Category Archives: Real Estate

Covid19 – Is commercial real estate headed for a crash?

Posted on June 23, 2020 | Leave a comment

Within the next week, David Marino will list nearly 300,000 square feet of sublease office space in Sorrento Mesa that current tenants no longer need.

For Marino, a principal at the Hughes Marino commercial real estate brokerage firm that specializes in representing tenants, these subleases are an early wave of what he expects to be a tsunami of unwanted office space flooding the market in coming months in the wake of COVID-19 shutdowns.

Social distancing, plunging revenue and layoffs already have wreaked havoc on certain commercial real estate sectors, such as hotels, malls, movie theaters and non-essential retail.

Office space could be next.

“Most companies have now realized that they can work as effectively remotely, and some employees actually like it,” said Marino. “Office tenants contemplating their future requirements are going to be leasing less space than they have now.”

That could create ballooning supply starting this summer — a surplus that might make the Tech Wreck of 2000 and the Great Recession of 2008-09 “look like a rounding error,” said Marino.

Home Repair/Inspections – Protecting everyone from Covid19

Posted on June 22, 2020 | Leave a comment

Just imagine. You can’t get any hot water, so you go down to the basement and find your water heater has given up the ghost, and it’s flooding the floor.

Or your selling your home or refinancing and have to have required inspections.

So, what’s the best way to stay safe when you must let a repair, inspector or delivery person into your home? Doctors and researchers say it is not impossible to be safe. They also say that because it could be years before there is a vaccine for the virus and at least several months before there are safe, effective treatments to treat the virus before it becomes acute in a patient, people need to embrace new protocols for daily life. And daily life is going to involve some malfunction or breakdown of essential equipment in your home.

Call ahead or look online to find out what kind of safety procedures and protocols they have in place to protect workers and customers,” Dr. Lawrence said. “That should include masks, cleaning supplies, sanitizer that they bring with them.

San Diego home sales plummet to level not seen in nearly 30 years

Posted on June 19, 2020 | Leave a comment

Housing sales in San Diego County had their biggest annual drop in nearly 30 years in May as COVID-19 brought the market to crawl.

There were 2,327 home sales in May, down 40.7 percent from the previous year, said CoreLogic data provided by DQNews. Analysts point to a lack of consumer confidence and sellers pulling homes off the market to wait out for a better selling time as reasons for few transactions.

It represents the biggest annual drop in home sales since January 1991 when sales were down by 41.5 percent.

Despite few sales, home prices were largely unchanged. The median home price of $590,000 was down about $4,000 from last month, and still up 3.5 percent in a year. The home inventory decline resulted in bidding wars for a limited number of properties and pushed up prices or, at the very least, meant almost no price reductions.

Here’s how the median price fared by type:

Resale single-family: Median of $650,000, down $250 from an all-time peak reached the previous month. There were 1,435 sales, its lowest since January 2019, typically the slowest month of the year.
Resale condo: Median of $430,000, down from an all-time peak of $453,250 in March. There were 623 sales, also the lowest since January 2019.
Newly built: Median of $681,750, down from the peak of $812,500 reached in October 2018. There were 269 home sales, typical for newly built homes.

Category Archives: Real Estate

Covid19 – Is commercial real estate headed for a crash?

Home Repair/Inspections – Protecting everyone from Covid19

San Diego home sales plummet to level not seen in nearly 30 years

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