by Tom | Apr 10, 2013 | Marketing, San Diego Real Estate Market, South Park Modern Bungalow
The San Diego real estate market is on fire right now, home prices in my area are up 20% over last year and in nearby neighborhoods like North Park 92104 there is only 1 month of inventory at the current sales pace! It’s putting a real damper on the local house flippers as they are having trouble finding properties to rehab. 3 guys I personally know are going to Phoenix, Las Vegas and Palm Springs to find projects.
Strategically, I put it on the market on a Tuesday to give everyone time to react before an MLS advertised double-open house weekend. The strategy worked out perfectly, by the open house we already had 3 offers to work with. In this market its common to have 10-15 offers within the first few days, but this is generally true for entry level houses or high demand markets in the suburbs. By leaving the house on the market a whole 8 days, I felt it gave adequate market exposure yet didn’t irritate any of the first buyers by waiting too long and playing the game.
We had a specialty product for a very special buyer, in an inner city neighborhood where median sold home prices are in the low 500’s. To illustrate the market appreciation this year, when I bought this vacant lot I calculated a house built there would have sold for $629,000 based on comps. Half way through the build there were 2 comps at $685,000. By the time I was done we had sales comps in the low 700’s for remodels, not new construction, so I put a value on the home of $750,000. Not having a back yard was a definite negative so I had to price this in. You know that the seller does not set the sales price, the market does. A house will sell for whatever a buyer is willing to pay. Furthermore, houses are not sold, they are bought, so listing agents don’t “sell” houses in my opinion.
I used value range pricing and listed the house at $749,000 – $799,000. The first offer came in at $710,000. The second at $749,000 and a third at $750,000. When the smoke cleared, and after everyone had a shot to go higher, we countered the strongest buyer of the 3 offers and they came up to $765,000, or $413.50/s.f.
Listing this house and getting it under contract was the easy part, getting SDG&E to install the gas meter so we could close would prove to be the hard part and took almost 8 weeks! Our wonderful buyer hung in there so we finally closed today, congratulations to the new owner and we hope you enjoy the home as much as we did building it.
by Tom | Feb 2, 2013 | South Park Modern Bungalow
Our New Construction Modern Bungalow in South Park is finally done, 190 days since I got my plans stamped. It’s an edgy blend of traditional Craftsman Bungalow style with a Modern influence.
We wont be moving in (sorry babe) so it will hit the market this week. Don’t miss this ultimate urban nest for a hip buyer in the trendy South Park neighborhood! Click here for home details.
-1812 Edgemont Street SD, CA 92102- -Showings & Questions (619) 438-0234
> MLS # 130005969 $749,000 – $799,000
> Open House Saturday – February 9, 2013 12-5 pm
> Open House Sunday – February 10, 2013 12-5 pm
Special thanks to Rancho Photos for the best real estate photos in San Diego!
by Tom | Jan 14, 2013 | Bathrooms, Granite Countertops, South Park Modern Bungalow
We are winding things up in South Park on our Modern Bungalow. The modern garage door got installed this week, its an Amarr full view door in dark bronze with obscure glass.
I didn’t want the glass to look white-ish like my last project so I didn’t get the frosted, the obscure lets more light in and overall was a way better choice for this project. The dark bronze aluminum ties in with the Milgard aluminum window color perfectly.
The door looks massive because its 8 feet high so the glass panels are larger, way cooler than the 7 foot Amarr door we installed earlier this year on a house we flipped.
In the master bath wet room I finally dropped in the jacuzzi tub. You can see that the heavy glass frame-less doors are also installed, I tried something new this time and did saloon doors.
You can leave them open when taking a bath and they lay on the walls out of the way. The opening is 4’0″ so each door is around 24″ Hey Honey, if I don’t come home from work one night you know where to find me.
Carpet got installed in the 2 secondary bedrooms. I went with a designer textured close loop Stainmaster with upgraded pad because we like carpet in kids rooms. The grey ties in well with interior finishes.
The big milestone we passed this week was the counter tops. The kitchen and both bathrooms are all Ceasarstone Arctic White with a square profile and eased edge. Ceasarstone is quartz so its a little trickier to work with when fabricating the edge detail.
Not only is the pure white unforgiving but quartz in general has to be miter cut so you wont see the lamination on the bullnose. This is the first time I’ve gone this white, its so fresh, clean and looks very modern, contrasting my dark greyish blue base cabinet color well.
The huge sink is a single bowl zero radius stainless steel. I ended up going with white 3×6 ceramic tile for the back splash (not shown) and installed it in a running bond pattern to keep it looking more contemporary and matching the upstairs bathroom.
The 3’x7′ kitchen island has a waterfall on one side. this is a new technique usually reserved for high end modern homes where the counter top actually wraps down the island and touches the floor. You can also see in this pic how the seams are miter cut.
One neat feature (also not shown) is the microwave drawer in the island, more pics to come after I get appliances in. We Buy Houses in San Diego, if you know anyone looking to sell please contact us as we are always searching for our next renovation project.
by Tom | Dec 22, 2012 | Concrete, Hardwood Floor Refinishing, San Diego Real Estate Market, South Park Modern Bungalow
What a difference a week makes. Our new hardwood floor refinishing guys came in and did an incredible job on the Modern Bungalow in South Park. Instead of the usual rag on, rag off method for applying the stain, these guys used a lambs wool applicator and drug the stain across the floor. Of course we did not water pop the wood first this time!
The stain came out perfect the second time around, no spots or blotchy areas and this application method actually left more color on the wood. After the stain dried they did 3 coats of semi-gloss clear, buffing in between coats. I’m really happy with the results, this is how Golden Pecan on Red Oak should look, it gives a modern loft feel.
Here is the finished product on the floors, finally I am back on track now. The cabinet finishers are coming in next to stain the uppers to match and paint the bases, island and bathroom vanities.
The weather finally cooperated enough to get most of our hardscape in this week. I poured about 20 yards of flat work. The modern design I created will lend itself well to my overall theme, the driveway area was so large, so by cutting it up I brought the space more into scale. Stay tuned for the finishing stretch after the holidays & Merry Christmas!
by Tom | Dec 16, 2012 | Hardwood Floor Refinishing, South Park Modern Bungalow
Imagine this picture after 3 days of rain. Yes folks, mud, mud and more mud. It just wasn’t in my cards this week, after almost 2 weeks excavating for the driveway and setting forms, the rains came.
Had I just finished a day earlier I would have avoided a 5-day set back due to the weather. You can see I broke up the huge space by setting the forms in a more modern design for the concrete, it will do wonders for the scale of the driveway and also add an interesting modern touch.
Inside the gaps between the slabs I can put river rock, decomposed granite or even a low grass. There wont be any sod in my landscape design, the whole yard will be xeriscaped and planted with drought tolerant native species.
The unfinished cmu block retaining walls and large square concrete slabs for stepping blocks will give a real urban mod feel and be perfect for my modern bungalow.
The full custom, flat panel millworks package went in on Monday from Jed at Hollands Custom Kitchens in El Cajon. Full extension, soft close, dove tail, the whole 9 yards.
Hollands is rad, great service, quality and they’ve been building cabinets for 35 years here in San Diego. They hand built everything specifically for the house including kitchen and bathrooms. Everything will get finished on site after the install. On the uppers I used grain matching “rift cut” Red Oak.
We’ll stain them Golden Pecan to match the floors while the island and lower cabinets will all get painted a dark blueish grey. I’ll contrast the dark lowers by using arctic white quartz countertops with a square eased edge profile and waterfall on one side of the island.
In fact the counters, appliances and even carpet upstairs are all waiting to go in as soon as the floors are done.
So you can see a lot was riding on the floor job coming out on time. After 2 days of sanding, the floor guys decided to apply the oil based stain when it was raining outside and 90% humidity.
It might have actually worked even though you shouldn’t stain in higher than 60% humidity, but they tried an advanced technique called “water popping” in which you wipe the raw wood with water to raise the grain just prior to staining.
This trick is normally reserved for trying to get wood floors to accept a very dark stain or hide scratch marks, in my case it wasn’t necessary since I’m going very light and Red Oak is the easiest material to work with. Soaking the floor with water combined with the high humidity trapped in the moisture under the oil based stain and it dried looking very blotchy.
I’ve been doing beautiful Oak floors for years and we never popped the grain, I wouldn’t advise anyone to try it unless you are going very dark or have an absolute professional that has experience with popping the grain doing the work.
Needless to say I hired a different company and we are sanding off all the stain and starting over. New 3/4″ Red Oak floors only have enough thickness to refinish about 6 times, its not the best scenario to re-sand new installs twice but they’ll look perfect when we are done and that’s what counts. More on water popping hardwood floors here.
It’s really frustrating to get slowed down at the end of a project, but its just part of the business and being able to react swiftly and find solutions will keep you moving forward.
We’ll see if this week works out a little better. See you soon with concrete pics and a complete kitchen. Have a Merry Christmas and thanks for following our projects!
by Tom | Dec 2, 2012 | San Diego Real Estate Market, South Park Modern Bungalow, Tile, Tubs and Showers
We are still making progress on the Modern Bungalow trying to wrap this house up, but with the holidays its been hard to keep up the pace. Since my last update inside we got the central air conditioning installed, hot water heater, red oak stair treads and risers, and all the electrical trim and fixtures. Custom tile job.
The fire sprinkler guy came back and trimmed out too, installing all the sprinkler heads and bell box. There’s nothing left inside except for the tile setting while I wait for another week for the cabinets to arrive and get installed.
The countertop fabricator is on standby to come right in after the cabinets, then its only hardwood floor refinishing and carpet in the 2 bedrooms. Garage door is also on order. I could have had it wrapped inside by now if I would have ordered cabinets before the drywall went up.
The new tile contractor I hired is done now with mud floating all the walls and getting into tile setting with his wife. This is the second husband and wife team we’ve had on this job, my exterior painters’ wife also was a painter. Mud set tile job is the best method and common in San Diego with real tile setters.
These ladies know what they are doing too, they are not just sweeping up! Instead of Hardi backer we opted for the mud float method where you do moisture barrier paper, metal lathe and then float out the walls with spec mix. The City comes and inspects paper and lath before you can start floating the walls. Mud set is definitely the way to go.
It gives a perfectly flat and plumb surface but definitely more work, he spent 4 days floating the walls with mud when I could have put up Hardi backer board in a few hours. The tile I went with in the master is a modern 12 x 24 light grey designer porcelain and I stacked it square to give a more clean minimalist and contemporary look.
In the hall bath I went with the 3×6 ceramic but also opted not do do a subway pattern so it will be more of a clean look with a period material, working well with our home design. Both bathrooms got great niches in the wall for soap and shampoo bottles.
I thought by now I would have been done with the house but things always drag out at then end, time is on my side with Christmas and New Years coming up now so we’ll move in after the holidays.
The San Diego real estate market is still very hot. No signs of slowing even through the typically slow Fall season. With only a little over 2 months inventory it is a sellers market again and we are seeing bidding wars and multiple offers in all price tiers.
I don’t see things changing through 2013 because interest rates will stay low and there’s no more huge waves of foreclosures coming as all the adjustable loans have reset already. Banks will continue to trickle out a few REO’s here and there, but even short sale volume is dropping fast. House flippers in San Diego will have a tough time competing with large, well funded buy and hold groups investing for appreciation.
Some flippers are moving up the price range and flipping million dollar homes where there is less competition. There’s a lot of investor and first time buyer activity and prices are being affected by it, October was up 13% from last year and in some areas have reached 2005 peak home price levels again.