Tag Archives: san diego real estate

San Diego jarred by latest development on housing

These are days of high anxiety and potential opportunity on the housing front in San Diego.

Some recent turns of events have energized discussions over high housing prices, low housing stock and whether too many homes are being allowed in certain neighborhoods.

Add to that the increasing concerns about corporations dominating the homebuying market.
Here’s what has surfaced in just the past two weeks:

• The Navy is considering building up to 10,000 housing units in high-rises and major commercial and office space at its current NAVWAR site along Coast Highway on the edge of the Midway District.

• Blackstone Group, the private equity giant, purchased some 5,800 apartments from the Conrad Prebys Foundation.

• The county Board of Supervisors is considering assessing fees in “car-centric” areas in a continuing effort to channel development into more urbanized areas that have shorter commutes and accessible transit.

• Mid-City residents are protesting policies encouraging additional dwelling units, often called granny flats, that could double or triple — or more — the number of housing units in neighborhoods designed for single-family homes.
The latter may be the housing version of big things coming in small packages. That’s good or bad, depending on one’s point of view.

The latter may be the housing version of big things coming in small packages. That’s good or bad, depending on one’s point of view.

Additional dwelling units (ADUs), sometimes called casitas, have dotted San Diego’s neighborhoods for generations. They’ve seemed relatively benign because there weren’t that many of them and they had a historic, even cute, familiarity as granny flats, a name housing advocates are trying to phase out.
The steady increase of the small homes largely has gone under the radar in the housing wars, which tend to focus on massive developments and legislative proposals in Sacramento to essentially upzone the entire state in an effort to get more housing built. Not too long ago, government regulations made them difficult to build, if not discouraged entirely

read more at: https://enewspaper.sandiegouniontribune.com/desktop/sdut/default.aspx?pubid=ee84df93-f3c1-463c-a82f-1ab095a198ca

As Mortgage rates yo-yo, what is means for San Diego real estate

Even with the coronavirus taking a wrench to the economy, many San Diego housing analysts have said low mortgage rates and demand will continue to drive the housing market.

But, what happens when mortgage rates go up?

In the past few weeks, rates for a 30-year, fixed-rate mortgage have fluctuated wildly — making monthly payments on an expensive San Diego County home go up or down by hundreds of dollars.

The rate was 3.37 percent Monday morning, said Mortgage News Daily, but was up to 4.15 percent two weeks ago.

For now, it appears unlikely that millions of sheltered Americans are going to be shopping much for homes. Also, many have lost jobs. Still, for those trying to purchase, navigating interest rates will take some work.

Tucker also said lenders don’t have as much incentive to try and fight for customers with lower rates when customers are calling them nonstop.

Mortgage rates usually follow the yields on mortgage-backed securities. These bonds typically track the yield on the U.S. 10-year Treasury.

Tucker said if the 10-year Treasury yield remains under 1 percent, the secondary market for mortgages stays healthy and the backlog of applications gets processed, it is possible mortgage rates will drop again to historic lows.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-03-31/mortgage-rates-are-all-over-the-place-what-it-means-for-san-diego-real-estate

San Diego home prices up 2.9% in a year

Home prices were up 2.9 percent annually in San Diego County as of October, part of a rising tide of nationwide price increases, the S&P CoreLogic Case-Shiller Indices reported Tuesday.

The gain was below the national average of 3.3 percent, but it still represents a reversal of fortunes for San Diego County after months of having some of the lowest price increases in the nation. Home prices were going up at annual rate of around 1 percent for the first six months of the year.

Even with the increase, which experts largely attribute to falling mortgage interest rates, it is still below the 3.8 percent annual increase recorded for San Diego County a year earlier.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2019-12-31/san-diego-home-prices-up-2-9-in-a-year