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sdrealtor
ParticipantChange comes much slower than people expect but it picks up inertia once it gets going and 3Roots will be the start of a big shift IMO.
I moved to Encinitas in 1997 and it was a pretty sleepy place back then. There was only one restaurant (The Roadhouse) that we could go out and have a nice sit down meal at 9 PM. That all started to change (albeit slowly) shortly thereafter with the arrival of communities like La Costa valley and Encinitas Ranch.
I started in real estate about 20 years ago. At the time I looked around at where I lived and saw everything in place for a momumental change. My friends and colleagues would laugh when I would say we have some bumps ahead but long term this place will become the Newport Beach of SD. I dont think there is any doubt any more that is where we are headed.
When I look at MM I see everything in place for a monumental change there also. Not a beach community but Irvine/Costa Mesa is the future of MM IMO
Participant[quote=jmw]Will 3Roots have any impact on pricing in “old” Mira Mesa?
My thoughts are, no. There are 14k people on the waitlist. People who don’t get in to 3Roots won’t have old Mira Mesa as their backup plan. Also, I don’t see a mass exodus from old Mira Mesa, to new Mira Mesa because why pay more in property tax and HOA.[/quote]
Did San Elijo Hills have any impact on San Marcos,? Did La Costa Valley change South Carlsbad? Did Encinitas Ranch change Encinitas? Did Eastlake change Chula Vista? Did 4S change Rancho Bernardo? You’ll be proven wrong. Won’t happen immediately but give me ten years. Will take any and all bets.
July 2, 2021 at 5:39 PM in reply to: Surgalign Spine Technologies picks socialist heckhole San Diego over capitalist utopias Texas/Utah for new corporate HQ #822376ParticipantBingo!
July 2, 2021 at 8:03 AM in reply to: Surgalign Spine Technologies picks socialist heckhole San Diego over capitalist utopias Texas/Utah for new corporate HQ #822371ParticipantN15
Bingo
July 1, 2021 at 10:48 PM in reply to: Surgalign Spine Technologies picks socialist heckhole San Diego over capitalist utopias Texas/Utah for new corporate HQ #822368ParticipantHey don’t give St George a hard time. They have plenty of large employers like the school system, the hospital system, the government, WalMart, Target, Costco, Red Lobster, Olive Garden, Wendys and Subway.
https://www.growsga.com/washington-county-major-employers-2/
ParticipantJust giving you the business 😉
Participant[quote=barnaby33]Just got a HELOC from third federal as well. The rate floats daily with Prime though, so borrower beware!
Josh[/quote]No loan mod?
Participant[quote=barnaby33]Just got a HELOC from third federal as well. The rate floats daily with Prime though, so borrower beware!
Josh[/quote]No loan mod?
ParticipantUpdate time. Market easing up here also
New listings 7 – falling
New Pendings of 6 – pendings falling
Thats +1 change
Closed sales at 15
Price reductions at 1.
Current inventory at 20 with median price of $850K.
Inventory starting to build. Prices stabilizing here also.
Wait until 3 Roots starts selling homes with people fighting to pay above $1M. Im bullish on MM over longterm. Gonna take 5 to 10 years for real impact to set in but I only see better days ahead for this once humble area
ParticipantUpdate time. market is hitting seasonal slowdown. Its a little better for buyer but not really. Instead of battling with 10 to 20 strong buyers you now battle with 3 to 5 strong buyers on the good ones. Peak frenzy is past and sellers who push too hard are more likely to sit. For now I expect prices to hold but the big gains are past for the rest of the year IMO.
New listings 24 – the big surge was last week right after school let out. Should return back to average listing counts
New Pendings of 34 – less competition but still plenty of demand for well priced nice homes
Thats a -10 for the week. Back to negative numbers.
Closed sales at 31 – The eye popping closings will continue rolling in for another few weeks but peak appreciation should be in the past for this year. Prices should roughly hold but in a couple months everyone will normalize to them it will no longer be such a novelty
Price reductions at 3
Total houses for sale 68 with median of $1.973M
Inventory level pretty flat but should start building slowly the next 2 or 3 months. Im hoping for a less frenetic but orderly market the next few months up here.
We now have two sales in the hood of $2M or more. I never would have predicted that. Those homeowners will be paying as much in taxes each year as I pay for principal, interest, taxes and insurance. Easily the best thing ive done in my life was buying a house here and holding on for the ride.
DVR alert! Tonight on Househunters on HGTV at 7 pm the episode will be based upon house a bought here in the hood. It was purchased in early January and is now looking like a great deal. Easily worth another $300 to 400K and maybe more.
ParticipantAs they say hindsight is 20/20 and we all have different goals. Investing for appreciation (Ex. sfr) is different than investing for cash flow (Ex. small condos). Esco got more appreciation but relatively less cash flow with his purchases. Hard to argue against either. You both won
ParticipantAn existing structure even if it’s a tear down is a huge benefit as the utility services are all on site already, school fees have been paid and it’s been graded at least partially.
ParticipantI have heard that $300 figure over and over for ADU custom construction. If you built a lot more there should be some economies of scale but Id use that for a single small house of say 1200 to 1600 sq ft. There are lots of fixed costs so the smaller you build the higher the cost per sq ft.
High end custom finishes are actually very expensive. Cheap imports from China have lowered the cost of stone and cabinets that have a high end look for not much more. Higher end finishes could easily add another $100K+ to the cost of something once you start dealing with custom cabinetry, high end flooring, appliances, lighting and plumbing fixtures etc. But I guess it all comes down to what one considers high end.
Participant[quote=trex]Yes but…. the S&P 500 returned 17,316% over the same 40 years when dividends were reinvested, with no tenant issues, weekend calls, or any of that…[/quote]
Leverage and preferential tax treatment
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