The state is cooking! She brings up a good point – it might be hotter if there was more to sell:
California home sales softened in May, but the housing market momentum continued to be solid as the spring home-buying season marked higher year-over-year home sales and prices for the fourth straight month, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
Home sales rose above the 400,000 mark in May for the second straight month since October 2013 and were the second highest level in nearly two years. Closed escrow sales of existing detached homes in California totaled a seasonally adjusted annualized rate of 423,360 units in May.
The May figure was down 1.1 percent from the revised 427,880 homes sold in April, slightly below the long-run April-to-May average sales increase of 0.6%.
Home sales were up 8.9 percent from a revised 388,690 in May a year ago though, and the statewide sales figure so far has outpaced last year by more than 5 percent.
C.A.R. President Chris Kutzkey commented, “The spring home-buying season continues to be strong, especially in areas where insufficient housing supply is less of an issue. With mortgage interest rates edging up recently and an imminent increase in rates by the Federal Reserve, housing affordability concerns will be heightened but may also prompt prospective buyers to feel a sense of urgency to enter the market.”
The median price of an existing, single-family detached California home edged up in May from both the previous month and year for the fourth consecutive month. The median home price was up 0.8 percent from $481,880 in April to $485,830 in May, the highest level since November 2007.
May’s median price was 4.4 percent higher than the revised $465,470 recorded in May 2014. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.
While sales continued to improve from last year at the state level, the number of active listings dipped slightly from the previous year, keeping the supply of homes on the market flat. The May Unsold Inventory Index was unchanged from the 3.5 months reported in April.
The Carlsbad Music Festival kicks of the summer with its third annual free Village Music Walk, featuring dozens of musicians performing over 60 sets during a 6 hour celebration of adventurous music.
An extension of the August Carlsbad Music Festival, the Village Music Walk is an all- ages, free of charge, community event that features a wide array of music performed in outdoor and indoor spaces throughout the historic Village of Carlsbad. The unique performance venues range from public parks and art galleries, to local music stores and even a 19th century chapel.
Drawing annual crowds of over 4000 community members and cultural tourists, the Village Music Walk runs from 4-10pm with 20-minute sets starting every half hour. With multiple performance options to choose from at any time, attendees of the Village Walk are invited to create their own concert journey through the Village.
The San Diego International Beer Festival had over 10,000 people last year, and two of their sessions are already sold out this year:
2260 Jimmy Durante Blvd., Del Mar 92014. With more than 400 beers from around the world to choose from, beer aficionados will enjoy hard-to-find specialty craft brews alongside favorites from the local brewing scene. Specialty vendors will be selling a variety of accessories and gifts for the beer lover. With a stage featuring everything from home brewing advice to educational demos to food pairings presented by Venissimo Cheese and The Lost Abbey, you won’t want to miss out.
CARLSBAD — Luxury department store chain Nordstrom will anchor an ambitious outdoor shopping and entertainment complex planned near the Agua Hedionda Lagoon in Carlsbad, the project’s developer said Tuesday.
Caruso Affiliated has signed an agreement with the Seattle-based retailer to build a two-level, 123,000-square-foot store in the 585,000-square-foot promenade-style shopping center planned at the intersection of Cannon and Interstate 5, said Bryce C. Ross, Caruso’s vice president of acquisitions and development.
Imagine a home that could recycle two-thirds of the water it uses. No need to imagine. New technology to do just that was recently approved for use in drought-parched California, and the company behind it claims it could be looking at a $15 billion business ahead.
“In five years time, every new home will have a water recycler in it,” said Ralph Petroff, chairman of Nexus eWater, the Australia-based company behind the technology.
The system, which lives under two manhole-like covers on the side of the home, pulls in soapy water from the house—that is shower, dishwasher, laundry and sink water, not toilet water—and then sends it into a cleaning system. What comes out, so-called “gray water,” is water that can be used for irrigation and for flushing toilets. The water cannot be used for washing or drinking.
California-based KB Home bought into the technology and just announced that it will be standard in over 50 homes in a new San Diego development. It is also demonstrating the system in model homes in Sacramento and Lancaster.
The cost is just under $10,000 per home to install, but Petroff said that price should go down as more builders buy in and the technology becomes more common. He sees it as having even more potential than solar panels.
“There is no alternative to water. That’s what Californians are discovering every day,” said Petroff.
The City of San Diego started a ‘grass replacement’ program last week:
City of San Diego customers can receive a rebate of up to $1.50 per square foot for residential sites that replace existing grass with water wise landscaping and converting their overhead sprinkler system with micro-irrigation. Preliminary site inspection and pre-approval is required to confirm your qualification. Do not start a landscape renovation project without the pre-approval if you wish to receive a rebate.
Others can get $2.00/sf or more in rebates from the MWD:
Turf grass is one of the most water-intensive plants in your landscape. Its high water use and frequent maintenance make it a time-consuming and expensive yard option. In fact, the average residential customer spends about 60% of their water on outdoor irrigation. By changing turf to a California Friendly™ yard of drought tolerant plants you can save water and money.
To help with turf removal projects, rebates are available for $2.00 or more per square foot of turf removed. This increased turf removal rebate is being provided in response to Governor Edmund G Brown Jr.’s emergency drought declaration.
Before you begin removing any turf, you must apply for and receive project start approval.
I’m just wondering with the ongoing drought in California, do you see the possibility that if the drought continues and California really does run out of water will there have to be a mass migration out of the state in the future?
We have seen and heard about the desalination plant being built in Carlsbad that will add 50 million gallons of drinkable water per day, which is 7% of what the San Diego region uses now.
The cost is projected to be 20% to 25% higher than the current rate of water purchased from the MWD, so even if the drought reverses itself in the near future, the cost of water is going up.
Will that alone cause an exodus? Probably not, but every little bit counts, and it could be the final straw for people on the edge.
The trend of our area being for affluent people will continue though. How will they cope?
It’s not like there isn’t any water – there just isn’t any water here.
Folks who are on propane know how it works – private companies will provide the water, and make it convenient. They will bring you the tank, hook it up for you, and then come back regularly to fill it for you.
The 12,500-gallon tanks like the one above cost about $10,000, and if a household can get by with 200 gallons per day they would only need to fill their tank every other month. If you live in on a smaller lot, you can opt for a pint-size tank and get more deliveries.
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