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Wednesday, September 2nd, 2009 at 9:43 AM

RSF Summer Stats

(Covenant in orange on map, click twice)

Smithers wanted to know more about the whopping 25 detached closings in RSF over the summer.  There was a late-reported #26, but upon further examination one of the 25 was in Cielo, but an Escondido zip and school district, so let’s leave that one out (it was 7,091 sf for $2,175,000).

20% down payment = 2

25% down payment = 1

30%-49% down payment = 6

50%-plus down payment = 3

All-cash purchases = 13 of 25!

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Median sales price is $2,100,000

Average $/sf = $475/sf

DOM = 119

10 of 25 sales UNDER $2,000,000

21 of 25 sales UNDER $3,000,000

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7 sales in the Covenant

7 sales in Fairbanks Ranch

2 sales in RSF Farms

2 sales in Cielo

2 sales in the Bridges

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198 of 353 active listings are OVER $3 million, with list prices averaging $849/sf.

23 sales this year OVER $3 million, with a average of $564/sf. (about 3 sales per month)

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Posted on Wednesday, September 2nd, 2009 at 9:43 AM in Monthly Sales, Monthly Sales Count, Thinking of Buying?, Thinking of Selling? | 18 Comments » | Email Email | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 18 Responses

  1. Jim,
    bit confused…
    Can you clarify, “25 detached closings over the summer” ?…any detail available of specific time frame of “over the summer ?..also do you have stats on grand Total YTD (Jan thru Aug 2009), RSF detached closings?
    Thanks.

    ravinos | September 2nd, 2009 at 10:06 am

  2. Well, only a 69 month supply of 3 million plus homes….

    Daniel | September 2nd, 2009 at 10:07 am

  3. Got it..on checking previous post,(Summer Wrap-Up), “over the summer”, is June 1/August 31.
    What about total YTD 2009 RSF detached closings?
    Thanks, again.

    ravinos | September 2nd, 2009 at 10:15 am

  4. $3m plus tranche:
    list prices $849/sf.
    sale prices $564/sf.

    Any questions? Those $3m houses are actually $2m houses.

    Rob Dawg | September 2nd, 2009 at 10:18 am

  5. Thanks, Jim. So … price … sounds like the biggie. What a surprise?!

    I don’t know if you were inside any of the homes, but (in general) are these updated and ready to live in, or are these $2.1M fixers?

    Smithers | September 2nd, 2009 at 11:57 am

  6. “nothing price can’t fix” Thanks for your hard work that you share with everyone here.

    jc | September 2nd, 2009 at 2:02 pm

  7. Yikes! How many of those million dollar homes were purchased cash? There must be quite a few people out there for which the recession means nothing to them!

    François Caron | September 2nd, 2009 at 2:27 pm

  8. Francois if you can buy a DVD in a recession, a multi-millionaire can buy a primary residence all cash in a recession. Doesn’t mean the recession has no impact on either of you. Ironically, it more likely impacts the millionaire more even percentage-wise.

    sdbri | September 2nd, 2009 at 2:53 pm

  9. thought this was funny:

    What I bought with my $8,000 tax credit

    http://money.cnn.com/galleries/2009/real_estate/0908/gallery.first_time_homebuyers/3.html

    Love the crane operator buying the $750k house in Cali that needs the $8k credit.

    vegas nrba | September 2nd, 2009 at 3:17 pm

  10. I call BS on the shill story. Their neighbor’s house is $1.2 million. Even if their own house is 1/2 that, they’d need more than $150K in combined income to afford the payments with FHA. Which means they are DISQUALIFIED for the full $8K if any. Of course, this being a fake story they were never qualified in the first place. Noobs.

    sdbri | September 2nd, 2009 at 4:14 pm

  11. They look fake in the photo too.

    Jim the Realtor | September 2nd, 2009 at 4:20 pm

  12. Her noobs look fake in the photo?

    Smithers | September 2nd, 2009 at 5:33 pm

  13. I think it’s good that crane operators and hair stylists are buying three-quarters of a million dollar homes. It restores my confidence in the true nature of most people’s ability to understand financial issues.

    Dwip | September 2nd, 2009 at 6:05 pm

  14. The idea that these multi-million dollar homes are being purchased mostly with cash fits, since super-jumbo financing is scarce and/or too damned troublesome and there are certainly 26 people out there that are appropriately loaded. ;-)

    sdbri’s point is a great one, too. On the high end the homes generally constitute a fraction of people’s net worth, as opposed to the low end where it dwarfs most.

    tj and the bear | September 2nd, 2009 at 6:31 pm

  15. Crane operator is not a bad gig–I had heard they can easily make $250K+ if they own thier rig and stay fairly occupied.

    Local Boy | September 2nd, 2009 at 9:18 pm

  16. Which means they are DISQUALIFIED for the full $8K if any.

    They aren’t married so if one of them makes less than $75K then they can get the tax credit. So, if one made $50K and the other made $200K they’d be able to claim the tax credit.

    JordanT | September 3rd, 2009 at 7:58 am

  17. All of the people featured are on VERY precarious financial footing (except possibly for the guy in Maine who bought the triplex and is renting the rest of it out). I especially like the couple in Virginia who couldn’t come up with a $9,000 downpayment and readily admit they can’t currently afford the full $1,900 payment after the rate reset!

    IRE | September 3rd, 2009 at 12:23 pm

  18. You crack me up, Dwip. Well said!

    The Blur | September 3rd, 2009 at 12:49 pm

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