The house itself takes advantage of these two exterior spaces, interior courtyard and exterior view, with a wrapper of sliding doors that, when open, turn the house into an outdoor pavilion. A juxtaposition of lacquered cabinetry set against painted brick walls, and aged wood floors against stark white walls further emphasize the balance of sophistication and style that make up this home.
New listings of short sales and REOs are lagging well behind previous years, but non-distressed listings are higher than last January:
NSDCC New Listings, January 1-28th:
Below you’ll see that this year’s sales are the highest since January, 2006.
Last month’s average was $403/sf – we’ve had an 8% increase M-O-M, and a 16% increase in average pricing, year-over-year:
NSDCC Sales/Pricing January 1-30th:
Numerous bidding wars are causing buyers to pay well over list price, resulting in rapid appreciation (this month’s average SP:LP is 101%). With the large influxes of cash, it should be sustainable – until it isn’t!
San Diego Case-Shiller Index, non-seasonally-adjusted (SA was also +8%):
November 2011: 151.45
November 2012: 163.58
Year-Over-Year Change: +8%
From the S&P press release:
“Winter is usually a weak period for housing which explains why we now see about half the cities with falling month-to-month prices compared to 20 out of 20 seeing rising prices last summer. The better annual price changes also point to seasonal weakness rather than a reversal in the housing market. Further evidence that the weakness is seasonal is seen in the seasonally adjusted figures: only New York saw prices fall on a seasonally adjusted basis while Cleveland was flat.
Regional patterns are shifting as well. The Southwest – Las Vegas and Phoenix – are staging a strong comeback with the Southeast — Miami and Tampa close behind. The sunbelt, which bore the brunt of the housing collapse, is back in a leadership position. California is also doing well while the northeast and industrial Midwest is lagging somewhat.
“Housing is clearly recovering. Prices are rising as are both new and existing home sales. Existing home sales in November were 5.0 million, highest since November 2009. New Home sales at 398,000 were the highest since June 2010. These figures confirm that housing is contributing to economic growth.
The Case-Shiller process screens out any properties re-sold within six months. Because of market efficiencies, most flippers aren’t included in their +8% year-over-year calculation. For the 200 properties he sold last year, J. Mann’s average was 16 days on market.
“Housing is clearly recovering”, David Blitzer, chairman of the index committee at S&P Dow Jones Indexes, said in a statement.
“There’s a lot of momentum,” he added during an interview on CNBC’s “Squawk on the Street.” “It shows up in all the housing statistics, not just the prices. As far as I can see it’s going to continue well into the new year.”
The spread between historically low interest rates and the money that real estate generates is “truly astonishing,” Starwood Capital Group Chairman and CEO Barry Sternlicht told CNBC on Tuesday.
“You can buy assets below replacement costs still,” he said in a “Squawk Box” interview. “You can finance them with positive leverage — meaning the cost of borrowing is much lower than the yield on the property.”
Sternlicht pointed out, “Never seen it in my career. It’s truly astonishing. This is the ‘Goldilocks Period’ for real estate.”
For people looking to buy or sell a home, he predicted, “You’re not going to see housing prices runaway. I think they’ll continue at a really modest three to four percent annual growth now.”
Blackstone already owns $4.5 billion in assets here — including Legoland and the Hotel del Coronado.
Blackstone Group to buy 66 apartment complexes in San Diego for more than $1 billion https://www.sandiegouniontribune.com/business/story/2021-05-11/blackstone-group-to-buy-66-apartment-complexes-in-san-diego-for-more-than-1-billion
"Jim the Realtor is legit - I interviewed three brokers; he said list price should be $100,000 higher than the other two brokers; listed it with him and had all cash (no financing) offer in two days, five day contingency period, closing in two weeks - and it closed at his recommended list price. I could not recommend anyone more than I recommend Jim the Realtor. more "
by gary t moyer
"When we moved to San Diego in 2005 we rented a big house on Mt. Soledad (La Jolla) with 180 degree ocean views for the same payment as a mortgage on a dump in Chula Vista. Clearly something was wrong. Yet, the media was full of the usual happy-talk nonsense, so I was glad to find Jim's blog. I've followed his honest assessments and data since. more "
"Where do we begin..2020 has been a year for everyone. When COVID hit and shut down both my husband and my businesses, we were left with a mortgage and very little income coming in. We were stressed, scared and felt stuck. We made the hard decision to sell our home and move out of state. We contacted the Klinges' and spent a good hour going over what we hoped we could accomplish. Jim and Donna came over with comps in hand and suggestions on improvements to get our house ready for the market. It was overwhelming to think about, but Donna was there and one step ahead in every scenario. more "
"Jim and Donna Klinge made the sale of our condo extraordinarily easy. They know the market and gave us sound advice backed by details and very considerable experience, reflected both in the initial pricing and subsequent negotiations. They work together as a team and are always available to talk. more "
"I cannot believe there are no reviews of Donna yet, ugh!! She is the secret sauce of the Jim Klinge/Donna Klinge combo! I will touch on Jim here, but Donna is why I'm so totally loyal to these two (no offense to Jim :)).
I consider myself a rather savvy buyer/seller. I've bought/sold 7 times in more "
"Jim and Donna Klinge are by far the most professional, personable and responsive realtors I have ever worked with. They provide VIP concierge level service in every area of the process of selling your home. My home was marketed so successfully that we received an offer the day after our first and only open house. Thanks to Jim's pricing and negotiating, our house is now the highest sold in our community... more "
by Ann Romanello
"Jim educated us, helped us find the perfect house, and then negotiated us a great deal. I would hate to be sitting across the negotiating table from ... more "
"Jim is thorough and will be brutally honest about the homes he shows you. He provides great service and follows through until the very end and even ... more "
"I highly recommend Jim as a buyer’s agent. Working with Jim, we closed this week on a San Diego condo. Jim prepared a list of comparable sales to ... more "