(Covenant in orange on map, click twice)
Smithers wanted to know more about the whopping 25 detached closings in RSF over the summer. There was a late-reported #26, but upon further examination one of the 25 was in Cielo, but an Escondido zip and school district, so let’s leave that one out (it was 7,091 sf for $2,175,000).
20% down payment = 2
25% down payment = 1
30%-49% down payment = 6
50%-plus down payment = 3
All-cash purchases = 13 of 25!
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Median sales price is $2,100,000
Average $/sf = $475/sf
DOM = 119
10 of 25 sales UNDER $2,000,000
21 of 25 sales UNDER $3,000,000
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7 sales in the Covenant
7 sales in Fairbanks Ranch
2 sales in RSF Farms
2 sales in Cielo
2 sales in the Bridges
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198 of 353 active listings are OVER $3 million, with list prices averaging $849/sf.
23 sales this year OVER $3 million, with a average of $564/sf. (about 3 sales per month)
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Jim,
bit confused…
Can you clarify, “25 detached closings over the summer” ?…any detail available of specific time frame of “over the summer ?..also do you have stats on grand Total YTD (Jan thru Aug 2009), RSF detached closings?
Thanks.
Well, only a 69 month supply of 3 million plus homes….
Got it..on checking previous post,(Summer Wrap-Up), “over the summer”, is June 1/August 31.
What about total YTD 2009 RSF detached closings?
Thanks, again.
$3m plus tranche:
list prices $849/sf.
sale prices $564/sf.
Any questions? Those $3m houses are actually $2m houses.
Thanks, Jim. So … price … sounds like the biggie. What a surprise?!
I don’t know if you were inside any of the homes, but (in general) are these updated and ready to live in, or are these $2.1M fixers?
“nothing price can’t fix” Thanks for your hard work that you share with everyone here.
Yikes! How many of those million dollar homes were purchased cash? There must be quite a few people out there for which the recession means nothing to them!
Francois if you can buy a DVD in a recession, a multi-millionaire can buy a primary residence all cash in a recession. Doesn’t mean the recession has no impact on either of you. Ironically, it more likely impacts the millionaire more even percentage-wise.
thought this was funny:
What I bought with my $8,000 tax credit
http://money.cnn.com/galleries/2009/real_estate/0908/gallery.first_time_homebuyers/3.html
Love the crane operator buying the $750k house in Cali that needs the $8k credit.
I call BS on the shill story. Their neighbor’s house is $1.2 million. Even if their own house is 1/2 that, they’d need more than $150K in combined income to afford the payments with FHA. Which means they are DISQUALIFIED for the full $8K if any. Of course, this being a fake story they were never qualified in the first place. Noobs.
They look fake in the photo too.
Her noobs look fake in the photo?
I think it’s good that crane operators and hair stylists are buying three-quarters of a million dollar homes. It restores my confidence in the true nature of most people’s ability to understand financial issues.
The idea that these multi-million dollar homes are being purchased mostly with cash fits, since super-jumbo financing is scarce and/or too damned troublesome and there are certainly 26 people out there that are appropriately loaded. 😉
sdbri’s point is a great one, too. On the high end the homes generally constitute a fraction of people’s net worth, as opposed to the low end where it dwarfs most.
Crane operator is not a bad gig–I had heard they can easily make $250K+ if they own thier rig and stay fairly occupied.
Which means they are DISQUALIFIED for the full $8K if any.
They aren’t married so if one of them makes less than $75K then they can get the tax credit. So, if one made $50K and the other made $200K they’d be able to claim the tax credit.
All of the people featured are on VERY precarious financial footing (except possibly for the guy in Maine who bought the triplex and is renting the rest of it out). I especially like the couple in Virginia who couldn’t come up with a $9,000 downpayment and readily admit they can’t currently afford the full $1,900 payment after the rate reset!
You crack me up, Dwip. Well said!