Housing Prices in Perspective

There is some good news -- the median price of a home in one California county is $69,000!

That county is Modoc County...don't bother to look it up! Cheap places are cheap for a reason!

Here in San Diego County, the median price is $617,000, and only 8% of the county population can afford the median priced home.

It takes an income of $150,000 a year to afford a median priced home in San Diego.Overall, the County prices increased 5.2%...in 92026, houses increased 4%...in Pauma Valley they went up 67% and in one part of Rancho Bernardo prices went down 1%.

For those who do not know Pauma Valley, it is an almost unknown part of the County -- I tell people that the Pauma Valley maids and gardeners own homes in Rancho Santa Fe!

This information is designed to allay fears about a "housing bubble."

So long as California can withstand downward pressures in the overall market, and maintain stability -- which we have so far -- then the nations overall stability is assured. Just as there is a micro market within San Diego County as evidenced by the increase/decrease in different areas, there is a macro market within the nation -- some area housing rise, some go down.

When Florida prices close the gap with California, California prices rise to maintain the natural "delta."

While I can't understand why anyone would live in Florida, I also can't imagine how anyone can afford to buy in California!

How many coke dealers can there be?

Meadow Glen Way West

There has been a dealy in opening the Meadow Glen Way West extension to Meadow Glen Way East because the County did not accept the road in its current condition.

Opening of the road is now expected at the end of January.

The End of the Year Report

The Hidden Meadows real estate market is not so bad as it might otherwise appear if you only read the newspaper – it is at least a "normal" winter market.

We will know better what the New Year will bring by the end of January – and certainly by the end of February or the first half of March – that is when the usual "selling season" begins.

In the next two weeks we will have a spate of homes comes back on the market that were taken off the market simply because of the Holidays. That should increase the number of homes on the market by five or so, but that is a seasonal anomaly.

My own view is that there was not, and will not be any "housing bubble" (see my previous pronuncios for the rationale). The only soft spot in the San Diego market, today, is condos. That is because there has been a recent and very pronounced increase in apartment conversions to condos.

Those conversions have had two poor effects on the general market – it has depressed the number of rentals, and therefore the number of "affordable housing rentals" and it has depressed, temporarily, the condo market throughout San Diego County.

Meadow Glen Way West

Apparently, the kerfuffle between Graystone and the County Department of Water and Power has been resolved, and the Meadow Glen Way West "extension" will be open the week of December 19.

Thanksgiving Real Estate Report

The market continues cool, but not cold. Homes are neing removd from active market play during the Holiday period -- and I suspect that will continue during the Christmas Season as well.

The market has every indication of remaining stable at a low level. Only well-priced homes will easily sell between now and February. In February we start a new sales year...

Meanwhile I have received my first phone call from someone in Florida who wishes to escape the constant threat of hurricanes! During the eight Florida hurricanes of this past year, we all probably asked the question, "Why does anyone live there?"

Obviously I am not the only one who is or soon will be showing homes to escapees from Florida. My clients are serious -- they have their home for sale and expect to arrive lock, stock and barrel in a moving van..so they are looking in Rancho Bernardo for a vacant home.

They will not be the first, or the last. Unfortunately, the price of a home in Florida does not easily equate to a home in Southern California...

A Blip in the Market?

There was a lot of activity in the past 96 hours – three new listings and three new sales.

We will have to see if this is an anomaly, or if this perhaps is the beginning of a turnaround for local sales.
The Meadows actually has homes that SHOULD sell, even in a cool market. With five sales this month…and we are not yet at the end of the month…we have the most sales in months.

With the holidays upon us, it is not likely to continue.

It certainly would be a nice thing if it did!

New Condos?

Apparently there is a kerfuffle about to explode in the Meadows – at least a conceptual plan has been floated by the Meadow Lake Golf Course to permit some sort of development within their bounds in return for a new clubhouse.

This concept had a hearing before the Hidden Meadows/Deer Springs Sponsor Group.
While there are as yet no concrete plans, there was some initial talk of converting the driving range to condos/townhouses/etc.

One relatively rational person asks the question: What is the value of the golf course to the community, and what price must we pay for the continued good financial health of that golf course?

Good place to start in the discussion. This community has a habit of being 50/50 on every proposal, and I suspect this one will not be different.

Latest Sales Information

The home at 9528 Sage Hill Way (Listed at $825,000) went into "Pending" today...this is the third "Pending" this month.