Island Home

Carved into the earth of a small cove in the US Virgin Islands, this custom residence is stunning, and sustainable! The materials selected for the Island Residence were specifically inspired by the colors and textures of the rock face bluff that extends to the coral beach below. A radial plan encourages residents to interact with each other and their environment.

Click on image to enlarge.

https://www.thebrownstudio.com/#/project-5/

Carlsbad/Olivenhain

The camera was rolling today – here are a couple of short home tours with commentary along the way:

We lost a pillar of our industry this week when Mike Evans, broker/owner of Sea Coast Exclusive Properties passed away.  He began his brokerage in 1985, and it grew into three offices with 150 agents before he sold it to First Team in January. RIP

Rates Under 4%

If you are thinking about selling your house this year, call me tonight!

Rates are idyllic, and so is the weather which makes for a great combo!

Mortgage rates fell again today, just barely inching to the lowest levels since early 2018.  Keep in mind, that factoid is based on an average of multiple lenders.  Some of them aren’t quite back to the low rates seen at the end of March.  Others had crossed that line several days ago.  Either way, the actual NOTE RATE at the top of the average rate quote would be the same then and now.  The EFFECTIVE RATE would be just slightly lower due to a small advantage in upfront lender costs.

Relative to market sentiment at the beginning of May, the last 3 weeks have been unexpected.  In other words, there was no obvious reason to expect or fear the sort of slide in stocks and yields that we’ve seen since then.  But of course, that’s just the sort of thing financial markets like to do!  If there’s one overarching reason for the move, it’s the trade war between the US and China.  Just when it seems the issue is put to bed, more drama unfolds.  In general, trade war drama damages the economic outlook and a weaker economy is generally good for rates.

http://www.mortgagenewsdaily.com/consumer_rates/911637.aspx

Who Is Looking To Buy?

Buyers are engaged – it looks like about 6% of adults are looking for a home, which is the same as last year. Glad to see the seniors on the move too:

Many people start thinking about a home purchase well in advance of actually engaging in the process of finding a home. In a national poll in the first quarter of 2019, 13% of adults reported planning a home purchase within the next year.  Of those prospective buyers, 46% are already actively involved in trying to find a home to buy.  The latter finding is not different from a year earlier, when 17% of poll participants were planning a home purchase and 46% of them were actively engaged in the search process.

Senior (56%) and Millennial (50%) buyers are the most likely to have moved beyond just planning to actually start the search process, compared to 41% of Boomers. Geographically, 53% of prospective buyers in the Northeast are actively engaged, compared to 42% in the Midwest.

Link to Article

More on Carlsbad Village Develpoment

Thanks bode for sending this in from the Reader:

At least eight businesses in Carlsbad’s downtown Village area have been told they must prepare to move out as their buildings make way for a sleek new restaurant/retail complex.

In what seems to cement the notion that Carlsbad is indeed morphing into Manhattan Beach, the popular Mas Fina Cantina and the Carlsbad Village Art & Antique Mall have been told their days are numbered. Their buildings will either be bulldozed or reformatted to make wake way for an upscale retail center. Their exit date could come as soon as October 2020 but possibly may not arrive until mid 2021 based on permit approvals.

Plans circulating with drawings for a new development called State Street Commons show there are no plans to retain two automotive repair shops, two hair stylists, a yoga center, an insurance office and an apartment complex. All will be displaced by a new complex that fronts the 2700 block of State Street and backs up to Roosevelt Street. Calls to Solana Beach-based Retail Insite who generated the drawings did not return requests for comment.

“I was very unhappy when I heard the news” says Andy Davis, co-owner of the Mas Fina Cantina who says he spent months hearing from customers that his building had date with a bulldozer. Since the 50s the Mas Fina building has been home to an appliance repair store, a laundromat, and an Italian restaurant. Mas Fina arrived in 2000. “My landlord told me: ‘We don’t have any plans, but we’ll let you know if it changes.'”

But the customers kept coming with more details. When Davis heard that the city had actually gotten involved, “I met with them and they told me they had sold the property.”

Davis says he has no animosity against his landlord or the incoming developer. “But I am worried the Village area will lose its charm as everything seems to be getting bigger. I get it that this is happening. My problem is that it is moving a little too fast and all the new designs seem to be similar. It’s all big boxes. There is nothing beautiful about these new buildings. People don’t want Orange County in coastal North County.”

Davis wouldn’t get specific about Mas Fina Cantina’s future, “But you can say we will stay in the Village [at a new location].”

Calls to Karlsbad Realty and the Don Dewhurst family about the sale of the property were not returned.

Meanwhile Bonnie Imperiali, manager of the Carlsbad Village Art & Antique Mall, says she was unclear about specific dates when her 15,000-square-foot collectible bazaar must close or relocate. The mall hosts mini shops for some 100 individual artists and vendors. It has been on State Street for almost 30 years.

Link to Full Article

Best 12 Real Estate Blogs

Somehow I got on another list of real estate blogs, which I appreciate – but maybe there are only 12 left?

The author has been a realtor in Killeen, Texas, but in April went to work for Zillow’s ibuyer division:

https://hooquest.com/real-estate-blogs/

Two Comments:

The #1 blog is run by a ReMax agent in Massachusetts. The example given is his post on the Top Lies Real Estate Agents Tell Home Sellers to Get a Listing.

He puts open houses on his list, due to the risk of theft, and that any buyer who want to see the home will do it by appointment too, making open houses unnecessary. A couple of realtors objected in his comment section, and he berated them for some reason.

The only time I’ve had a theft at an open house was in 2003 when we lost a Vicodin perscrption in Solana Beach.  I’ve done hundreds of open houses since, and never had a problem.  The big benefit I experience is having the Fear of Loss kick in with the attendees, which makes them hurry up and make an offer – and usually a better one at that, so they don’t lose it.

The other point was that he put me on the B2B list, suggesting my blog is tailored to agents?

His site, bubbleinfo.com, features more than just real estate blog posts. He frequently talks about the big picture stuff going on in real estate, and brings a refreshing and analytical approach.

I’d love to get feedback on whether the content here is too focused on agents.  I think I talk about what agents do in order to help educate consumers, but if it comes off as too much agent stuff, I’d like to know it.

I work in a vacuum here! Help me out if you can.

Padres History

Since the Padres signed a player for $300 million recently, it’s interesting to note that on this day in 1973 they were sold for $12 million, which would have been a record-high price for a MLB franchise!

But the city wouldn’t let the Padres out of the remaining 15 years on their lease, so the buyer cancelled.

The Padres owner, the notorious C. Arnholt Smith, did sell the team to Ray Kroc – and the rest is history.

Link to SDUT

San Diego Case-Shiller Index, March

I calculated the monthly increase incorrectly last month – it’s right now, and it shows that the index has picked up steam lately. But we’re still slightly below last year’s peak of 258 in June & July:

San Diego Non-Seasonally-Adjusted CSI changes:

Observation Month
SD CSI
M-o-M chg
Y-o-Y chg
January ’18
248.16
+0.8%
+7.3%
February
250.91
+1.1%
+7.5%
March
253.41
+1.0%
+7.6%
April
255.63
+0.9%
+7.7%
May
257.07
+0.6%
+7.3%
Jun
258.44
+0.6%
+6.9%
Jul
258.49
0.0%
+6.2%
Aug
257.32
-0.5%
+4.7%
Sept
256.13
-0.4%
+3.9%
Oct
255.26
-0.1%
+3.7%
Nov
253.37
-0.6%
+3.3%
Dec
251.68
-0.7%
+2.3%
January ’19
251.30
-0.2%
+1.3%
Feb
253.69
+0.9%
+1.1%
Mar
256.63
+1.2%
+1.3%

The index is 3.4% higher than it was at the beginning of 2018, but it could be worse.

This NYC broker says homeowners in Manhattan can figure what their home was worth in May, 2018, and then subtract 10% to find today’s value – yikes!

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