Barbara Gets Scammed

Barbara Corcoran said she lost nearly $400,000 after her financial team responded to an email that turned out to be a phishing scam.

“This morning I wired $388,000 into a false bank account in Asia,” Corcoran told ABC News.

Last week, the millionaire’s bookkeeper Christine received an email that appeared to be a routine message from Corcoran’s assistant Emily to approve a payment to a German company called FFH Concept.  However, the email in question was never sent from Corcoran’s assistant, instead, it was sent from a con artist.

The bookkeeper at first questioned the payment and asked in her reply, “What is this? Need to know what account to pay out of.”

“Someone sends you a bill. It’s paid,” Corcoran said. “And this one instance, it was not a good strategy.”

The crook responded to the bookkeeper with a detailed explanation and as Corcoran said, $388,700.11 was then transferred.

After the fact, Corcoran’s team noticed a missing “O” in the “from” address

“When she showed me the emails that went back and forth with the false address, I realized immediately it’s something I would have fallen for if I had seen the emails,” Corcoran said.

The savvy “Shark Tank” star fell prey to an all too common phishing scam, which is something her fellow shark Robert Herjavec, who made his millions running a tech company, knows all too well.

“85% of all cybercrime across the world comes through email, which is what happened to Barbara,” Herjavec said. “This is very, very common. It’s been happening of businesses for two, three years now. It’s now happening to individuals.”

Herjavec said there are a couple quick best practices people can implement to ensure they don’t fall for this kind of deception.

“Always verify that the email is coming from somebody you trust. Get that person to call you,” he suggested. “Number two, check your bank statements every single day, because if you catch it within 48 hours, the bank can get it back for you.”

Unfortunately, the money in Corcoran’s case is already gone, but her team traced the original scam emails back to a Chinese IP address and her attorneys are reportedly figuring out next steps.

Link to Article

Actives/Pendings

Rates are really low, and the market is responding. We’ve considered it a balanced market when the active listings are running about twice the number of pendings. Here’s how we’re doing so far in 2020, and compared to last February:

NSDCC Detached-Home Active and Pending Listings:

Area
Zip Code
Actives
Pendings
A/P Ratio
Ratio in Feb 2019
Cardiff
92007
14
9
1.6
2.3
Carlsbad NW
92008
29
19
1.5
1.8
Carlsbad SE
92009
48
50
0.96
1.9
Carlsbad NE
92010
12
12
1.0
1.4
Carlsbad SW
92011
21
19
1.1
1.4
Del Mar
92014
48
17
2.8
7.1
Encinitas
92024
65
53
1.2
2.1
La Jolla
92037
153
37
4.1
6.3
RSF
92067
158
24
6.6
10.5
Solana Bch
92075
18
12
1.5
7.7
Carmel Vly
92130
42
50
0.8
2.4
All Above
All
618
302
2.0
3.3

We are at the 2.0 mark, but take out La Jolla and Rancho Santa Fe and we’re at 1.3!

In SE Carlsbad and Carmel Valley – which are about the same size – we have more pendings than actives!

What’s Hot

We noted how there aren’t many of the newer one-story houses for sale.

When they do hit the open market, they tend to blow out – three of the last four sales of this 2,100sf plan in Santa Fe Trails in Carlsbad have sold over list price.  The previous high sale of this model was $1,100,000 in 2018, so they listed this one on the range $1,125,000 – $1,150,000, figuring they could get a little more:

https://www.compass.com/listing/3412-camino-largo-carlsbad-ca-92009/441432253076395113/

Four days later they opened escrow for $1,225,000 cash, and closed three weeks later!

State Street Commons

The Carlsbad Village Antique Mall was 14,630sf on a 7/10-acre lot.  The new owners paid $7,525,000 in August, 2019 (the sellers had paid $1,450,000 in 1999) and plan to increase the square footage by 44%.  Hopefully there will be plenty of on-site parking!

2742-52 STATE STREET. CARLSBAD, CA.

State Street Commons is an adaptive reuse and major renovation of the antique mall in the heart of Carlsbad Village. The project will pay tribute to the architectural character of the two butler frame buildings and quonset hut. The project consists of approximately 21,000 sf on a 30,350 sf parcel a couple blocks from the Pacific Ocean and directly across from the transit station. The vibrant mixed use project will house top tier retail and office tenants.

https://www.fabricinvestments.com/state-street-commons

Job-Market Rankings

Maybe more people would move if they knew the best job markets?  From the wsj.com:

The two hottest U.S. job markets in 2019 were growing Southern state capitals with vibrant music scenes and an influx of technology jobs.

Austin, Texas, topped the list for the second consecutive year, according to a Wall Street Journal ranking of new data collected by Moody’s Analytics. Nashville, Tenn., jumped to the No. 2 spot from seventh. Both cities anchor metropolitan areas of around two million people.  The Journal worked with Moody’s Analytics to assess the labor market in 381 metro areas. Each region was ranked on five metrics: the unemployment rate, labor-force participation rate, job growth, labor-force growth and wage growth.

Austin—a tech hub and college town—remains attractive to workers thanks to low unemployment and high wage growth. Nashville has low unemployment and high labor-force growth.

Apple Inc. is among companies bringing jobs to Austin. In 2019, it started construction of a $1 billion corporate campus with a capacity for up to 15,000 employees. It already has 7,000 workers in Austin.  Amazon is building a campus in downtown Nashville with the goal of hiring 5,000 people, adding to the city’s growth spurt in recent years.

Denver moved up in the ranks to third place from ninth. Seattle and San Francisco also moved up to round out the top five large metropolitan areas.

Among smaller metropolitan areas, Boulder, Colo., beat out Midland, Texas, for the top of the list. Two other Colorado areas—Greeley and Fort Collins—made the top 10.

San Diego Case-Shiller Index, Dec.


San Diego Non-Seasonally-Adjusted CSI changes:

Observation Month
SD CSI
M-o-M chg
Y-o-Y chg
January ’18
248.16
+0.8%
+7.3%
February
250.91
+1.1%
+7.5%
March
253.41
+1.0%
+7.6%
April
255.63
+0.9%
+7.7%
May
257.07
+0.6%
+7.3%
Jun
258.44
+0.6%
+6.9%
Jul
258.49
0.0%
+6.2%
Aug
257.32
-0.5%
+4.7%
Sept
256.13
-0.4%
+3.9%
Oct
255.26
-0.1%
+3.7%
Nov
253.37
-0.6%
+3.3%
Dec
251.68
-0.7%
+2.3%
January ’19
251.30
-0.2%
+1.3%
Feb
253.69
+0.9%
+1.1%
Mar
256.40
+1.1%
+1.2%
Apr
257.63
+0.5%
+0.8%
May
260.08
+1.0%
+1.1%
June
261.90
+0.7%
+1.3%
July
263.66
+0.7%
+2.0%
Aug
263.23
-0.2%
+2.3%
Sep
263.26
0%
+2.8%
Oct
262.56
-0.2%
+2.7%
Nov
263.18
+0.2%
+3.9%
Dec
263.51
+0.1%
+4.7%

The 4.7% increase year-over-year only looks that impressive because of the 6-month decline we experienced at the end of 2018.  The index has been flat since July.

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