What could really boost the market further would be if we had more new or newer single-story homes for sale. Baby-boomers would be much more likely to ditch the older two-story family estates and glide into a ready-set single story home – if there was just an easy exit.
If you wanted a new house under $500,000, how about Las Vegas? The home above is in Summerlin, and I’ve been there. It is a great alternative for those who don’t mind the heat!
Or if you insist on San Diego County, but might go to the outskirts?
Here are one-story new-home options for you locally:
Plus, this is the Pardee tract they sold off to Toll:
True, in order to downsize, most sellers need to leave town, but at least there are some new-home options to consider nearby.
The folks at the 55-and-over Auberge near Santaluz just wrapped up sales of their brand-new one-story homes, and it would be a good place to look for resales. Here is a tour of the Plan 3 model, which one of my buyers purchased:
The other day, an appraiser mentioned to me that he had just completed a study comparing the prices of one-story houses vs. two-story.
He had done a similar study ten years ago, and found that the premium being paid for a one-story then was about 5%.
Today, he found that the premium is about 14% – more than double!
We speculated whether it would double again over the next ten years. When you consider how short the existing supply of one-story homes is today, and that builders are still addicted to the two-story model, it is pretty easy to guess the premium will increase further!
Here’s a sample of houses sold between La Jolla and Carlsbad this year.
NSDCC Houses Between 2,500sf and 3,500sf Sold 2017 YTD
# of Stories
# of Sales
You can get a better ‘deal’ on a two-story home, but as boomers get older and unload two-story houses, that market could get glutty, and the quality one-story houses be even more sought-after.
Another video tour for an out-of-town buyer. This home was listed for $1,075,000 in September of last year, and closed for $950,000 in March, 2017. The answer to the question asked was Aviara Oaks schools:
Kayla and I will be at 7060 Via Del Charro today 12-3pm!
An authentic California Ranch on 2.79 acres in horse country! Park-like estate with a stunning single-level main house that was redesigned and extensively upgraded in 2009 – it’s like a new house! The wide-open floor plan features wood-beam ceilings, wide-plank real hardwood floors, and several sets of french doors! Pool/spa, 3-car garage, TWO detached guest houses (perfect for multi-gen), tennis court, RSF schools, & no HOA! The master suite was highly upgraded in 2016 with new steam shower, jacuzzi tub, and walk-in closet! On sewer too! Plenty of room for horse facilities with trails nearby. $2,750,000
There are already people who have decided to buy and/or sell this year, and to those folks I’ll say in advance – congratulations, and I’d like to help you!
I’d like to reach out those who are thinking of putting off the move for another month or year.
Here are reasons why you should re-consider:
The actual moving is mentally and physically taxing. Even if you have plenty of family to help sort through the junk and pack everything up, you will want to have a say in many of the decisions.
Moving to a new home almost always means getting accustomed to a new home, area, amenities, and basic things to live. You want to be on top of your game to endure that many changes.
People are buying one-story homes in advance because of the lack of supply and the pressure on pricing – demand is heavy, and supply is light!
The current administration could mess with the tax law, and tweak the $500,000 tax-free profit you have coming from your home sale.
The move is very likely to be more difficult than you think!
Recently, I had a widow move to a retirement facility after her husband had passed away (she was younger). We lamented that if they would have moved together, he would have loved the new place, and she would have had a network of friends already built by the time he passed.
If you are getting up in years, and know that you have at least one more move in you before you’re done, don’t wait too long. Seventy years old is about the latest anyone should move, and 60 years old is recommended. You want to enjoy a few years at the new spot!
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