Not all the foreclosures have the appliances tore out of them, or have other major damage. This should set the pace in the Covenant for the rest of the year, at $414-per-sf:
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I'm Jim Klinge, local broker affiliated with Compass. Most tweets are from my blog https://t.co/L9m2r9DMMM regarding North San Diego coastal market. CA DRE #00873197
SDSU assistant Chris Acker just made us aware on @JonAndJim that over 50 former Aztecs that played for Steve Fisher and Brian Dutcher will be at the Final Four on Saturday. What an incredible bond.
Because few people service a mortgage for all 30 years (they get divorced, refinance, move or die), mortgage rates are compared to the 10-Year Treasury Note.
While Treasury yields have fallen, mortgage rates are stuck in the mid-6% area.
Huge spread vs. 10-year = 304bps.
New post (Inventory Watch - Under $3,000,000) has been published on http://bubbleinfo.com - https://www.bubbleinfo.com/2023/03/27/inventory-watch-under-3000000/
About a three-wood to Jeeman’s house!
Caught this on your YouTube account last night. Very nice, especially the back yard, but I’d tear out that separator between the kitchen and the family room. How big is the property overall?
p.s.: Price still to high, IMHO. 😉
Nice. Got that same natural stone on my house.
Beautiful one story. Great video.
Who was the person that got foreclosed on?
Beautiful home! Awesome view in the backyard!
“I’ve sold houses smaller than this bathroom”
LOL! You have worked the spectrum amigo. That gives you a well grounded perspective that is appreciated.
Some foreclosures are actually left in really good shape.Some people do have some class.
I found a golf ball in my grass today….I wonder how it got there…haha.
Nice house…I always wondered what it looked like inside.
Is it me, or does anyone else believe this house still has a bit of a cookie-cutter feel to it?
Nice house! I could definitely live there. Can’t afford it, but I like it. LOL
What is the outbuilding below the pool? A pool cabana? A granny flat? Servants quarters?
My only criticism is the steps. Maybe I’m more sensitive than most – but I help care for my father in law who’s in a wheelchair. Any future house will be a “level” one story… no stairs at all.
Bar logo confirmed my initial guess of Dyson & Dyson???
Since the home could be replaced for apx $2.5mm (300/sf) plus another 300k for permits/pool/architect/etc we’ll call the replacement cost to be apx $3mm. Thus you are getting south facing Planideras views for $500k….
That should have offers lined up from here to the Murph.
$600/sf was the old RSF guess/sf now it appears it has dropped by 1/3 like the rest of the world down to $400/sf.
JTR, thanks for the video. I’m hoping that this home resets the bar for RSF.
Somewhat off topic: I have noticed that sales in the Bridges has decreased dramatically. Even so, this semi-custom one story in the Bridges sold for a ludicrous $2.585 million. I am pretty sure that this home is only 3 bedrooms (one of the bedrooms was converted to a sitting room for the guest casita). The kitchen and family room are small.
We’re looking more at custom homes in the Bridges, but the prices just defy logic.
FRSFB – I have seen that home and agree that some of the Cortile homes have oddly high prices.
I believe that the lot size/yard/pool play significantly into this price as you don’t get large yards in the neighborhood (I built/developed 4 customs early on in the neighborhood). I also believe it is not impacted by any power lines, etc.
I too have been somewhat surprised that the customs have held as firm as they have. My theory is that the supply of custom, gated, golf club homes in RSF is so small (as a percentage of the total) that it is merely a niche supply constraint in play.
Also, the dirt is gone (effectively) so you’re stuck with what’s there and no further inventory can glut the market (aka Santaluz) and drive down pricing.
Lastly, from what I gather, no one bought in there that didn’t financially ‘belong’ there (i.e. no funny loans). thus, most everyone could whether the storm and didn’t have to dump/run. As an example: One of my clients was buying a 5th home for $4mm all cash.
Many upscale communities have hundreds of golf homes, but not so in RSF. The only gated clubs are the Bridges and DMCC and both have held very strong.
My macro thoughts
I’m with Clearfund on that home in the Bridges. Tight supply, no alternatives if that’s what you’re looking for, etc. I think some Cortile homes closed under $2 mil, but when I looked at them in ’08 they all had awful power line views or weak lots.
Aztec, it’s interesting how many homes in the Bridges are adjacent or nearly adjacent to the power lines. I counted 19 homes directly adjacent to power lines and another about 10 homes nearly adjacent (i.e. only one house away). That’s more than 10% of the neighborhood. To me, living adjacent to power lines would lower the property value at least $300K. That means nearly $9 million in lost property value. Seems like you could bury the lines for that much money.
Clearfund, I agree that a major factor is the limited supply. I’m sure that other people find this neighborhood desirable for the same reasons that I do. Right now, it seems to me that there is a $500-700K premium to live in the Bridges over other areas of RSF. Not sure that premium is worth it, but I’ll keep watching the market.
I’d say your $$$ premium seems on the mark. One value story that I noticed are the two big/early Sylvester homes on Calle La Serra looking back towards the clubhouse are asking apx the same price they originally sold for around 2001 or so (last I looked anyway).
We’re 100% out of there having sold our last lot w/plans in 11/2007….but wifey still wants back in!!
Clearfund, I think you might be referring to this home:
Seems like a nice home, although within view of the power lines. I was surprised that there is no base around the flooring. Haven’t seen that before.