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April 2012 home page

Reality Realty
John Wilcox | Powerhouse Properties, Camino del Mar

 

How’s the real estate market?

My two partners, Tracy Weaver and Sean Current, and I get that question a lot – almost anywhere we go, any open house, anytime we show a property, everyone wants to know how their biggest investment is doing!

There has been a surge of activity in Del Mar and surrounding zip codes – in fact, throughout San Diego county – particularly since the beginning of the year. A lot of that is investors looking for good deals and especially in the lower end (under $400,000), but we’re seeing a lot of activity in Del Mar and our higher end surrounding zip codes as well.

Right now there are between 25-30 properties in escrow in each of the zip codes for Del Mar (92014), Rancho Santa Fe (92067), and Solana Beach (92075). When we last checked a week ago, Carmel Valley (92130) was the big winner with about 80 pending sales. This is something we haven’t seen in at least three to four years, so it’s a very good sign.

For Del Mar proper (city of Del Mar versus the entire 92014 zip code), here’s how we’re doing compared to a year ago:

For the six-month period from 9/15/11 to 3/15/12 for all property types (detached and attached homes) in Olde Del Mar, there have been 27 sales with an average sales price of $2,119,802 and an average market time of 111 days.

Compare that to the same time period a year ago from 9/15/10 to 3/15/11 when there were 32 sales with an average sales price of $1,784,517 and an average market time of 123 days.

While this is just a snapshot, it supports what we’ve seen based on our own business the last couple of years: Del Mar, in general, is holding better on value than our sister neighborhoods like La Jolla, Rancho Santa Fe and Solana Beach.
Again, very important to look at specific Del Mar neighborhoods – what’s happening in the Beach Colony is different from pricing on “the hill” east of Camino Del Mar. A lot goes into calculating values such as knowing the specific “floor area ratio” which varies from area to area; understanding perceptions of value based on proximity to the Village and view; or even knowing the value of one lot compared to another from a buyer’s or builder’s perspective and what can be done to improve a property.

This is looking like a very good window to buy or sell: There are people out there with cash who want to invest, even though Del Mar is holding pretty well prices are down from their highs in 2006/2007, and Del Mar, of course, is a very special place with limited inventory…always a good combination when it comes to demand.


 

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