Least expensive San Diego homes to sell in 2018

Beauty is in the eye of the beholder for some of the cheapest homes to sell in 2018. In a year when San Diego County’s median home price hit its highest point in history — $583,000 in August — a few buyers were able to nab properties that were far less expensive but not without some disadvantages, like remote locations or plenty of deferred maintenance.

Many of the homes could just be tear-downs that will make way for a new home on the site, or a second property for someone to get away to on the weekends.

  • 7555 Broken Cinch Trl, Julian — $90,000 (Tie)
    This one-bedroom, one-bath home was advertised as a “diamond in the rough” west of Anza Borrego Desert State Park. The home is only 480 square feet, but the property is two acres and completely surrounded by a fence.

While it is far away from job centers, like many homes on this list, it might be a quicker drive than from other desert homes. It would take roughly one hour and 40 minutes to get to downtown San Diego and an hour and 20 minutes to Escondido.

A selling point of the property is it is surrounded by park land that can’t be developed, allowing for amazing views and wildflowers in the spring. The home was built in 1982, making it one of the newer desert homes on our list. It was originally listed for $110,000 in April, before selling about a month later.

Listing agent Mary Watkins said the previous owner worked at the park but had to move closer to the coast for health reasons. She said the new owner planned to use the property as a getaway. “It wasn’t the best property I’ve ever done,” she said. “But, it was a good value for what they paid for it.”

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Are master-planned communities a development of the past?

Much of the history of San Diego County housing has been one of master-plans, including Rancho Bernardo, Scripps Ranch, Carmel Valley, Tierrasanta, 4S Ranch, Mira Mesa and Rancho Peñasquitos.

Master-plans are typically undeveloped areas that are transformed into new communities that include a mix of residential, commercial and places to work. The area is built out in phases and are designed with the hope that residents can live and work in the area.

Real estate consultant Gary London said from the 1970s to 1990s the bulk of new housing came in the form of master-plan communities — mainly up the Interstate 15 and Interstate 5 corridors.

He said a lot of the talk these days is about building dense developments that can accommodate a lot of people, but that is only a recent shift in thinking.

“The way most San Diegans still find themselves housed today are new master-plan communities,” London said, “where to accommodate our growth we built out instead of up.”

He said the difference now is San Diego County is running out of land and voters don’t like new housing projects. A recent example was the proposed Lilac Hills Ranch project that would have included more than 1,700 homes in what is mostly farmland in Valley Center. The plan was soundly defeated by voters in November.

The first big master-plan community in San Diego County outside of downtown was Rancho Bernardo, now the northernmost residential community in the city of San Diego.

The community went from mainly rugged ranchland to 2,000 people in about a year, said the Rancho Bernardo Historical Society. According to the most-recent San Diego Association of Governments data, there was an estimated 50,268 people living there in 2016.

Original Article

2017 San Diego County Real Estate Market Review

There is an ongoing and undeniable national housing shortage. Year-over-year inventory levels have been down in most markets for several years now, and that trend is expected to persist in 2018. Consumers are still purchasing for the first time and relocating to other, presumably more ideal homes.
Having the financial ability to make a move clearly seems feasible to many eager buyers amidst a healthy economy, whether life events such as marriage, children, employment change or desirable downsizing is the reason for moving.

There are further positive signs on the horizon, as builder confidence has improved and construction job gains are measurably higher. It will still take more effort than a lone year can provide for building activity to reach a needed level for inventory balance, but a step in the right direction is welcome.

More sellers should feel ready and willing to list in 2018. Economic indicators such as unemployment rates and consumer confidence are in an improved state, and sellers currently hold the keys in the buyer-seller relationship. This does not mean that sellers can set their price and watch the offers roll in. On the contrary, buyers will be poised to test prevailing price points, particularly in markets where home
price increases are outpacing wage growth and in light of the fact that mortgage rates are expected to increase further in 2018.

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Carmel Valley, Poway, Rancho Bernardo, Rancho Penasquitos, and Scripps Ranch housing stats January 2018

Carmel Valley, Poway, Rancho Bernardo, Rancho Penasquitos, Scripps Ranch January 2018 Numbers by Zip Code

Carmel Valley, Poway, Rancho Bernardo, Rancho Penasquitos, and Scripps Ranch
Listings, Sales, Days on Market and more broken out by zip code.

Use the ‘Pop-Out’ to view report or the link to download.

Download (Jan-2018-RB-RP-CV-SR-POW.pdf)