There will be some late-reporting, but the sales already look decent compared to last year – 13 out of 23 areas had an increase in detached sales, and all but one zip had prices decline – which we agree is a good thing too. If there were more REOs to sell, the numbers would look even better!
Detached Sales, June 1 through August 31
| Town or Area | Zip Code | Sales 08/09 | $$/sf 08/09 |
| Cardiff | 92007 | ||
| Carlsbad NW | 92008 | ||
| Carlsbad SE | 92009 | ||
| Carlsbad NE | 92010 | ||
| Carlsbad SW | 92011 | ||
| Del Mar | 92014 | ||
| Encinitas | 92024 | ||
| La Jolla | 92037 | ||
| Oceanside | all | ||
| Poway | 92064 | ||
| RSF | both | ||
| San Marcos N | 92069 | ||
| Solana Beach | 92075 | ||
| San Marcos S | 92078 | ||
| Vista | all | ||
| Sorrento | 92121 | ||
| West RB | 92127 | ||
| RB | 92128 | ||
| RP | 92129 | ||
| Carmel Valley | 92130 | ||
| Scripps Rch | 92131 | ||
| DT Condos | 92101 | ||
| SD County | all |
Rancho Santa Fe keeps levitating – there has been 443 total detached listings entered onto the MLS this year, and currently there are 351 actives. To close only 25 houses all summer is mind-boggling, especially when there are hundreds of agents working the market.
On the other hand, it was a great summer for a few areas, here are Y-O-Y sales:
| Area | % diff in Summer Sales |
| Poway | +20% |
| Encinitas | +24% |
| Scripps | +37% |
| 92010 | +42% |
| La Jolla | +43% |
In Del Mar last year the pricing got skewed from John Moores’ two-story, 1,672sf oceanfront beach house selling for $15.9 million ($9510/sf).
There’s nothing price can’t fix.
Looks like price has fixed Vista at $180.00 per sq ft!
Perhaps ‘rich’ folks aren’t moving into SD/RSF anymore?
Nah, must be something else.
Rancho Santa Fe keeps levitating – there has been 443 total detached listings entered onto the MLS this year, and currently there are 351 actives. To close only 25 houses all summer is mind-boggling, especially when there are hundreds of agents working the market.
There’s this Realtor guy I know. Serves good shrimp and Santa Barbara varietal wines. Appreciates good coffee. He has the solution to this.
Recently residing in a fringe neighborhood adjoining RSF has allowed me to become more familiar with the area as work and chores take me to and through the town on a daily basis. Special place for sure, but not the Shangri-La, as touted by many. Have stopped by at numerous open houses during the months past, and while many properties are impressive,there’s also lots of dated inventory, all listed at lofty unrealistic levels.Based on the YTD $$/sf 475, in my amateur opinion, a decline somewhere in the $375 to $400/sf would reflect true market/economic conditions and might get the well-heeled buyers motivated to start showing up.
On http://www.sdlookup.com, under the foreclosures tab, if you click recent foreclosures, every zipcode lists a huge jump in foreclosures/preforeclosures. I don’t have my own foreclosure website to check recent drops, so I use this one to monitor if owners are in distress. Each zipcode is listing 50+ combined from Monday and Tuesday.
Could this be an anomaly or is this the beginning of the end for moratoriums?
Do any of you guys know of any good sites to advertise rentals besides rentals.com or craigslist?
Thx
Do any of you guys know of any good sites to advertise rentals besides rentals.com or craigslist?
Hell yeah. Use a Realtor you trust who charges 1/2 to 2/3rds one months’ rent to vet and sign a tenant. Renting your own property yourself is insane in the extreme.
And if you are a harda$$ landlord like me you make sure you add a pets clause: “No pets. Requests for pets shall be accompanied by a $100 nonrefundable request. The answer will still be no and the $100 will still be lost but I’ll be damned before I let little Timmy think it is the bad ole Simon LeGree who says you can’t have a puppy.”
Thx for the input dawg.I am working w/ a property manager but trying to help with leads to get rented faster.
arizonadude…
Just turn your place over to a property management company. Playing landlord is a pain in the a$$. I’m sure JtR can refer you to a good property manager.
“especially when there are hundreds of agents working the market”
Unless the realtors themselves are qualified buyers (I am guessing only a few of the 100s are), what difference does it make how many of them crawl over the inventory? No different than adding another dozen car salesman to crawl all over the lot at the local GM dealership.
Jim – Since RSF holds your (and our) interest, can you tell us anything (statistically or anecdotally) about the 25 that did close this summer?
Was it price, or quality, or anything else you observed?
I didn’t realize that Solana beach moved so little RE.
SB only sells 60-80 in any given year, regardless of bubble/downturn.
I wandered through downtown RSF recently (where every other office is a real estate agency…seriously insane) and the reason nothing is selling is because they are taking the peak prices and multiplying by 2.
People think they are “different” there. They aren’t different.
If this downturn continues to hammer the area, I think half of downtown RSF will be empty. I can’t see these real estate agencies continuing to pay rent when they aren’t selling anything.
@daveg: There aren’t that many houses here in Solana Beach. Reasonably-priced rentals go off the market within a week. But I have to say I absolutely love it here.
-Erica
“I wandered through downtown RSF recently (where every other office is a real estate agency…seriously insane)”
Well acquainted with a broker working out of one of those offices in downtown RSF…speaking to him over the weekend, he relayed that it’s “extremely slow” and unless some unforeseen positive economic events, the outlook is bleak for the fall/winter season.
If I didn’t buy this house in Encinitas back in 06, I would be one of those buyers with 30% to put down in a house in Solana Beach right now. Timing is everything.