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Category Archive: ‘Local Flavor’

California Coastal Commission

crystal cove

The direction of the California Coastal Commission will be in question today.  Hat tip to daytrip for sending in this article:

http://www.nytimes.com/2016/02/09/us/california-coastal-commission.html?_r=0

An excerpt:

“The California Coastal Commission staff is one of the most difficult bureaucracies to work with, I believe, in the entire United States,” said Fred Gaines, a lawyer and lobbyist who has represented owners of oceanfront homes such as the actor Dustin Hoffman and the director Steven Spielberg. “They put severe limitation on property owners’ right to use their property.”

Jana Zimmer, who served on the commission from 2011 to 2015, said environmentalists were unfairly characterizing the intentions of the board, which she said regularly ratified staff recommendations.

“I am extremely troubled that some of the environmental leadership in this state has resorted to black-hat-versus-white-hat, Trump-like tactics in their zeal to retain Lester at all costs,” she wrote in an essay in The Santa Barbara Independent. “The issue is not whether retaining or terminating Lester will protect or destroy the coast. This is a false choice, and the polarization it has created is unnecessary.”

Read the full article here:

http://www.nytimes.com/2016/02/09/us/california-coastal-commission.html?_r=0

the edge

Coverage by the SD Reader:

http://www.sandiegoreader.com/news/2016/feb/01/ticker-seriously-toxic-coastal-commission/

Posted by on Feb 10, 2016 in Jim's Take on the Market, Local Flavor | 4 comments

San Diego Is Hot

seattle

Zillow came out with their Hottest Housing Markets of 2016, and San Diego didn’t make the list:

http://www.zillow.com/blog/hottest-markets-2016-190331/

They based their ‘hotness’ on a combination of employment, recent income growth, and the expected increase in the Zillow Home Value Index.

They expect that the San Diego HVI will rise 2.7% this year, and I think our employment and income numbers should at least be steady:

sdzhvi

Zillow isn’t considering retirees into their algorithms – especially the rich folks who want great weather to live out their life.  Any of them who have grandkids in the Southwest will give us a look, and when they compare to Los Angeles or the Bay Area, they will like our prices much better.

The towns in the Zillow Top Ten have expected HVI increases of 4% to 5%.

At the end of 2016, let’s see how San Diego compared to their list of ten.  I say that we beat at least half of them – in spite of fewer sales than we had in 2015.

Posted by on Jan 13, 2016 in Forecasts, Jim's Take on the Market, Local Flavor, Market Conditions, Sales and Price Check | 3 comments

San Diego Downtown Condo Market

sd downtown

From the wsj.com – hat tip to my Uncle Bob for the article!

http://www.wsj.com/articles/san-diegos-downtown-gets-the-big-city-treatment-1452178518

An excerpt:

A 41-story luxury condo building is on the rise. Boasting a screening room, a swimming pool and a boat-share program, its 215 units will soon be going on the market at prices starting at $1.4 million.

The building is downtown San Diego, an area with a seedy past. The median sale price in the neighborhood last year was $741,500, according to real-estate website Trulia.

San Diego has long been a car-centric city, dominated by suburban-style subdivisions and gated communities. Now, that’s changing. Cranes downtown mark where new office towers, luxury condos and hotels will soon join the skyline. Restaurants with upscale comfort-food menus and hidden speakeasy bars line revitalized street fronts. Though downtown’s revitalization has had several waves over the years, the latest is higher-end, and picking up quickly post-recession. The population of downtown is about 30,800 residents—a 76% increase since 2000—and more than 9,000 apartment and condo units are currently in the pipeline for development.

Brad Termini, the co-CEO of Zephyr, a San Diego-based developer of high-end housing, said buyers want to be able to walk to neighborhood amenities. “We’re seeing a real flight out of suburbs like Rancho Santa Fe because of the lack of walkability and the high cost of maintaining those estates,” he said, referring to a wealthy suburban area in north San Diego County full of gated developments and large, luxury estate homes.

A few months ago, Huey and Suzanne Antley sold their home in the northeast edge of San Diego and bought a 1,000-square-foot condominium in the Marina district downtown, a neighborhood known for its high-end condos, parks and touristy Seaport Village. The couple paid about $600,000 for their condo, which is near a park where they can walk their dog.

There is no sign of a slowdown. Ms. Michell, of the Downtown Partnership, says that over the next 30 years, the city’s population is forecast to grow by an additional 1 million residents.

Marsha Sewell, an interior designer and general contractor, moved downtown in 1991 to convert a 100-year-old mixed-use building into a single-family home. Then she purchased another historic building for $600,000, rehabbed it and sold it for $2 million. A few months ago she moved into a 3,200-square-foot condominium she paid $1.075 million for and has just completed renovating.

“The prices are only going to go up, and at the high-end of the market people really want space,” she says.

Read full article here:

http://www.wsj.com/articles/san-diegos-downtown-gets-the-big-city-treatment-1452178518

Posted by on Jan 9, 2016 in Downsizing, Jim's Take on the Market, Local Flavor, Market Buzz, Market Conditions | 2 comments

El Nino and Real Estate

rain

Will the drought talk will die down for a few days?  Maybe not….

http://www.sandiegouniontribune.com/news/2016/jan/05/el-nino-storms-slam-drought-parched-california/

As much as 15 inches of rain could fall in the next 16 days in Northern California, with about 2 feet of snow expected in the highest points of the Sierra Nevada, said Johnny Powell, a forecaster with the National Weather Service.

In Southern California, between 2 and 3.5 inches of rain is predicted to fall across the coastal and valley areas, and up to 5 inches falling in the mountains.

How does a week of rain impact real estate sales?

It depends – but if you have to waste a week, do it early in the year!

DO’s:

  1.  Keep sprucing up the house to sell.
  2.  Check for leaks at windows, doors, and roof.
  3.  Make offers (less competition).
  4.  If in escrow, go ahead with inspection – find leaks!
  5.  Interview contractors.
  6.  Protect your landscape.

DON’TS

  1.  Don’t put a new listing on MLS – the first few days on the market are the most urgent, and you don’t want miss any buyers.
  2.  Don’t do open house – it will make a mess of the house….if anyone comes.
  3.  Don’t stop showings by appt – must be a motivated buyer.
  4.  Don’t lower your price…..until everyone is looking again.
  5.  Don’t take listing photos, they always look gray and dreary.
  6.  Don’t forget to turn off sprinklers.

It might be a good week for buyers and sellers to leave town for a few days!

hot

Posted by on Jan 5, 2016 in Jim's Take on the Market, Local Flavor | 0 comments