RATES, RACES & REALITY
Summer is racing by, and of course we want to be a part of it! We are happy to be a sponsor of the Del Mar Race Track. The races are such a great San Diego tradition and a fun afternoon. The Turf Club is a great way to experience the races. We are fortunate to participate and share this experience with clients. If you have never been or are a regular, let us know and we can make it a day!
WHAT WE ARE SEEING IN THE SAN DIEGO MARKET
For several years, as interest rates rose, some buyers assumed they would come back down before they bought. We are seeing less of that now; the market has pretty much accepted higher rates as the new normal.
Of course, it is all a matter of perspective. They are high compared to post-COVID rates but are generally in line with the longer-term averages. COVID rates were the anomaly. The market has found a slow and steady equilibrium.
Pricing, condition, and location are critical to how well a home sells. Sellers of homes with issues, road noise, or disrepair must compensate on price. However, every situation is different; a few properties we thought would sell fast took a little longer.
On the other hand, this week we had a client bidding on a house with five offers that went well over the list price, but they were beaten by a cash offer with tight contingencies. That tells us many buyers are in that small submarket.
PICKS OF THE WEEK
Check out the nine properties below that we are featuring this week, and let us know if you want to see any of them.
There are two condos in the 939 Coast building, but that combined unit on the 15th floor is rare. That is one of the largest single-story view condos in all of La Jolla at 3,778 square feet. The unit one floor up is still a three-bedroom for half the price.
We had to share 855 Muirlands—ultimately, this is a teardown or major project with potential. But as it is now, this could have been Ron Burgandy's house from Anchorman.
We have two oceanfront picks in the $21–$22 million range. They are different properties in different locations, but they will be competing for a similar buyer.
Our favorite pick this week is the house on Solymar. This is a great location on a large, secluded 27,000-square-foot lot. This is priced well.
On Copa De Oro—this is a nice, well-done, single-story home with views. It hits a lot of buyers' buttons. The caveat here is that I think the price is high and should be under $6M, in my opinion. This is a spec project where they will sell to move on to another project. The question is how fast and at what price.
READ THE FULL NEWSLETTER AND SEE ALL THE PROPERTY PICKS HERE
