All time high reached in January for Median home prices. Likely to continue climbing

[NORTY FLATZ]

Originally Posted by kbuhagiar

Well...since we're all swapping war stories...

At the end of July 2021 we found our new-to-us house in rural southeast Escondido. It was on two acres, exactly what we wanted, and checked all the right boxes. It was a semi-distress sale; previous owner had died tragically and the heirs wanted to sell fast, so they marketed it on Monday for $1.1M and wanted it sold by Friday. We looked at it on Tuesday, made an all-cash offer of $1.325M (with a seven-day escrow) that afternoon, good until 5PM that day and contingent on inspections.

***Let's be clear that this was WAYYY out of our comfort zone! We are not wheeler-dealers or risk takers, but we knew what we were getting into; we really liked the place and figured with the market the way it was we had to fish or cut bait. I'm really proud of how well we dealt with an experience that was SO far out of the box for us. But I digress...

Long story short: buyer accepted, inspections turned up $25K worth of problems so they gave it to us for an even $1.3M. We expect to complete around $100K in upgrades by our move-in date.

Zillow and Redfin had the listing estimated at around $1.4M on the day escrow closed (August 4).

This morning Redfin shows it at a shade under $1.6M, and Zillow is not too far behind.
Bonus: San Diego County!

We're pleased with the outcome so far.

Off of "HVR?"

Looked at some property out that way, last Summer...

[kbuhagiar]

Originally Posted by NORTY FLATZ

Off of "HVR?"
Looked at some property out that way, last Summer...

East Canyon area, halfway between Kit Carson Park and the Safari Park.

[Axxlrod]

Originally Posted by kbuhagiar

East Canyon area, halfway between Kit Carson Park and the Safari Park.

I mountain bike near there at Daley Ranch quite often.

[aslowdodge]

Originally Posted by Axxlrod

Easy there, buddy.

Most of us seasoned homeowners that lived through the 2008 crash understand the RE value cycle. I know I do.

I don't think the RE market will continue to skyrocket forever... it def will slow down at some point, and prices will plateau and probably even drop... maybe even 20%.

But it's a different world than it was in 2008, and for us homeowners in the coastal areas of SD, I think we're rather insulated from a drastic 50% drop in values.

I'm truly perplexed by your constant "sky is falling" ramblings posted here...

It’s not just here, but he posts in multiple forums about this. He owns no rentals, yet tells people what a losing proposition it is to do so.
He is also predicting economic collapse pretty much in economic forums and elsewhere.

[NYSD1995]

Originally Posted by aslowdodge

It’s not just here, but he posts in multiple forums about this. He owns no rentals, yet tells people what a losing proposition it is to do so.
He is also predicting economic collapse pretty much in economic forums and elsewhere.

Misery loves company.

[sdurbanite]

Speaking of all-time highs, I was in Coronado yesterday and saw the gas prices at the Shell on the main drag. Yowza!

[stablegenius]

Originally Posted by sdurbanite

Speaking of all-time highs, I was in Coronado yesterday and saw the gas prices at the Shell on the main drag. Yowza!

Yeah if these prices get much higher I fear we WILL go into a recession...

[sdurbanite]

Wonder when that breaking point will be.

[NORTY FLATZ]

Affluent people don't care if it goes to $100/gal. In fact, they may prefer it. It'll reduce the Riff-Raff on the roads.

But the "ham & eggers" might quell their travels a bit.

I filled everything I have last week, when it was $4.69. (2 cars, 3 motorcycles.) I knew I paid too much, then. Turns out, I may have "price protected" my self for 4-6 weeks...