According to this list, San Diego is only the #46 best city in the world – and they even have St. Louis and Houston ranked higher! You can do better – here’s the list (London is #1):
https://www.worldsbestcities.com/rankings/worlds-best-cities/
Nice improvement in mortgage rates recently. You can get into the low-6s again by paying a point or two!
In the last 90 days, there have been 433 sales between La Jolla and Carlsbad, and the median days-on-market was 26 days. More than half sold in less than a month, and it has been sneaky hot since election day!
With rates trending lower over the brief holiday season, buyers should be engaging right away in 2025.
https://www.mortgagenewsdaily.com/markets/mortgage-rates-12062024
My Reasons Why NSDCC Inventory Will Surge in 2025:
1. Been trending that way – there has been 15% more NSDCC homes for sale this year than in 2023.
2. Since October 1st, there have been 90 more listings that cancelled than last year. They’ll be back!
3. Prop 19 was fun while it lasted – more of those who inherited a home will want to cash out.
4. Credit card debt is over $1 trillion for the first time. More current homeowners will lighten the load by paying off all their bills and downsize to cheaper home (probably out of state).
5. The affluent fleeing the country – if you have nothing tying you down here, then there are other choices.
6. The 5th anniversary of Covid is a few months away. Those who put off moving can go ahead now!
7. California politics drives people away. Gav’s $25 million to fight Trump? Might be the last straw for some.
8. I don’t have the statistics but more baby boomers should be shuffling off this mortal coil.
9. We’re all older – if you’re going to move, do it while you still can, physically!
“Buying a home in 2024 was surprisingly competitive given how high the affordability hurdle became,” said Skylar Olsen, Zillow chief economist. “More inventory should shake loose in 2025, giving buyers a bit more room to breathe.”
https://www.zillow.com/learn/housing-market-predictions/
It’s going to feel like another frenzy in the first couple of months of 2025 – join in, won’t you! 😆
This property was listed for $18,995,000 in 2020 but it didn’t sell. It looks like these guys picked it up for $6,000,000 (at least that’s the price on the tax record).
A proposed 160-unit retirement community intended to bring needed senior housing to Rancho Santa Fe faces pushback from residents who claim the project does not match the area’s rural character or zoning requirements.
The Silvergate Rancho Santa Fe project proposes a mix of rental cottages, apartments and memory care units for residents 60 years and older at a long-vacant 28-acre site at the corner of Calzada del Bosque and Via de la Valle, across from Chino Farms.
The developer, Solana Beach-based AmeriCare Health and Retirement, Inc., purchased the property in 2021 after eyeing it for years. Leaders say the plan is to provide a close-to-home retirement option for Rancho Santa Fe’s aging population.
Read full article here:
https://thecoastnews.com/silvergate-project-meets-opposition-from-rancho-santa-fe-residents/
Today an innocent man was gunned down in midtown Mahattan, and it reminded me of John Lennon who was killed nearby on December 8, 1980. I’ll never forget listening to Jim Ladd on KLOS that night playing every Lennon song imaginable to pay respects. BTW, the war is over, and Christmas is three weeks away:
As usual, the pricing forecasts for next year are varied. How do we know what to expect?
The average and the median is +3.55%.
Two entities picked +2.3%.
Just go with the highest at +10.8%?
Moody’s, the leader of the Doom Squad, just couldn’t say flat. They had to go with -0.4%.
None of these supplied their math or any reasoning to justify their guesses.
We do have this going for us:
“The American people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail, like lowering housing costs for all Americans. He will deliver,” said Karoline Leavitt, spokeswoman for the Trump-Vance transition.
NSDCC 2024 Detached-Home Annual Sales:
Median Sales Price: +9% YoY
Average $$/SF: +7%
Median $$/sf: +10%
Sales +2% and we still have the whole month of December to add!
There is a saying in real estate that buyers can pick two of three: Size, Condition, Location.
I’m going to modify it slightly, because price should be in there.
Getting all three is miracle work – buy a lottery ticket while you’re at it.
Here’s my version for home sellers:
There are many variables but you get the idea. Those who have a specific need can sacrifice in other areas to get the results they want. Typically, you don’t get everything!
KK’s 2024 Home Gift Guide
Hey there folks and HAPPY HOLIDAY SEASON! While some are still digesting their Thanksgiving turkey and leftovers, others have been busy shopping Black Friday and Cyber Monday deals. In case you’re still searching for holiday presents, I wanted to share some recent home purchases I’ve made for myself. Oh, and I would give a 10/10 for all items!
Rug from Rugs USA – My sister was nice enough to gift this to me/my boyfriend and to say I’m obsessed is an understatement. Also, the temperature has dropped significantly in NYC, so this rug is especially nice in the early mornings when it’s freezing outside. I got the brown color and it’s SO pretty!
Bed Sheets from Parachute – To be fully transparent, I was 100% influenced to buy these but I’m so glad I did! Yes, they might be expensive for bed sheets but you’ll have your Parachute sheets for quite some time. I bought 3 different colors of their Percale sheets and they’re perfect for hot sleepers!
Duvet Set from Boll & Branch – Another purchase where I was influenced! LOL. But my god this duvet set is a dream. You know that feeling of jumping into your freshly made hotel bed? That’s the feeling I get everytime I get under my Boll & Branch duvet cover.
Plant Stands from Etsy – Supporting small businesses is the best! I’ve recently been getting into plants and now plants stands… #thisis33. Last month, I bought a dark walnut stand and now my plant is thriving in the sunshine! This company is awesome because their stools come in different colors and sizes, and it’s not too pricey either!
AD at 100 Coffee Table Book – Obsessed with this book. If you like looking at stunning multi-million dollar properties from all over the world, you should buy this book immediately! Also, I swear I bought this when it was closer to $100ish dollars so now it’s a steal!
Happy Tuesday everyone! – KK
Another month where the percentage of buyers who paid over the list price was around one out of five, while exactly HALF of the buyers paid at least $100,000 UNDER the list price!
There were 11% of the sales where the listing agent also represented the buyer too.
September, October, and November sales all exceeded their sales in 2023 – momentum is building!
Holy cow – it’s December! The Spring Selling Season starts on January 4th – just 33 days from now!
It will be here before we know it!
The number of active listings is dropping fast now, and is getting closer to last year’s count (373 vs 340). There were 452 actives just two weeks ago, so those that have cancelled have to be planning a comeback in 2025.
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
CA DRE #01527365, CA DRE #00873197
