Last week, reader TOB talked about a buyer he knew who walked away from a deal over the Rampart fireplace. Here’s a list of other issues that might be deal-killers, but we try to find a way to solve them before giving up!
https://www.hunker.com/13772386/signs-you-should-walk-away-after-a-home-inspection
While the pandemic and world war are raging, the stock market is diving into bear territory, and all media is burying the real estate market, I put two listings on the open market for four days and get three offers on each and sell them both for over list at a time when people are wondering how far will prices drop.
Who do you want in your corner? Contact Jim the Realtor today!
It is a true honor to have listed for sale my favorite home of all-time!
365 Marine St., La Jolla
3 br/3.5 ba, 2,894sf
YB: 2018
LP = $6,950,000 – SP = $7,750,000
This custom contemporary was designed and carefully-crafted for over three years to be the ultimate beach house just 100 yards from the sand! The main living area has floor-to-ceiling glass panels that open dramatically to create the perfect indoor-outdoor experience with breath-taking 180-degree ocean views over Marine Street beach! The interior is loaded with so many custom features that they make this home downright sexy! Ample off-street parking and an easy walk to the village too. Architect Mark Morris said in his 20+ years of designing super-custom modern-contemporary homes in the area, this is his favorite project of all-time. The ultimate in modern contemporary design – it’s a trophy property!
https://www.compass.com/app/listing/365-marine-street-la-jolla-ca-92037/1050797924033993089
Good summary of today’s market conditions by Nick:
Link to Free WSJ Article
San Diego renters can breathe a sigh of relief knowing they are a little bit more secure as the city’s new eviction moratorium is now in place for renters who are up-to-date on their rent payments and abiding by the terms of their leases.
“San Diego cannot afford to have one more person enter into homelessness and this is a way to prevent that,” said San Diego City Council President Sean Elo-Rivera, who championed this measure.
The new rules that went into effect Sunday prevent landlords from removing tenants for ‘no fault’ reasons.
“Despite having paid their rent on time,” said Elo-Rivera. “Despite having abided by the terms of their lease, they were still being evicted because the rental market in San Diego is such that landlords know that if they do a bit of an upgrade and some minor renovations, they can jack up rent substantially.”
Under the moratorium, if a landlord or family member wants to move into the unit, they need to provide the tenant with 90 days-notice. If they want to take the property off the rental market, they now must provide six months-notice.
“What we have done though is ensure that there’s fewer exceptions to the rules and when someone is going to be evicted, that they’re given enough time to get their life together,” said Elo-Rivera.
However, some people feel like the moratorium is unnecessary.
“It feels a little bit like a solution looking for a problem,” said Lucinda Lilley, president of the Southern California Rental Housing Association, which expressed opposition when the measure was approved by the San Diego City Council in April.
“I don’t think that it’s been properly vetted,” said Lilley. “I don’t think that there is any data that shows that it is necessary.”
A remarkably original mid-century modern on an acre in Del Mar.
It listed for $2,400,000 on February 26th, then the price was raised to $2,900,000 on March 8th when marked pending. The final sales price was $2,800,000:
The market’s direction will be determined by inventory, and San Diego is #1 on Bill’s list for the biggest percentage drop year-over-year. Also consider how the San Diego metro compares to others that had a similar number of new listings in April:
| Metro Area | |||
| Boston | |||
| San Diego | |||
| Portland | |||
| Columbus | |||
| Jacksonville |
Our market is starved for inventory, so you really can’t blame sellers for pushing it, price-wise. Buyers may back off some, and not as many listings will sell. But when the success rate of listings-that-sell has been an unusually-high 80% to 90%, we can afford some additional failure.
We’re going to have fewer sales. Panic selling? Probably not.
https://calculatedrisk.substack.com/p/final-look-at-local-housing-markets-a11
The overshoot part of the frenzy is unavoidable.
The pricing of the new listings was calculated on sold comps from when the frenzy was hotter and sellers were getting big pops over the list prices.
Back then, you didn’t have to spruce ’em up as much, you got away with sloppy pricing, and the listing agents insisted on 60-day rentbacks for free, ‘coming soon’ teasers for weeks, and showing times based on when the listing agent felt like fitting it into their schedule.
The pricing part has been correcting – it’s the rest of the package that needs adjustment:
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Our new listing in NE Carlsbad with some commentary on market conditions:
I went around with my Nikon (the one with the lousy auto-focus) to highlight as many of the fine features of our La Jolla listing that I could – there are many more!
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
CA DRE #01527365, CA DRE #00873197
