Eastlake Project and Falling Home Prices

Eastlake Project and Falling Home Prices

sell house

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. 

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

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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. 
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

Serra Mesa Remodel Video

Serra Mesa Remodel Video

It’s always fun to see the whole process after such a killer transformation. Here is a house flipping video I put together that shows what kind of love and care we put into this home over the 6-week remodel. The property is located in Serra Mesa, a San Diego centrally located neighborhood. We bought the house directly from a retiring landlord who simply wanted to cash out.

The house needed extensive repairs so we bought it “as-is” and he didn’t even have to pay realtor commissions.  It is so rewarding to truly make such an impact on improving neighborhoods in the city we love. The white exterior color palette and the light wood accents are really on trend right now and our design came out just as imagined. Subscribe to our YouTube Channel for future projects. Hope you enjoy!

Back in Serra Mesa

Back in Serra Mesa

We are happy to be in a little higher priced market working this summer with our new project. Serra Mesa is on the hill right above the old Qualcomm Stadium location and for those in the know it’s home of a billion dollar SDSU satellite campus location now with Aztek Stadium, something the Chargers seemed to never be able to pull off. We have remodeled a bunch of homes in this neighborhood and Serra Mesa is seeing some big time gentrification and is a solid bet for future growth in home prices. Serra Mesa home prices range from $850,000 to the high $900’s for little 3/2’s! We get to step up the design and materials on this one so its going to be a killer transformation.

You can see here the home is mostly original, we purchased this property from a tired landlord that simply wanted to cash out and retire. Even though the house was rented out, there was deferred maintenance issues but we bought it as-is. The seller benefited from an easy and fair sale without having a bunch of people through the home disturbing the tenants and didnt have to pay any realtor commissions or closing costs. Stay tuned for the complete remodel, we will make this house the shining star of the block and make all the nieghbors very happy!