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.
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!
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.
For this project I decided on a modern style landscape design to tie in with my modern architecture attribute. The clean lines and open spaces of my concrete work will create a contemporary outdoor space. I came up with a flowing design of terraced geometrical shapes, grid patterns in the concrete flat work, and the extensive use of unfinished cmu block to give an urban feel. I’m trying to create more of an extension from the house and outdoor living spaces rather than a traditional lawn and garden.
When constructing my modern privacy screens I continued the cmu block wall as a base and used galvanized Postmaster steel posts which then support the Cedar 1 x 8 boards. These posts are great, they are pre-drilled and will last for years. I kept the spacing at around 5 feet to keep the boards straight and I’ll stain them after they dry out in a few days.
The finishing touch will be all native, drought tolerant plants which I have carefully selected. Of course I ran sprinklers for very moderate watering but the whole design will be almost maintenance free and save water.
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!