NSDCC Sales, October

by | Nov 8, 2019 | Jim's Take on the Market, North County Coastal, Sales and Price Check

Our market was slumping towards the end of 2018, so no surprise that the numbers this year look so good.  But the pace since 2013 is remarkable, and for last month’s sales to only be down 10% vs. 2013 is incredible, given how strong our market was then:

NSDCC Detached-Home Sales, October:

Year
# Sales
Avg $/sf
Med $/sf
Med SP
Med DOM
2013
266
$495/sf
$383/sf
$957,500
32
2014
244
$467/sf
$387/sf
$978,754
39
2015
223
$473/sf
$406/sf
$1,075,000
25
2016
275
$524/sf
$424/sf
$1,100,000
30
2017
259
$533/sf
$439/sf
$1,194,500
29
2018
238
$568/sf
$484/sf
$1,384,634
37
2019
239
$602/sf
$490/sf
$1,425,000
32
Diff since 2013
-10%
+22%
+28%
+49%
0

The statistics should remain solid for the rest of the year, though the local Case-Shiller Index will probably be slightly negative.  It’s 2020 that will be less predictable!

San Diego Wine + Food Festival

by | Nov 7, 2019 | Jim's Take on the Market, Local Flavor

Welcome to the San Diego Bay Wine + Food Festival, where sailboats and sandy beaches serve as the backdrop to one of the country’s most talked-about weeks in food. Featuring dozens of events, hundreds of domestic and international wineries, the celebration of craft beer and spirits, local culinary legends and nationally recognized celebrities, and a Grand Tasting Finale on the stunning Embarcadero.

The San Diego Bay Wine + Food Festival raises money for local and national charities including scholarships for culinary, hospitality, enology, and viticulture students. To date, the Festival has donated more than $475,000 for aspiring professionals.

sandiegowineclassic.com

Listing Agents Blowing Deals

by | Nov 6, 2019 | Jim's Take on the Market, Listing Agent Practices, Market Conditions, Why You Should List With Jim | 4 comments

Our assistant Brittnie is a licensed realtor, and for months she has been working with a couple in search of the right entry-level home. Buyers at the low-end of every market have had no negotiating power for the last ten years, but some of the softness in our soft landing can be attributed to pilot error – the listing agents are still (too) cocky.

They made an offer that was 8% below the list price on a home that had been on the market for 3 months with no price adjustment. It was easy to figure out why it wasn’t selling – it hadn’t been remodeled (the type of homes that might have gotten lucky before, but now are struggling to sell).

The sellers counter back at 2% under list, and the agent tells Brittnie on the phone, “Don’t even think about countering the price”.

But that’s not all.

He also included the usual terms left over from the high-flying days:

1. Sold as-is, no repairs.

2. No termite.

3. No home warranty.

The buyers walked.

Previously, all buyers who were frustrated enough by bidding-war losses and rapidly-rising prices would succumb to the demands of the listing agent just to get it over with.

And it’s not just the terms, it is the attitude of the listing agents that is a turn-off too. Buyers aren’t going to put up with it when they see houses languishing on the market these days.

Another favorite is for listing agents to crank down the contingency period from 17 to 10 days.  I had one do that to me yesterday on a house that we already confirmed had no permits on record at the city (it’s an older house).

I asked him if he was going to cancel the deal if we didn’t release contingencies after 10 days.  His answer? “Hmm, well, I don’t know.”

Is it worth it to put the screws to the buyer in the middle of November on a house with no permits just so you have the option to go back on the market around Thanksgiving?

If the market sluggishness continues, some of it will be self-inflicted.

Get Good Help!

Happy Anniversary!

by | Nov 5, 2019 | About the author, Jim's Take on the Market | 9 comments

It was 31 years ago today that my dearly beloved and I walked down the aisle at Mission Basilica San Diego de Alcala. Rob Dawg already mentioned how Donna looks the same today!

I am grateful and lucky to have such a committed partner in life – I love you Donna!

I took her to Bob’s Big Boy on our first date, but I’m going to class it up tonight.  Catch us at IHOP!

There is still time to receive this month’s newsletter and read Donna’s anniversary edition. Send your email address to: klingerealtygroup@compass.com

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