Daily Business Report-July 7, 2017
In June, single-family homes were selling in an average of only 28 days, while condos and townhomes closed an average of 20 days from the point that they went on the market.
San Diego Home Sales
Continue Record Run in June
Prices of resale homes continued their record run in June, with condominium prices jumping 6 percent in one month, according to housing statistics compiled from the Multiple Listing Service by the Greater San Diego Association of Realtors.
Condominiums and townhomes (all attached properties) leaped to a median price of $415,000 in June, nearly 6 percent higher than May, and 10 percent higher than June of last year. Single-family homes edged up 1 percent month over month, and are also 10 percent higher than June 2016.
The number of sales of single-family homes in June was unchanged from May, and was down 3 percent from June of last year. Condos and townhome sales were down 14 percent over the past month, and were 9 percent lower than June 2016. For the first six months of 2017, sales of existing homes are slower by 2 percent compared to the same period last year.
In June, single-family homes were selling in an average of only 28 days, while condos and townhomes closed an average of 20 days from the point that they went on the market.
“These statistics point to the gravity of the housing shortage in San Diego and California,” said SDAR President Bob Kevane. “This isn’t a crisis that occurred overnight, and it will take some bold changes to Prop 13 to keep us from becoming a renter-majority state.”
In June, the ZIP codes in San Diego County with the most single-family home sales were:
92028 (Fallbrook) with 86
92126 (Escondido North) with 58
92009 (Carlsbad Southeast) with 58
92056 (Oceanside East) with 56
92064 (Poway) with 56
The most expensive residential property sold in San Diego County last month was an estate with panoramic views in Rancho Santa Fe — 12,500 square feet, 6 bedrooms, and 10 baths — selling for $11 million.
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Groundbreaking Ceremonies July 13
for Townhome Project in Chula Vista
Groundbreaking ceremonies will be held at 11 a.m. on July 13 for Bahia Vista II, a 16-unit townhome community in Chula Vista.
Developed by San Diego-based Pathfinder Partners and Lanshire Housing Partners LLC, the community of 16 three- and four-bedroom townhomes at 806-812 Ada St. is near Bahia Vista I, which Pathfinder and Lanshire completed and sold out in 2016.
Pathfinder acquired the 30,500-square-foot Bahia Vista II parcel in 2015 with completion of the project slated for spring 2018. Designed with first-time buyers, active duty and retired military and move-up buyers in mind, the homes will be priced starting in the mid $400,000s. Priority interest list registrations are currently being accepted – more information is available at www.bahiavistatwo.com.
The construction team includes Lanshire Development as lead general contractor with principal partner, Michael Kootchick, handling project management duties. San Diego-based Rodriquez Associates Architects and Planners designed the homes, which range from 1,638 to 1,788 square feet. All units have three full bathrooms with some of the four-bedroom homes featuring two master suites. Private patios provide sunset bay or mountain views.
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Vista Village Apartments Sold for $3.6 Million
Vista Village Apartments, a 21-unit multifamily community in Vista, has sold for $3.575 million. The seller was Kuhio Partnership, a California general partnership. The buyer was SWEP VV, LLC, a California limited liability company. Cushman & Wakefield represented both parties in the transaction. Located at 298 Eddie Drive, Vista Village Apartments is a two-story, 15,540-square-foot complex consisting of 20 Studio/1-bed/1-bath units with 1-car garage and one (2-bed/2-bath townhome with 2-car garage. All units include private balconies .
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UC San Diego Admits 30,207 Freshmen
The University of California San Diego has admitted 30,207 freshman and 9,595 transfer students for the fall 2017 term. Of the 39,802 new students, the university anticipates enrolling a diverse class of approximately 5,400 freshmen and 2,400 transfers. UC San Diego continues to increase its number of students from historically underrepresented groups.
UC San Diego’s California resident admissions numbers also keep climbing. Over the last two years, the campus has seen an increase of 14.5 percent for California freshman admits, as well as 21.5 percent more California transfer admits.
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Seltzer Caplan Partner Elected President-Elect
of Harvard Law School Association
Seltzer Caplan McMahon partner Dan Eaton was elected president-elect of the Harvard Law School Association — a more than 125-year-old organization serving some 38,000 Harvard Law School alumni across the globe. After serving one year as president-elect, Eaton will serve a two-year term as president beginning in July 2018.
Eaton received his law degree, cum laude, from Harvard Law School in 1989. He has served on the HLSA Executive Committee and as president of the association’s San Diego chapter.
Eaton, a partner in the firm’s Litigation Department, concentrates his practice on defending and advising clients on a broad range of employment issues. He has written and spoken extensively on employment law, business and legal ethics, and other legal topics throughout much of his career.
