Nuvilla, the San Diego based real estate company, will be turning their focus towards relocation. “It is an under appreciated market segment. Relocation buyers have slightly different needs than the traditional, local buyer. Aside from having to rely even more on your agent to interpret the market dynamics of a completely foreign region, you have to, in many cases, start from scratch on putting your roots down in a new community. How do you go about finding housing that is copacetic with your lifestyle?…Much less finding a trusted sources like a new baby-sitter” says Nuvilla broker Cleve Shirley.
Expect to see changes in the way Nuvilla works with out of town buyers. “Of course, the changes in our business pratices will only benefit our local buyers…and the buyer friendly we are, the more we benefit sellers.”
Just checking in on my old blog. I’ve been busy for the last, um…year. We have launched Nuvilla Real Estate (see most recent post before this) and after many a 12 to 16 hour day, a few hundred pots of coffee, a few beers and three greyhounds, we are starting to get rolling.
It’s an interesting time in the market… A completely different landscape from the day my original salesperson’s license was hung at Prudential – 9-11-2001. After an historic run of appreciation we find ourselves in a time of opportunity. Prices have fallen back down to earth (relatively, anyway), and good, secure money is as cheap as it was during ‘the run’. The bargain hunters are in, and the bandwagoners are out. It is a time for new life in the market.
Good things to come…
The new site, nuvilla.com, has launched and community information pages are being rolled out. The site was designed so an out of town buyer could quickly and comprehensively research communities for relocation purposes. Locals will appreciate the clean and content rich pages as well.
Though the site is just completing phase one development, it is already one of best sites for residential real estate information. It is as informative as it is easy to use – all the condo and single family home listings populate their respective pages. A user can also customize searches, save searches for email updates, request home values and use one of about 10 mortgage calculating tools.
Check out Nuvilla’s La Jolla real estate page.
November 2006 median and average sales prices for Downtown San Diego Attached homes – lofts, condos and townhomes – are up year over year from 2005. Sandicor statistics show the average sales price in 92101 in November at $725,998 – up from $611,170 last year. The median sales price, $619,000, is up from $549,000 last November.
Sales have been boosted in San Diego as rates have reached their lowest point since last summer and the fall off of inventory changes many buyers’ perspectives. The uncertainty that slowed sales over the traditionally hot summer season has waned in the last few months, giving buyers confidence to make purchases.
Builder incentives, in addition to the renewed confidence, has certainly been a factor in keeping the Downtown market flourishing. Many builders are offering closing cost assitance, upgrade packages and/ or 6 months to a year without HOA payments.
San Diego is ending the year on a high note, looking forward to solid year in real estate for 2007.
Smart Corner, set for completion in summer 2007 offers new East Village condo units with city views, freeway access, on site trolley access, and first floor retail space. Petco is a 10 minute walk as is Balboa Park. Homes start in the in the mid two’s with relatively modest HOA dues. Phone, cable and high speed internet are included in the Homeowner dues. Hmm…Too bad they couldn’t strike a deal with Sempra….
Downtown’s highest roof-top sun deck with spa, BBQ and wet bar are at some Smart Corner claims to fame. Design elements include everything you would come to expect from a new downtown development. Underground parking is available if you are not yet green enough to ditch your car in favor of the trolley.
30-year fixed rate at 5.65%; 10-year Treasury yield at 4.46%
Rates continue to be favorable. Inventory is still high, but starting to slip. Between now and Spring of ‘07 will be the best time to buy for a long time….in my opinion.
The San Diego Architectural Foundation announced award winners for 2006. The big residential real estate winner is Fahrenheit by Citymark Development. Check out the complete list of winners and losers here.
This Carmel Valley home is one of the better values for a large family looking to stay close to the beach in a good school district. The 5bd, 3ba, 2,393 square foot home is listed at $875,000.
The home’s first level features a large, eat-in kitchen with Bosch dishwasher, built in refrigerator, and an island with pull out drawers.
The great room has a built in entertainment center with a gas fireplace and vaulted ceilings add to an already open and spacious first floor.
The yard is large for the area, and features a built in BBQ.
Just a couple of recent observations in regard to the state of the market. First, economists have recently sited search engine searches as a viable leading indicator for real estate sales. So, if the number of people typing in the term “san diego real estate” goes rises from 80,000 searches per month to 90,000 searches per month, you can expect sales to pick up accordingly in X number of months ahead (from my experience, the “search” to “sale” timeframe ranges from 90 days to 180 days). A far cry from measuring searches, I have noticed my San Diego Real Estate website traffic increase dramatically over the last couple of weeks. This despite my organic rankings worsening concurrent to traffic increasing. A bit unusual…
I have also noticed a spike in showings on both properties I list and properties I am showing to buyers I am working with.
Good signs for real estate as we head toward the holiday season.
30-year fixed rate at 5.8%, 10-year Treasury yield at 4.61%
