Follow Ups

Let’s follow up on some of the featured homes for sale!

Laker Joe listed a 1,271sf house in east Oceanside for $800,000, and he received 25 offers! Four of them went over $900,000, and it closed for $950,000!

Why is it so hot in Oceanside? It’s because the last time a regular house sold for less than a million dollars between La Jolla and Carlsbad was late 2022!

The Encinitas attached home on Vulcan across the street from the train tracks is closing today for $1,870,000 ($71,000 over list).

The decked-out house near Aviara that listed for $3,195,000 had dropped their price to $2,995,000 after three weeks. It sold for full price eight days later!

The La Costa Oaks house that backed to the six-lane RSF Road sold for full price, $2,250,000:

The newer and very nice one-story in Alta Del Mar in CV sold for full price, $4,750,000:

The one-story on 1.3 acres in Del Mar Mesa sold for $5,800,000, just $50,000 under the list price:

Kelly’s listing of a Cardiff attached home with big view closed for $165,000 over list:

San Diego Case-Shiller Index, March

The San Diego Case-Shiller Index is at an all-time high, and it’s 75% higher than it was in November, 2005 which was the peak before the GFC (this blog began in September, 2005).

San Diego Case-Shiller Index, Non-Seasonally Adjusted

“This month’s report boasts another all-time high,” says Brian D. Luke of S&P Dow Jones Indices. “We’ve witnessed records repeatedly break in both stock and housing markets over the past year.”

“San Diego stands out with an impressive 11.1% annual gain, followed closely by New York, Cleveland, and Los Angeles, indicating a strong demand for urban markets,” he said.

Prices grew slightly faster in San Francisco and Seattle than in San Diego in March, but those cities’ real estate markets has fallen further, and San Diego remains far ahead over the past 12 months.

NCAA Golf At La Costa

Big time golf has made its way back to La Costa! The individual and team golf formats create a longer tournament that still has two days to go!

The 2024 NCAA DI men’s golf championship began with selections on Wednesday, May 1. Regionals, which kicked off on May 13, concluded on May 15, and determined the 156 participants advancing to the championship round. The championship finals are underway and take place from May 24-29 at Omni La Costa Resort & Spa in Carlsbad, California.

On Day 4 of the finals, Georgia Tech’s Hiroshi Tai won the individual championship after starting the day three strokes back.

La Costa has a storied past and after $70-million dollars worth of improvements, it will host the NCAA men and women championships for 2-3 years and perhaps become their permanent home!

https://www.golfdigest.com/story/omni-la-costa-resort-redesign-gil-hanse-ncaa-championships

Monaco

Tired of all the taxation? Move to Monaco!

Monaco is home to nearly half of all Formula 1 drivers:

• Lewis Hamilton
• Max Verstappen
• Charles Leclerc
• Lando Norris
• George Russell
• Valtteri Bottas
• Sergio Perez
• Nico Hulkenberg
• Alex Albon

This is primarily because of three reasons.

Taxes: Monaco has no income tax, no wealth tax, no local tax, no property tax, and no capital gains tax.

Privacy: There are 12,000 millionaires living in Monaco — 1/3 of the entire population — so F1 drivers don’t have to deal with crazy fans. And with the government requiring written permission for all professional photography, there are also fewer paparazzi.

Location: The Nice airport is only 15 miles from Monaco, which is especially important because F1 drivers will travel over 75,000 miles this year alone.

And it doesn’t hurt that Monaco’s weather is incredible, and the views are equally spectacular.

https://www.mansionglobal.com/buy/monaco

NSDCC Listings, YTD

NSDCC Listings, Jan 1 – May 15

Can we use statistics to describe the market conditions today?

This chart above helps a little. Even though the number of listings is drastically lower than it used to be, apparently the market has been adjusting – mostly by price!

I mentioned that it seemed like everything is priced $200,000 more than it was last year, and the median list price reflects a similar number. Buyers aren’t taking the full plunge though, and the 85% SP:LP is a sign of normalizing (buyers having more negotiating power).

The frenzy that caused virtually everything to sell is long gone, and we’ll probably be back to having 30% to 40% of the listings not selling. This chart doesn’t show the number of refreshed listings where agents cancel and then re-input right away to “refresh” it – but be on the lookout. We will be seeing more of those this year.

Statistically, the market conditions look fairly healthy. Though different than the recent past!

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