[sdrealtor]

[quote=EconProf]sdr, thanks for making my point. Working from home means people are choosing to live away from the big cities and are moving into exurban areas, or entirely different states. Thus the move out of CA to neighboring states while keeping their job and “checking in” at the home office weekly or monthly.
Your comment that people moving “says nothing about politics”…? For many people,it might be fully explained by politics of the two areas.
Here in St. George are two trends that prove that. Direct flights from LA to little St. George were recently introduced to accommodate such workers. Housing developments near our airport are exploding. And if they spend 51% of their days here, they escape CA taxes. Second, many Californians have second homes here, and due to the COVID lockdowns in CA are spending more of their time in Utah where our schools and universities stayed largely open. Enrollment in the local university during COVID jumped about 10% while CA universities went to useless distance “learning”.[/quote]

St George is over 300 miles from salt lake city and is in the middle of nowhere. It has no industry to speak of, a college that is more comparable to a community college here than a research university and a population significantly smaller than Carlsbad. A few hundred or even thousand people going there isn’t even a rounding error vis a vis the CA population. CA still is the Golden State and more wealth is created in SD County than the entire state of Utah. SD companies received more venture funding this quarter then the entire State of Utah does for a full year. That won’t change. You’ll dominate the bingo halls

[sdrealtor]

[quote=EconProf]sdr, one additional point. You often accuse me of ungratefully criticizing SD, the place where I made my money. When I came to San Diego and invested there, it was indeed the golden state: two-party government, reasonable taxes and regulations, good schools, etc. Now I’m supposed to feel guilty because I see better opportunities elsewhere? I fully appreciate the advantages of San Diego, especially for the uber-rich. But for an increasing number of people, the exodus from CA is real, and I expect it will eventually happen in San Diego, which, as you have pointed out, is benefiting from people fleeing the LA and Bay area.[/quote]

Straw man. Never said you should feel guilty about leaving.

CA gave you what you have. No need to throw it under the bus.

Be grateful for what this wonderful state gave you. Respect the greatness it represents. Better opportunities? lol! Go and enjoy your life with your family.

[sdrealtor]

My friend has been there many years. Spent a bunch of years traveling the world on a bike after college and living in youth hostels. Came back to Philly, saw no youth hostels and opened one. Operated it for several years and married one of his international guest travelers. Sold it. He lived a very scaredylike life

[sdrealtor]

[quote=svelte][quote=Coronita]
My other engineer from San Diego (young person) decided to not renew his SD lease and wants to try working out of his RV that will be going across the country for the remainder of the year. I called him the “Nomadic Software Engineer”… lol.
[/quote]

I’ve watched many, many of those young nomads in an RV clips on YouTube. Most of them bail after awhile. While it looks appealing, it wears on people after awhile. I give it a year, perhaps two, and the nomad will be looking to set up permanent camp.[/quote]

Isn’t that the point? Finding where you want to set up camp after trying out everywhere?

[sdrealtor]

Was out on broker caravan today in my hood. Struck up a conversation with a buyer looking at the house. Moving down from Silicon Valley with family. He is also bringing his Fintech company and his employees. And he is hiring. I asked him why not move to Utah or Idaho? He laughed. I laughed.

[sdrealtor]

It simply means two things. One work from home now allows people to live anywhere rather than being tied to a physical location and says nothing about politics. Two you won’t let an opportunity pass to kick the place that provided you everything you’ve got on the way out.

BTW, when you look at rents in previously unlovable places with little rent demand and small populations a small increase in demand can have an outsized impacts on the stats.

Rent going from $500 to $600 is 20%. Rent going from $3000 to $3500 is less than 20% but a case isn’t hard to make its a hotter better rental market

And SD / Orange County population dwarves the combined population of Utah, Idaho and Montana combined

[sdrealtor]

Short answer. Because it always does. Longer answer. People love to buy real estate. Around here real estate goes up very quickly but comes down very slowly. It typically takes a year or two of a prolonged downturn to have any real impact on real estate prices. There are still multiple buyers for any home, no large scale construction and more buyers entering the market all the time. I don’t think we’ll see the kind of increases we saw the last year happening but it will still be a strong competitive market next Spring. Any real change will take much longer to come

[sdrealtor]

Update time.

New listings 25 – average listing counts as expected

New Pendings of 25 – back into balance

Thats a flat for the week. Getting back into balance.

Closed sales at 30 –

Price reductions at 11. Greedy folks pushing the market got cut off at the knees

Total houses for sale 77 with median of $1.95M

Virtually every home sells above asking. Its as if the list price is a reserve price now. Just saw a house listed at $7.9M close. It went for $8M. Thats over asking. Multiple buyers across all price ranges for the good ones.

The fun continues

Footnote. As home sales are recorded and buyer names public record I contniue researching where they are moving from. The big dollar sales continue to come mostly from elsewhere especially up north

[sdrealtor]

Update time. Back on schedule

New listings 10 –

New Pendings of 8 –

Thats +2 change

Closed sales at 11

Price reductions at 1.

Current inventory at 25 with median price of $855K.

Slow inventory build continues. Market still very strong but more orderly. Very stable here

[sdrealtor]

Ive seen that happen countless times since the mid 90’s. To some degree it is my life story also

[sdrealtor]

I know that location. Those are nice big oversized lots

[sdrealtor]

[quote=gzz]3/22/2007 Sold $405,000 (-14.3%) $298/sqft

Now zestimated $850k.

Had to bump because of comment two above this one.[/quote]

The passage of time is very powerful. Places change over time….sometimes a lot. Where I live in NCC does not resemble where I moved to 25 years ago. It is a very different place here now. When I moved to my current home my neighbors were school teachers, park rangers, firemen etc. They could never hope to buy here now. Now my new neighbors are engineers, execs and business owners. The transformation has been stunning and picked up its pace in a big way the last couple years. MM is on that track now also. Its best days are ahead

[sdrealtor]

I remember debating with a permabear here who left long ago about this parcel. He was convinced he was gonna buy it for $500k when all hell broke loose and I laughed at him.

https://goo.gl/maps/nFyPvo1LDyCBvW9u7

Part of it was developed into 9 new homes a few years ago. IIRC they started around $2m each. One recently resold close to $4m

[sdrealtor]

Are Bingo Halls air conditioned? Asking for a friend

[sdrealtor]

[quote=barnaby33]

your potential loss opportunity, just like every other lost opportunity for being a perma skeptic.

There’s the asshole! Way to go FLU. I was simply questioning what you’d posted and you went all ad-hominem.
Josh[/quote]

In work as in life, investing and real estate there are those who take the ultra conservative route. Some take it one place but not other places. Those that take it everywhere live extremely self limiting lives. Not everyone chooses that path and while neither side is wrong they shouldn’t be so myopic as to believe there aren’t other better routes in life they are simply too uncomfortable to pursue

[Author]

Posts