[sdrealtor]

One of my best friends since childhood is selling his place. Youngest just graduated high school. Moving to Florida. His house would be in your wheelhouse

https://nancyjenkins.com/listing/7921-williston-road-williston-vt-05495/

[sdrealtor]

117 degrees in St George today

[sdrealtor]

He has a blog. Back in 2005/6 when I first started looking for places to talk to people about what I perceived to be a bubble it was the first thing I saw. I tried to talk to people intelligently but because I used sdrealtor as my username all they did was attack me and discredit what I was trying to say. Back then they saw what was obvious to everyone but when I tried to get down into the weeds with them about different markets they were doom and gloomers who expected to buy oceanfront homes for $250K at the bottom. I realized it was pointless and went looking again. Thats when i first found this place

[sdrealtor]

[quote=EconProf][quote=sdrealtor]Of course no regrets but stop with the CA bashing. He probably owes everything he has to this great place. Take your money and quit whining[/quote]

Once again sdr, you misinterpret my message. In comparing housing costs, living expenses, quality of government vs. taxes paid in CA vs. the states people are moving toward is, in your words, “California bashing”, I call it bringing facts to the table. Sorry if that offends you.
Based on your Piggington entries, you move in a fairly select group of buyers and sellers of mostly high-end, coastal properties. The wealthy will usually pick a La Jolla over a Scottsdale, but the working class, those with growing families, children they want in school, renters who want their own house and yard, etc., will increasingly learn the facts and make the move.[/quote]

Once again you are wrong. I work all over at all levels.

You made money here you never would have made in any other state. This is the Golden State for a reason. The best and brightest aspire to be here and flock here. The great advances happen here while you are gonna ride out your California winnings playing bingo and doing crossword puzzles. The demise of this great state has been incorrectly predicted fur decades. You economists have accurately predicted 55 of the last 8 recessions. Enjoy your life in quiet Utah with franchise restaurants and no real ethnicity or diversity which is the secret sauce on the world’s prosperity.

The great irony is you just moved to a massive welfare state with little private industry. Look at the top employers where you just moved. Almost all public sector. Far worse than here with the lowest school funding in the country. It’s a good thing you brought California money

G56!

[sdrealtor]

Dr Housing Bubble is a doomer that was mostly wrong. He’s trying to be relevant again. He’s almost as bad as Mark Hanson

[sdrealtor]

Of course no regrets but stop with the CA bashing. He probably owes everything he has to this great place. Take your money and quit whining

[sdrealtor]

He moved for better weather, a nicer bigger home for his family and I think he was also tired of the crowds in NYC and lower taxes. In case you are wondering he doesn’t care about politics only money. I know he hated Trump because his stupid trade wars and tariffs that did not work and cost them millions.

[sdrealtor]

[quote=EconProf][quote=gzz]Metro Dallas prices are up 25% YoY and inventory down 67%.

https://ntreis.net/download/may-2021-monthly-market-indicators/?wpdmdl=8305

While a big outperformance of national prices would feel good, a national boom is more sustainable and lets our prices grow without hurting our competitiveness.

Longer term, I think Prop 13 and the lack of developable land make SD a better investment than places like Dallas and St George. At some point construction parts and labor will get more reasonable and housing prices there will decline to marginal cost + a fairly small location premium.[/quote]

I agree with you that the lack of developable land in San Diego raises prices and rents. Add to that the influx of people from the even worse-run cities in the Bay area and LA, and San Diego prices and rent will benefit. But San Diego is tied to CA, which competes for worst-run state with the likes of New York, Illinois, New Jersey, etc. For years, CA ranks as most business-unfriendly, highest percentage of people in poverty (despite lavish welfare programs), and is tied with NY for highest taxes. Example: We have, by far, the highest gas tax and are tied with Rhode Island for worst roads in the US.
So as the new exodus from CA (Census Bureau) continues, San Diego will always have its ocean, mountains, and weather to benefit real estate investors. But these benefits could be outweighed by other factors. People can vote with their feet.[/quote]

People vote with their lifestyles. Check back in with us after five years of empty staring at the same desolate mountains and landscape

[sdrealtor]

Friend left NYC /brooklyn for Dallas. House was supposed to be ready in February. He moved into his new McMansion two weeks ago.

[sdrealtor]

St George socialism

[sdrealtor]

I pretty much said the same on page one of the thread. I’ve heard these claims for decades. What’s amazing is that the data driven econ prof falls back on anecdotes to bash the state that created his wealth because of his political views after saying from the outset he’s moving to be around family. Such nonsense

[sdrealtor]

Update time. See last weeks narrative. thats what is happening.

New listings 22 – back to average listing counts as expected

New Pendings of 23 – peak frenzy and bidding wars seem to be past. Seeing some homes last more than a week that wouldnt have a month ago

Thats a -1 for the week. Getting back into balance.

Closed sales at 27 –

Price reductions at 6. Starting to see overpriced listings reduce. Some overshot their expectations and could pay for it by getting less with market settling down.

Total houses for sale 74 with median of $1.887M

Inventory building slowly as expected. Market seems to be getting more orderly. Still plenty of buyers but as inventory builds buyers get less motivated hoping for much lower prices. Advice to buyers, be picky for long term homes, could get easier and better in Fall but get something locked up by end of Novemeber. Next Spring could be crazy again

[sdrealtor]

Update time. Ran numbers a day late due to holiday brain fog

New listings 9 –

New Pendings of 9 –

Thats 0 change

Closed sales at 4

Price reductions at 1.

Current inventory at 23 with median price of $850K.

Inventory continuing to build. Prices stabilizing and dont seem to be rising. Could soften a little IMO but not a lot. Market seems to be returning to normal albeit with higher prices

[sdrealtor]

An entity cant take out a mortgage. You have to take it out of the trust for the refi then once it closes you quit claim it back in. It is done every day

[sdrealtor]

Yup, should’ve planned this month’s ago. Gonna have to get lucky

[Author]

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