[sdrealtor]

Nicely done and a great example of the power of time and leverage. Over time those rents will rise and cash flow will improve dramatically over time. That ROE should only get better and better

[sdrealtor]

Yup found that right after i closed mine. I’ve got a family member I sent to them. Hers is closing this week. Took about 60-75 days. Got a $50k HELOC just to have for peace of mind

[sdrealtor]

[quote=svelte][quote=sdrealtor]Bunch of old condos that were old when I was in high school.[/quote]

Well Champlain South wasn’t old when you were in HS.

Champlain South was built in 1982.

Let’s say you’re 40. You were in high school 1994-98. Champlain South was 12-16 years old at that time.[/quote]

Class of 81! I was speaking to the general area. They are always adding and rebuilding but the core of that area is old school condos.

Note, my friends uncle sold the old Sea Patio motel years ago and its now an orthodox synagogue.

[sdrealtor]

N32!

[sdrealtor]

[quote=svelte][quote=scaredyclassic]

What’s the point of earning a lot of money if you have to live in a crap location.[/quote]

Doesn’t have to be a crap location, you can probably get a condo in Surfside, FL pretty cheap about now.[/quote]

It was never very expensive. The uncle of my best friend growing up owned a small motel two blocks north from where that building was. We spent a month there senior year in high school and a few other times. I know that area very well. Bunch of old condos that were old when I was in high school.

[sdrealtor]

[quote=gzz]“ also prompted the high-earners to pick low-cost, low-tax areas ”

Citation needed.

You do sound increasingly bitter and engaging in confirmation bias reasoning to justify your decisions.[/quote]

incredibly so

[sdrealtor]

The irony is all the terms he cites driving people here are even more a factor where he went and far more likely to dissipate there than here

These things take far longer than even the most pessimistic economist would predict and as they say in the long run we are all dead. He’ll never see any of what he’s predicting

[sdrealtor]

First $2M sale closed in my hood and another should be right behind it. Thats something I never predicted. When I bought my house 22 years ago, I figured when my youngest graduated high school it would be nice if it got close to $1M and here we are far beyond that. Just bonkers

[sdrealtor]

Yet another example of someone who made money in CA they could never had made anywhere else taking that money and running. But rather than be grateful he is using the opportunity to make pissy political swips. Take your money, live and enjoy your life elsewhere and those of here will continue to reap the rewards you left behind and dont seem to appreciate.

[sdrealtor]

1. Minimal if even measureable
2. None
3. Continued growth driven in large part to the increasing size, reputation, growth and excellence of UCSD and the Biotech/Tech core al;ready in place. Always bumps on the road but only rising long term. This is an incredible City/MSA and will only continue to prosper.

[sdrealtor]

Crypto Baby! Nothing but losses for me! Im down $148.

[sdrealtor]

Update time. Last weeks numbers I lost were on trend but starting to see a seasonal trend finally appear. Peak market here is always Feb through May but sellers think its in June. We typically get a surge in new listings once school lets out and the buyer pool has already thinned as people start vacationing and shifting to summer fun.

New listings 30 – here come the late listers

New Pendings of 25 – a little less demand as buyer attention starts shifting elsewhere so no surprise

Thats a +5 for the week. First time weve seen more new listings then pendings since mid Feb.

Closed sales at 24 –

Price reductions at 3

Total houses for sale 69 with median of $1.795M.

Something to watch next several weeks. More sellers come out after school is out and buyer demand tends to drop this time of year due to the season. Inventory has and will build a little. There will be more entry to mid range homes available than we have had in a while. Will that get buyers to come back into the game? I’ll be watching

As an aside I checked last 10 sales in my hood. Average down payment is 57%.

[sdrealtor]

Update time. I remember looking at numbers last week before I lost them and thinking no change. Ran numbers yesterday and trend remains.

New listings 9 – back down to earth

New Pendings of 11 – lots of pendings

Thats -2 change

Closed sales at 7

Price reductions at 0.

Current inventory at 18 with median price of $825K.

Slight increase in inventory but nothing of note

[sdrealtor]

[quote=gzz]Early Summer 2021: more new “upper middle” to high end places:

1. Dona’s Mexican restaurant is great, reminds me of high-end hipster foodie places in Mexico proper. They just get everything right, and are much better than Nati’s (which they replaced) in food and general environment.

2. Breakfast Republic – high end breakfast isn’t my thing, but family and friends report good things. Really nice decor. I liked the old tenant better, called Warehouse, but they never caught on.

3. Holding Co – A stunning third floor roof deck about a 90 second walk from the sand. The food is good too.

4. Dirty Birds – More of a restaurant and less of a bar than the PB location, good food and service and somewhat less crowded than other places.

5. Mad Muncheez – Gourmet grilled cheese place. Too heavy for me to go regularly, but I tried them once and it was great. This trend started in SF so I include this as gentrification even though their prices are pretty low. Cute story as well, a young couple started with farmer’s market stands and saved up for years to get a real location.

6. Blue Water Grill – Ocean-front outdoor patio seating and giant fresh-caught grilled fish tacos, as well as raw fish to cook at home. I have been here 20+ times and it is always very good.

7. Ocean Beach Meat Co. – A full service butcher shop in a large gun-renovated spot on Newport. Have a look online: https://www.obmeatco.com/

8. It’s Raw – The most authentic poke place I have been to, and I go to a lot of places. Actual Hawaiians own and operate it. They keep it simple with only four meats, raw tuna and salmon, cooked pork and shrimp.[/quote]

So much for 50% of businesses being gone in a year. Im hearing restaurant openings are booming all over

[sdrealtor]

[quote=deadzone][quote=sdrealtor][quote=gzz]”Ive seen no evidence of groups holding them as rentals”

This giant private equity SFH landlord has some properties in SD City. None are currently for rent, but you can see they have 20+ for rent the greater LA and IE area.

https://www.invitationhomes.com/

The SD one I saw earlier on their website I think was in San Carlos.[/quote]

I would not be surprised if they owned some but if they do they are only a handful. I know more than a handful of individuals that own over 20 homes in SD. Heck Flyer may himself. But again Ive seen no evidence they own them which tells me they are not having any measurerable impact here

There are no homes owned under the Invitation Name int he tax records so if they do they are under other names. if you can provide address of san Carlos home that would help me to do some more sleuthing. I checked Blackrock and there is a Blackrock LLC that owns 17 properties though nearly all are vacant land in Valley Center or escondido[/quote]

It doesn’t matter how many properties they own. The real effect is if they are actively bidding on properties which raises prices.[/quote]

Again Ive seen no evidence of that or heard about that around here. I know and talk to many big producing agents and have yet to hear one say they got an offer like that. They own hundreds in Riverside County. Nearly all are in lower end working class communities. Not seeing any evidence they have any impact here though. If gzz can get me that address in san carlos I can do more sleuthing

You poke me for bringing anecdotes and then are trying do the same. get proof, real data

[Author]

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