All Forum Posts by: Steve Meyers

@Sarah Hatton my lender can help, call Justin MacMillan 626-236-3108 let him know I referred you.

@Josh Yame I agree with what Matt said.  I also use https://www.zillow.com/rental-... which helps give an idea of what the property can rent for based on comparable rental comps in your neighborhood. 

@Lindsay Bowman I have a great contact for you regarding ADU knowledge, I'll PM it over to you. Make sure you have your agent request to pull the building records on file with the city which will help verify what's on file for permits etc.

@Ronalyn Recaido I have a great lender recommendation for you, I'll PM you her information.

Hi All,

I've been getting a lot of questions regarding the San Diego market in particular and where prices are going etc so I wanted to pull the most recent data to compare last year's January to this one.

All properties saw an increase of 9.5% in prices from January 22 to January 23 which is displayed on the graph below.  

I also pulled inventory numbers by price point in the second graph below.  The average home price in San Diego is about $840K which currently has about a .9 month supply up .3 from last year.  

I'm going to be watching this month over month to see where inventory numbers go but I wanted to post about this because there have been a lot of media companies (Goldman Sachs) out there that put San Diego in their headlines as one of the markets to take a hit in prices, but I don't see it happening anytime soon unless we really see an increase in our inventory supply.  A lot of these media companies are just putting headlines out there for click bait and not actually looking at the data.

Demand for San Diego housing has and will continue to be one of the most desirable and competitive markets in the US.

Hey @Bill Rabello I'm going to private message you my friend Esteban's contact he does sub to and wrap deals all the time, he'll have a good contact for you.

@Lili Kagels my friend Andrew hosts this event below almost every month

https://www.eventbrite.com/e/r...

@Koree Scott check out https://gomultitaskr.com/ for your ADU they're great, provide you with 3D walk throughs of it before hand. They have a lot of different finacing options available too.

@Emery Jensen don't these arbitrageur's need a STR licnese since they won't be owner occupying the home? If within city of SD then a license would be needed, link below for reference, last thing you want is for your clients to get hit with fines from the city because they are operating without a license.

https://www.sandiego.gov/treas...

@Hunter Broschinsky if you were planning to flip it I would say focusing on the yard would be important.  A lot of times flippers lay down mulch or do something cheap because landscaping can cut into the budget pretty quickly and can get quite expensive, but buyers hate the mulch look and it's cheap looking same thing with hardscaping the yard too.

I like the idea of an xeriscape in the front that will look cool.  The outdoor fireplace is a nice touch too.  Since your plan is to keep this as a rental and cash out refi I wouldn't focus too much on the landscaping.  Definitely having things like a hot tub or other amenties would allow you to charge a premium for rent.  Hope that helps