quote]So the Vista Village area has upgraded and gotten kinda hip the last few years with craft breweries and restaurants. But neighborhoods nearby still are what they are. That project is very bold move
ParticipantA couple weeks ago was driving back through Vista in an area that’s history is rough as a borderline hood gang area. Saw this big new modern apartment complex just being finished. They have balls to do this there but it could jump start gentrification there. Market forces at work
ParticipantWhere will Carmen San Diego live?
Participant[quote=carlsbadworker]So what explains all these?
1. The number of occupied U.S. rental-apartment units jumped by about half a million in the second quarter, the biggest annual increase in data going back to 1993, according to industry consultant RealPage Inc. Occupancy last month hit a new high of 96.9%.
2. Eviction bans also are playing a role in keeping the market tight, because about 6% of tenants are normally forced to vacate each year.
3. Renters now crowding the market have higher salaries, in part, because many of them, in normal times, would be buying homes instead. The average income for new lease signers in July hit a record of $69,252, according to RealPage, which captured data for professionally managed buildings. Year-to-date, their incomes shot up 7.5%.
4. Nicolle Crim, vice president of Watson Property Management’s Central Florida division, says she wished she had more to offer. But the for-sale market is so strong that owners are selling for big profits. As a result, Watson now manages about 4,000 single-family home rentals for individual owners, down by a third since the pandemic began, she said.All these points to there’re less supplies for rental (landlord selling, eviction ban), which drives up the occupancy and qualified income to rent.
So all the suppliers go to new home ownership, despite record price increase? Then why would the article says “Renters now crowding the market have higher salaries, in part, because many of them, in normal times, would be buying homes instead.” How come we suddenly have so many eligible home buyers?
https://www.census.gov/housing/hvs/files/currenthvspress.pdf%5B/quote%5D
Record low interest rates are driving that
ParticipantSorry for delay, just back from quick getaway.
New listings 17 – among the lowest counts this year
New Pendings of 28 – butr demand keeps chugging along
Thats -11!
Closed sales at 25 –
Price reductions at 6 – If you shot to high with your initial asking price its obvious now
Total houses for sale 64 with median of $1.965M.
Noticed a bunch of homes that had been on market a while going into escrow. Sometimes the only thing that will get sellers to the price price is sitting on the market for a bit.
This has been a market this year where most homes sell in the first week +/- a few days. In the last 10 days, 36 homes sold that had been on the market for 10 days or more which is an amazing market clearning development. These sellers either adjusted expectations or the market came up to meet them. Even the 1 story on Fulvia went pending this week. Im gonna follow these to see if they took less than asking or the market came up to meet their price. Will know in 4 to 6 weeks and will post results.
Inventory dropped way down
ParticipantSorry for delay. Just got back from annual old friends trip back to Jersey Shore.
New listings 10 –
New Pendings of 9 –
Thats +1 change
Closed sales at 13.
Price reductions at 1. There are more which should be reduced.
Current inventory at 22 with median price of $875K.
Very stable here and inventory is only building slightly due to a few sellers overshooting on list prices
Participant[quote=svelte][quote=gzz]It is kind of jarring to see a new development of close-in detached 2-floor suburban homes street full of cookie cutter modernish houses. Driving home and driving through three streets of these?
https://www.live3roots.com/homes/brio
It looks like something you’d see in the hollywood hills, but it will be in a symmetric row of dozens.
[/quote]
They are getting ready to do a similar development in San Marcos in the area called North City. It looks a bit claustrophobic to me, but then a lot of new developments do. Guess I’m not the target demographic so doesn’t really matter.
Times they are a-changin’.[/quote]
Drove past that a week or so ago and holy cow. Lots of earth being moved around there. That university is rapidly expanding and the area will benefit from that on top of everythingalready there
ParticipantThe city needs to build more housing. They only have one choice. Its just a matter of when, where and what
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