It is a classic story of David versus Goliath—the real estate edition. Only this time, David, a 600-square-foot Seattle home, may not emerge the victor, as the hours tick down to the end of an auction that will leave the structure’s future uncertain.
From a week ago:
SeattlePI.com reported that although five interested bidders were at the King County Administration Building on Friday morning, ultimately no one placed a bid, prompting the house to return to its beneficiary who owes just less than $186,000 on the property.
Bidders explained any purchaser of the property would have had to assume the first deed of trust, which would have amounted to an additional $300,000 on top of the opening minimum bid of $216,270.70, SeattlePI.com added.
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.
With all the recent action mentioned in the previous post, it makes you wonder how much the market is fueled by frustration over the selection of homes for sale. Yes, it is the “season”, but is the lack of inventory causing buyers to grab anything, at any price?
More inventory would help satisfy the demand, and help us discover if there is a ceiling to these prices. But adding just a few more houses for sale would only fire up the frenzy.
Here are the number of NSDCC houses listed between Jan. 1 and April 15th:
Number of New NSDCC Listings, Jan 1 to Apr 15
Note how the hot frenzy in 2013 was fueled by having more homes for sale. If we just had an extra 100-200 decent houses for sale now (especially under $2,000,000), they would likely get gobbled up.
Usually around tax day, the real estate market goes into a bit of a funk, and this year it was compounded by the disconnect between our MLS and Zillow – any new listings have to be manually inputted to Zillow, which isn’t obvious to most agents.
In spite of all that, there have been some remarkable new pendings in the last week. A few examples:
1. The neighbor down the street had a smaller lot and no guest apartment but had a more wide open view looking south – yet they struggled for 124 days before finding a buyer who paid $1,349,000 (closed on April 2nd). Then this house lists for $1,599,000 and goes pending the first week:
4. This is a teardown on a 9,771 sf lot with some ocean view in Leucadia listed for $1,299,000. You could buy a brand new house down the street for the same money (or less), yet it only took 26 days for this to go pending:
5. The seller of this house paid $1,575,000 two years ago, which was $80,000 over the list price then. Two weeks ago, they listed it on the range $1,629,000 – $1,699,000, and received eight offers at or above the high end of the range. My clients offered $1,760,000 cash and lost – rumor has it that the sales price is around $1,800,000:
8. In Del Mar, Solana Beach, RSF, and La Jolla there were 17 new pendings, and almost all were lower-enders. The auction happened on Friday night and I didn’t see any last-minute advertising like there was on the other auctions. But it’s pending too:
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