All Forum Posts by: Steve Meyers

@Chelsa Analei Seawolf the coastal commission can definitely be a pain when it comes to your plans for building from what I've heard.  As Justin mentioned the first step would be to consult a civil enginer.  These are two that some of my clients have used in the past that said they were good.  I would reach out to them, they may not work the Encinitas area but I'm sure would be able to point you to a good reference if they don't.

@Mary Ainsworth I may have someone for you, I just asked them if they do rent by room management should hear back soon.  Also if you need a good agent referral for the Tuscon market I have an excellent agent over there that can help you out whose a friend of mine.

@Ned Carey Yea I'm waiting to find that out. My CPA advised me to quit claim into an LLC since my S Corp is primarily for my real estate transactions as an agent.

I had to close in my s-corp due to time constraints on my time to close with the seller for this flip I'm doing. I need to do a quit claim into an LLC, but I'm curious how this will impact my hard money loan if at all since I closed on that in my S-corp name. Is it as simple as just doing a quit claim deed for title or will the entity change trigger something with my loan?

@William Ladd Thank you for your service, the VA loan is a great thing to be able to leverage. As @Erik Browning pointed out you have a lot of different options. I'm currently helping an E5 engineer with a house hack in the college area out here in San Diego. Her and her bf plan on converting a section of the house to an attached ADU to help with bringing in some cash flow and renting out the other bedrooms to some friends of theirs. As someone whose been a realtor for 6 years here locally in SD I'm very familiar with the VA loan and would be happy to help guide you on your RE journey. Shoot me a PM if you'd like to chat further.

Now that we are almost officially into the summer market here in San Diego. I wanted to do a recap of what we saw in May now that market stats for last month are available.

In May we saw 1,514 single family detached homes hit the market up roughly 15% from the 1,312 number from April. We also saw a 22% increase in the supply of condos/townhomes available from 696 in April to 894 in May! This is great news for our inventory numbers as we head into summer. Hopefully inventory numbers will keep trending upward!

The fed's next meeting is June 13th-14th. The last fed meeting in March the fed raised interest rates by .25. It's unclear if we are set for another rate hike or not. Despite rates being higher the lack of supply has helped to insulate prices still. We are still a long way away from a balance of supply and demand. A lot more new construction communities are starting to become available as well.

If you are interested in knowing stats for a certain area or zip code just respond back to this email and I would be happy to send you some market stats on it!

New Listings for Detached Single Family Residences

-In May we saw 1,514 new listings for single family detached homes hit the market. Up about 15% from the 1,312 we saw in April!

New Listings for Condos/Townhomes

-We also saw an increase in the number of condos/townhomes available for sale up from the 696 in April to 894 in May a 22% increase in supply!

Pending (Under Contract) for Detached Single Family Residences

We saw 1,341 single family detached homes go under contract in May. There were a total of 1,514 new homes listed for sale in May. 88% of homes listed in May went under contract in May.

Pending (Under Contract) for Condos/Townhomes

We saw 787 condos/townhomes go under contract in May. There was a total of 894 new condos/townhomes listed for sale in May. 88% of the condos/townhomes in May went under contract in May.

Closed Sales for Detached Single Family Residences

A total of 1,370 homes were sold in May. ***(Not all homes that go under contract in that month will close that same month)***

Closed Sales for Condos/Townhomes

A total of 780 condos/townhomes were sold in May. ***(Not all condos/townhomes that go under contract in that month will close that same month)***

Median Sales Price for Detached Single Family Residences from Jan-April

January Median Sales Price: $849,000
February Median Sales Price: $900,000
March Median Sales Price: $940,500
April Median Sales Price: $952,600
May Median Sales Price: $955,000 (Up $106,000 since January)


Median Sales Price for Condos/Townhomes from Jan-April

January Median Sales Price: $590,000
February Median Sales Price: $616,000
March Median Sales Price: $635,000
April Median Sales Price: $640,000
May Median Sales Price: $640,000 (Up $50,000 since January)

Today's Mortgage Rates

 Good point @Jamie Banks I was just going to suggest furnished finder it's a great platform especially for here in San Diego with all the travel nurses we get.

@Jazzous Anderson with the BRRRR strategy right now with current rates it would be hard to cash flow for a long term rental in my opinon. The market is still competitive and buyers are hungry for renovated properties, it's just harder being able to find properties (at least here in Socal) where the numbers make sense and margins aren't too thin.

@Mike Link is the land in San Diego county?  If so I may be able to help you out with comps

@Alyssa Raines congrats on starting your RE journey.  I have a friend who is an investor savvy agent in the Augusta GA area if you would like me to connect you with him, let me know.