Eastlake Project and Falling Home Prices

Eastlake Project and Falling Home Prices

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Just wrapped up another great project down in South Bay near the Eastlake/Otay neighborhoods. This is really a great family home located on a pride of ownership culdesac in a newer track home development originally built by McMillian in the 1990’s. The floorplan is really familiar and reflective of a lot of homes built in the 90’s in San Diego.

The San Diego real estate market is in the beginning stages of a what we think is a huge correction. We are now seeing median home prices drop for the first time in 13 years. Needless to say, all this was fueled by QE and low mortgage rates. The market seemed to peak around May 2022, since then we have lost 10% on median home prices. Nobody thought prices would drop with less than 2 months of inventory, but I predicted this would happen and we adjusted our buying criteria to be safe. As of August 12, 2022 the San Diego median home price is $805,000, down from $865,000 on June 3rd. 

With inflation and higher interest rates, the squeeze is on. Affordability is at a 40-year low so combined with plummeting consumer confidence from the recession, buyers are feeling cause for concern. Almost 30% of homes in San Diego listed for sale have reduced asking prices at this time. The days of 20 offers on the first weekend and $100k overbidding are long gone but this is a healthy situation needed to move into a more normal market.

The home is 5 bedroom, 3 bath with 2400 s.f. We did a complete remodel with all new surfaces. Newer homes like this are usually a breeze because the electrical and plumbing are in good shape and there is no need to make floor plan improvements. There was an April identical floorplan home that sold before the decline for over $200,000 more than we are asking! This is a great deal and reflective of the new normal. 

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sell house
sell house
sell house
sell house
sell house
sell house

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Rancho Penasquitos Townhome

Rancho Penasquitos Townhome

New townhome in Rancho Penasquitos with Poway School District!! We bought this home direct from the owner this Spring “as-is” and took it with a problem tenant who had not paid rent in 2 years using COVID as the excuse. After $2,500.00 in attorney fees and multiple trips to the property trying to convince her to leave, I finally got the keys. Entering the property was quite a shock, they had left everything behind and it was quite a mess.

Real Estate prices have jumped in this complex, my exit price projection based on comparable sales was only $430,000 when I bought it. It’s on the market now and all redone for $499,000-$549,000 MLS# 220012628 and in the award winning Poway Unified School District. This is the second-best school district in the San Diego area and 14th best in California for those of you looking for good schools in San Diego. Listed with Atkin Homes. We had 6 showings yesterday and don’t see a problem getting what we want for this great townhome in Rancho Penasquitos. Stay tuned!

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Allied Gardens is Live!

Allied Gardens is Live!

 

Our newly completed Allied Gardens bungalow is so cute! We are certainly loving the transformation on this house flipping project. This unique property with great elevation is located on a very private and quiet Allied Gardens street with surrounding views. The inviting front porch just makes you want to take a seat and relax after work while seeing your neighbors out and about walking their dogs. The vertical large house numbers and the horizontal porch rail design gives it a beachy coastal vibe. Just listed for $899,900 and now on the market. MLS# 220011058

House for sale
House for sale
front porch on house

The front door color is SW 7701 Cavern Clay. This is a play on a traditional red front door but modernized to fit our palette. Leaning more terra cotta, it has brown undertones and really went well with the existing brown roof. Keep in mind these real estate photos are shot in HDR. In person this color is not so orange.

My accent siding choice is SW 7046 Anonymous. It also is a greyish-brown to tie into the brown roof.  This is my first time using this Sherwin Williams color on a house we bought to flip, I wanted something bold for this siding panel and it makes a great statement. Picking exterior house colors to go with a brown roof can be tricky, I am very happy with what we pulled off here.

We really made this floorplan work by opening up the wall and rearranging the kitchen layout with a small island, walking into this home you would never feel it is only just over 1000 square feet. The original kitchen had the sink in the corner under the window, this definitely wasn’t going to work so we moved it to the island along with the dishwasher as our only choice.

Tons of light comes in and makes this space feel very welcoming. I went lighter than we normally do also on the waterproof flooring material to make the space feel larger. Using a LVP material or waterproof flooring allows us to seamlessly run the flooring through the wet area being the kitchen. We even managed to squeeze in a pantry with the new configuration as well as leave a generous allowance of space for a dining room table.

remodeled kitchen photo
Once again I kept the bathroom tile choice very clean and timeless, not getting too trendy. White subway tile in large format is combined with wood-look porcelain floor tile and matching niche. It truly is the perfect little bungalow for a family starting out or a young professional from nearby Mission Valley or Kaiser Hospital. I just love the Allied Gardens vibe, it’s very sophisticated but hip.  
Stay tuned and we will see how the market reacts. Even though we went live on Mothers Day weekend we are getting showings and the feedback has been great. Selling a home at this time of the year is no prooblem in San Diego, the market is still holding up and with the San Diego Median Home Price now $1,000,000 this is right in line for being completely redone. 
Otay Mesa is Done!

Otay Mesa is Done!

We just wrapped up a really nice remodel here in San Diego down South near Mexico in Otay Mesa. This is a great entry level neighborhood and a good choice for military or anyone wanting to be close to the border or Imperial Beach without spending a million bucks. We listed at $769,900.

I am so happy with how it came out, we did everything new from the windows to the flooring. It’s a 3 bedroom, 2 bath and the best part besides the awesome military neighbors is the direct access to the 7-acre Montgomery-Waller Community Park and Rec Center in the back yard. I kept the home design and colors very easy and safe.

The exterior stucco color is Sherwin Williams SW 6149 Relaxed Khaki. I love using this neutral color when we have an existing brown roof to work with. The trim outside is SW 7005 Pure White and the front door pop color is my favorite Behr 480F-4 Mermaid Net.

For the interior walls I have been using Sherwin Williams Drift Of Mist SW 9166. This is a great color but it can be tricky and show grey undertones depending on what kind of light you are getting in the rooms. If you have a sunny location it’s almost off-white with a hint of green. This property is a true winner, hurry before it is gone!

Home staging by: Universal Staging Company

 

 

Green Button Homes is the original “We Buy Houses” company in San Diego. With 17 years experience we are here to help you navigate your off-market and private home sale process. We make it easy to sell your house “as-is” and with no real estate agents. We always buy houses in their current condition and never ask for repairs or credits once we sign a deal. A local escrow company is used to handle to transaction and we cover all the costs. It is even possible to close on the property with a tenant in place and/or buy your home and give you time to move. Please give is a call, text or email and lets work together to find an arrangement that creates a win-win for both parties!

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New Otay Mesa Project!

New Otay Mesa Project!

Look at this new purchase we just made down near the Mexico/USA border in Otay Mesa! This house was a long term rental with a lot of deferred maintenance although it is on a great street with really good neighbors. I had been in disussions with this homeowner for quite a while and then when COVID hit (they actually got sick) the plans to sell the house were put on hold.

I always personally follow up with the leads we get. When you sell to us you deal with me personally through the whole transaction. Hundreds of San Diego homeowners have sold to me personally over the years. I have more experience navigating through the sale process than most real state agents. We always use a local escrow company that handle the transactions for us. These sellers appreciated my non-pushy nature and we finally struck a deal and closed the sale within 2 weeks with the tenant in place. Selling a house usually requires cleaning and fixing things as well as getting it vacant. In this case I acquired the tenants with the house and worked with them in a legal and ethical manner to relocate. In the case of this property, we paid $40,000 more than a competitor that solicited them! With 15 years of local homebuying experience, we are the most trusted choice for an easy home sale in San Diego with no realtors involved getting commissions.

Stay tuned for the remodel on this one and we appreciate referrals and are always looking to buy more houses in San Diego.

 

Sold in Imperial Beach Again!

Sold in Imperial Beach Again!

Another great home in the books for 2021! This remodel down in Imperial Beach was completed in 6 weeks and sold to an investor as a rental house oddly enough. Usually our remodeled homes sell to people who want to live in them, not as a rental house right out of the gate. This home buyer happened to have family nearby so he wanted something to rent out now and possibly move into later. 

A long time landlord sold this house to us after searching for “who buys houses in San Diego.” After speaking with them we found out that the tenant had lived in this property for many years and had made a deal to do any repairs to the home in lieu of getting their rent increased. needless to say the home had a lot of deferred maintenance so this was a perfect fit for our homebuying criteria. Any time there are things that need to be fixed or old original kitchens from 1960 its time for a total makeover and full remodel.

Green Button Homes is the original “We Buy Houses” company in San Diego. We buy homes all over San Diego County, from as far North as Oceanside or Escondido and all the way down here to the Imperial Beach/Otay Mesa area. Selling your home to us is easy, we take houses as-is, pay all the closing costs and can even close with the tenant in place. Many homebuyers in San Diego will not buy a house with an existing tenant due to the eviction laws and tenants rights. In this case we closed on the property in 2 weeks and took the tenant and worked with them fairly to relocate.

If you have a house to sell in San Diego give us a call, we are house flippers and always pay cash and love fixer-uppers. You will find it easy to deal with us as we have purchased houses from hundreds of San Diegans over our 17 years in business. Learn more about the process of selling your home to a cash buyer in San Diego by clicking here.   

Exterior Paint Color: Behr 790C-3 Dolphin Fin

Interior Paint Color: SW 9166 Drift of Mist

Front Door Color: Behr Mermaid net 480F-4