"The typical San Diego home seller made $125,000 on the sale of their home in 2016, according to Zillow."
Are home prices in San Diego County actually dropping?
Maybe only for a short time...
In its latest report on the home sales and prices, the California Association of REALTORS® (C.A.R.) said the median sales price of an existing single-family home in San Diego County was $605,000 in August, compared to $613,000 in July, a drop of a mere 1.3 percent.
However, the relatively small reduction in home prices is not leading REALTORS® to say that prices are heading south. In a year-to-year comparison, C.A.R. said the August 2017 median home price of $605,000 was higher than the August 2016 figure of $563,000, an increase of 7.5 percent.
Statewide, August’s median home price reached its highest level in a decade and remained above the $500,000 mark for the sixth straight month. The median price rose 2.9 percent from $549,460 in July to $565,330 in August and climbed 7.2 percent from the revised $527,490 recorded in August 2016. The median sales price is the point at which half of the homes sold for more and half sold for less. It is influenced by the types of homes selling, as well as a general change in values.
In addition, California home sales increased in August despite lower inventories. Closed escrow sales of existing, single-family detached homes in California remained above the 400,000 benchmark for the 17th consecutive month and totaled a seasonally adjusted annualized rate of 427,630 units in August. The number of home sales in California in August was up 1.5 percent from July and 1.3 percent from August 2016. In San Diego County, C.A.R. said the number of homes sales in August was up 11 percent compared to July and 4.9 percent from August 2016.
“It’s really a tale of two markets,” said C.A.R. President Geoff McIntosh. “Despite sales growth across all segments of the market, lower-priced homes are particularly inventory constrained, which leads to weaker sales growth, faster rising prices and fierce competition for the few homes that are listed. These homes are selling faster than historically and for top dollar, adversely impacting entry-level buyers who are already struggling to afford to buy their very first home.”
“August marked the third straight month that the median price gained 7 percent or more year-over-year, indicating that prices are not only growing, but are accelerating into the end of the year,” said C.A.R. Senior Vice President and Chief Economist Leslie-Appleton-Young.
Other notable outcomes from the C.A.R. market report for August 2017:
-- In San Diego County, the median number of days it took to sell a single-family home was 14 days in August compared with 13 days in July and 17 days in August 2016. Statewide, the median number of days it took to sell a single-family home was 18 days compared with 16 days in July and 28 days in August 2016. C.A.R. figures are based on a 28-day median period for a home on the market.
-- Statewide active listings continued to decline in August, dropping 11.9 percent from a year ago.
-- Mortgage rates declined further in August as the 30-year, fixed-mortgage interest rate averaged 3.88 percent in August, down from 3.97 percent in July but was up from 3.44 percent in August 2016, according to Freddie Mac. The five-year, adjustable-rate mortgage interest rates ticked down in August to an average of 3.15 percent from 3.22 percent in July but it was up from 2.74 percent in August 2016.
Meanwhile, according to other reports from various industry sources:
-- There appears to be no end in sight for the inventory shortage. The imbalance of supply and demand is continuing to push costs higher. The limited supply is driving demand and prices, as well as millennials aging into home ownership, the labor market is booming and wages are growing.
-- The typical San Diego home seller made $125,000 on the sale of their home in 2016, according to Zillow. The real estate website crunched the numbers on 33 U.S. metropolitan areas and found the best return on investments for homes was in Oakland, where homeowners saw a 78 percent return on what they originally paid, followed by Portland with 64 percent earned. San Diego County ranked No. 17 as the best return for buyers with a 33 percent jump, behind Nashville, Mesa, Philadelphia, Phoenix and other cities.
-- Zillow also said that in eight years and 11 months (typical length of stay for a San Diego owner) that a seller earned $16,000 per year on their investment when they sold in 2016.
Source: Pacific Southwest Association of Realtors (Joyce Evans) and California Association of Realtors
Beloved Fried Chicken Concept Coming to Chula Vista →
Max’s Restaurants, a popular fried chicken eatery first founded in the Philippines in 1945, is expanding its franchise to San Diego. Late last year, we reported that the Filipino chain, which has more than 200 outposts around the world, had signed an area development deal and was scouting for locations in Mira Mesa, Escondido/San Marcos, and Chula Vista with the goal of opening three restaurants in San Diego over the next five years. This is actually a return for the brand; over a decade ago, Max’s operated an eatery in National City.
Known as "The House That Fried Chicken Built", Max’s menu centers around its signature marinated and fried chicken, plus traditional Filipino dishes ranging from chicken adobo to crispy pata and fried lumpia.
Eater has learned that Chula Vista (2127 Olympic Parkway, Suite 1001) will be the home of the first local Max’s Restaurant. A rep for the group says that the eatery is scheduled to open in the first half of 2017.
Jay Montenegro, owner of Montenegro Group Real Estate, and Pat Geary of ECP Commercial are leading the efforts to find locations for the concept. Montenegro shared, "We are very excited to have helped Max's find their new home in Chula Vista. Chula Vista is a fast growing, vibrant city, where our surveys proved is one of many locations in San Diego County that will have a big appetite for Max's delicious dishes. San Diegans currently drive 2-plus hours to the nearest Max's restaurant in Glendale just to satisfy their Max's food cravings; now, we are excited to share they can enjoy the famous dishes in their very own backyard and we are working even harder to giving them two more nearby locations to choose from very soon."
SOURCE: http://sandiego.eater.com/
Hollywood Legends John Wayne, Bette Davis and Doc from Gunsmoke Wined and Dined in this Luxurious Southern California Home
Rancho Santa Fe, CA 92067
Asking Price: $5,100,000
Once called Home by one of San Diego's prominent families; this truly one of a kind Rancho Santa Fe Estate also features a collection of personalized etched glasses baring the names of the Hollywood greats who used them; such as John Wayne, Bette Davis and Doc from Gunsmoke, when they wined, dined and enjoyed saddling, riding horseback from this luxurious estate directly to the beach.
The Estate itself is a celebrity in its own right. Located inside the highly exclusive Covenant of Rancho Santa Fe; the estate is an island property, meaning it is Non-covenant, and therefore, the estate is not subject to the CC&R's of the Rancho Santa Fe Covenant. The very lucky Buyer of this unique estate will have the ability of opting to be a part of the covenant or not - a rare and luxurious option perfect for the Celebrity or Executive who wants to have the creative freedom to live, design, and build as he or she dreams. One's dream/imagination can definitely run wild and not fear of running out of canvas as the estate sits on an enormous +5 Picturesque Acres with lush grounds, ponds, waterfalls, garden walks and a permit to having horses; as to channel one's inner cowboy or The Duke, John Wayne.
The Home also boasts 5 different living rooms and 11 fireplaces, plus a full separate guest house, with kitchenette, and a separate 3-4 car garage, to compliment the estate's long scenic driveway and ample parking space; ideal for the Buyer with many friends and family who like to visit and partake in the escaping of the hustle and bustle and stresses of the city. Past owners of the home were fans of collecting antiques and incorporated their finds into the house, such as the Rancho Santa Fe Post Office's original mail drawers (that currently houses the personalized celebrity etched glasses) and an original door from the Yuma Prison which romantically displays as the wine cellar's entrance door. Beautiful use of brick, stone and wood all work together in harmony to making this home very relaxing and rejuvenating; the layout itself is tranquil; with every turn one will find a retreat to relax into.
With the spacious grounds, luxurious neighborhood, antique fixtures, Hollywood history and the Freedom of owning an Island Property in the Highly Exclusive Covenant of Rancho Santa Fe, California; this one of a kind estate is truly a rare find perfect for the Celebrity or Executive that loves to host, entertain and live rejuvenated in a resort like timeless setting.
““Luxury, Hollywood History, +5 picturesque Acres, Privacy and Freedom in the Highly Exclusive Covenant of Rancho Santa Fe.””
LISTED BY:
Jay Montenegro
Montenegro Group Real Estate
(619) 850-1279
jay@themontenegrogroup.com
(CalBRE: 01469393)
Putting a New Meaning to the Phrase "Living on a College Budget"
Top Ramen, Little Caesars Pizza, and a six pack of beer was what my college budget afforded me, but at the American University of Dubai parking lot, you would think their students’ budget allotted room for lobster, filet mignon and Dom Pérignon (but maybe it does)? The gallery of luxury cars below is courtesy of student, Meeka Nasser, whose pictures show us a different meaning to the phrase, 'living on a college budget".
For fun, your Elite Luxury Agents, here at Montenegro Group Real Estate, wanted to show what type of San Diego Real Estate could be bought in place of some of these showcased luxury dream cars. Enjoy :)
Bentley Continental GT
MSRP $175,700 - $215,000
Real Estate Equivalent: A city chic and trendy view condo in the East Village of downtown San Diego.
Ferrari
MSRP About $192,000
Real Estate Equivalent: A nice resort like condo in Mission Valley
Porsche Cayenne
MSRP $49,600 - $146,000
Real Estate Equivalent: An upgraded 1 bedroom condo in Bay Terraces.
Bentley Continental
MSRP $175,700 - $215,000
Real Estate Equivalent: A 580 sq. ft. 1 bedroom condo in North Park.
Lamborghini Gallardo
MSRP $181,900 - $256,300
Real Estate Equivalent: A 3 bedroom 2 bath, 1,222 sq ft. condo in the South Bay.
Mercedes-Benz C63
MSRP $59,800
Real Estate Equivalent:
Rolls Royce and Maserati
Real Estate Equivalent: 3147 Lighthouse Ridge Lane
Maserati
MSRP $126,000 - $142,900
Audi R8
MSRP $114,200 - $210,300
Porsche and Ferrari
Audi R8
MSRP $114,200 - $210,300
Aston Martin Vantage S and Mercedes-Benz SLS AMG
Audi R8
MSRP $114,200 - $210,300
Mercedes-Benz SLS AMG
MSRP $199,500 - $206,000
Dodge Challenger
MSRP $26,295 - $44,195
Bentley Continental
MSRP $177,500 - $217,000
Mercedes-Benz ML63
MSRP $96,100
Chevrolet Camaro
MSRP $23,345 - $59,545
Nissan GT-R
MSRP $96,820 - $106,320
Mercedes-Benz with United Arab Emirates Flag
Raised Customized Ford Truck
White Tinted BMW
Superfast Red Ferrari
Audi R8
MSRP $114,200 - $210,300
Mercedes-Benz G Wagon
MSRP $113,000 - $134,300
Rolls Royce
Land Rover Range Rover
MSRP $82,650 - $135,450
Real Estate Equivalent: A small cozy studio in Golden Hill.
Michael Jordan Proving Procrastination Can Buy You a Gorgeous 11 Bedroom Home!
My favorite moments as a child of watching Michael Jordan play basketball was by far his "spectacular moves" on the court and even more so, the last second game winning shots; which proved to be very lucrative for the Greatest Basketball Player to Ever Live! (Yes, I said it, better than D-Rose, The Black Mamba and King James by a landslide).
Our favorite basketball player of all-time and his new wife, Yvette Prieto, finally moved into their 11 bedroom home earlier this year. I am getting married in a few months, LOL I bet Liza Elaine wished I worked on my J's (jump shot) growing up instead of working to buy the latest pairs of J's (Jordan Sneakers). :) But hey, who knows, if in God's Will and with the support of clients and love ones, maybe JM can be MJ of Real Estate one day? I did prove in college to being an amazing clutch performer when writing English papers for class? ;)
Source: http://youtu.be/NT7fafP9sMs