Rancho Santa Fe Real Estate Market Update
For April 2014
Michael Gaddis J.D. Realty Group’s Broker Michael Gaddis explains the recent real estate market activity for the San Diego neighborhood of Rancho Santa Fe. If you are considering buying or selling a home in Rancho Santa Fe, this information will help you to make smart decisions throughout your real estate transaction. For professional, boutique assistance from a real estate broker who is also an Attorney at no additional charge, call 760.487.8266 or email firstname.lastname@example.org today.
RANCHO SANTA FE REAL ESTATE MARKET UPDATE VIDEO TRANSCRIPT
**Video auto-transcribed by YouTube, please excuse any inconsistencies.
Hi, I’m Michael Gaddis, you’re Rancho Santa Fe real estate expert. Today only take a little bit of time to talk a little bit about the Rancho Santa Fe real estate market as a April and night 2014 now. I’m a data-driven guy in it. If you’re not familiar with me, I’m a real estate broker as well as an attorney in a mortgage broker. Now I utilize skill sets from all three of those in helping my home owner seller homes for as much as possible. Now you might ask yourself what possible skill sets good you have senator it will help you as a real estate broker are so my house for as much as possible there’s a lot actually first all the research and analytical skills used by an attorney and can be used to hell dissect added determine whether what your shoot all your house is in Rancho Santa Fe is one of those areas that so a little more difficult to really price out your house than other communities because the unique nature the community so what I do when I begin the process of trying to determine where how should be priced is I take the time to look through data loss and Las in Las data now one of the ways I do it is I look at Sandy porn S&A gore’s not be the only database I look at. But for the sake of this video, the data I’m gonna get you come true SANDICOR which is the local MLS on in general. I start here to give myself a basis on minority in myself base where I should be ending in my efforts to try to priced your house. Now pricing house is important because if you price a house too high you’re just gonna sit on the market it’s not going to do anything. An issue price house too low you could leave money on the table so it’s really important to try to figure out where that sweet spot was the highest amount you think you can list it for in still reasonably cell and if you just wanna listen for the hot some crazy amount you can do that but it won’t sell and I see is I can look at the data rate now. I can see some probably there’s a few of these listings that are going on and Rancho Santa Fe were that’s exactly what’s going on either the agent has over-promised or are the homeowner has unrealistic expectations as to what their houses were but a Rancho Santa Fe as I look at this data is a little bit more active than I would have anticipated so there’s a lot of active listings on the market and an that’s very interesting to me. Because compared to the number of sold pending contingent as sets the actors overwhelm it there is data that shows me there’s a lot of activity in Rancho Santa Fe. So currently according to in with that being said let’s get right into the data a and as I go through the data going to tell you a lot of numbers but the most important numbers and numbers that I’m going to talk about the very end so the rest at this is just something for informative reasons a for informational purposes. So if you out just bear with me, we’ll get to that in the room for Daddy here shortly. Currently in Rancho Santa Fe, their 238 active listings now. I find that number extremely extremely high. In fact Irish here and the data set like three times to make sure that there was an air and it did it came out every time the same number so there are two hundred thirty-eight active listings in Rancho Santa Fe. On the average home in Rancho Santa Fe that is currently active yes four bedrooms 6 past 06512 square feet has an average list prices 4.4 million dollars an average list price per square foot 669 I dollars per square foot. The average days on market is 119 days. That’s a big number 119 days is a big number so what does that tell me it tells me the houses are priced high and I don’t probably are gonna sit there a little bit longer. I’m that number slightly skewed at 119 day slightly skewed by the big house that’s listed right there in Rancho Santa Fe. Right now it has 10 bedrooms and 20 baths is 21,000 square feet this current list prices forty thousand dollars I’m sorry forty million the hole shot forty thousand forty million dollars with an average list price per square foot of 13,600 ninety five dollars for and it’s been on the market for a while huh 1,183 days so that’s a hard house to sell on. I don’t know obviously it’s been on the market for you know over three years at forty million bucks probably not worth $40 million bucks on probably the price need to be adjusted it doesn’t seem like there’s been any price just miss recently so are at all so it seems that the homeowners not really doesn’t really care about selling a if someone was to come by at forty million dollars a cell otherwise he’s just gonna sit on it. That’s my interpretation. That right now there is one contingent listing in Rancho Santa Fe on interesting and because that this listing has 4 bedrooms at-bats 6500 31 square feet in is currently listed for 2.15 million dollars and have urged average list price per square foot 329 dollars. Now you’re going to get really alarmed when you hear that number 329 to that number is a lot different than the active list price per square foot which was 669 but don’t worry about that I’m contingent listings always have lower prices per square foot because they’re usually priced below market. Now that doesn’t mean that the that the investor on the loan for the lender is going to allow that. It just means that for whatever reason as the price that they’re real estate agent chose to market at an ordered structure an offer so there’s only one contingent listing in contention supports mean short sale so there’s only one short sale that I can see right now based on just appeared out ta observation so right now there are 33 pending listings in Rancho Santa Fe. The average pending listing has 4 bedrooms 5 baths 5,000 460 square feet. It has an average list price for two thousand eight hundred and I’m sorry an average list price I keep saying thousand two million 810,000 dollars as an average list price per square foot 507 dollars a square foot so as you can see we’re back getting back to normal here a little bit closer to normal that as we move away from that contingent listings. The average days on market for these pending listings has been eighty eight days which is not so bad it’s a little bit under three months for houses love I’ll this nature that’s not such a bad about it I’m but dear as at March 1st are from March 1st 2014 to today which is April 9 2014. There have been I am 31 list sold listings so 31 houses have sole that’s a lot for Rancho Santa Fe. I mean it seems to me just as I looked at all the time in the numbers. There’s a lot of activity going on there which is a little bit unusual on the average bedrooms were four bedroom five bass 5500 63 square feet the average list price for a home that’s all incentive Rancho Santa Fe’s three million dollars just a little bit over the average list price per square foot was 543 dollars a square foot. Now remember I told you all this other data is fine and dandy but ultimately the important piece of data is this piece of data the average sold price per square foot I’m sorry the average sold price is 2002 million added thousand again two million 700 85,000 160 dollars. So the average sold price per square foot is 509 dollars a square foot that is the is the piece of data that’s the most important now in Ranch Santa Fe. their debt why I’m telling you this is the you know how I begin to start pricing houses that particular piece of data is important but not overly that important because they’re so many custom homes. There’s so many different ways to to value your house that just a up here’s our price per square footvis not going to work as well in Rancho Santa Fe as it might work in Vista are asking me to or something like that it takes a much more in-depth analysis Ranch Santa Fe. In order to try to figure out where that sweet spot is where’s that price that’s not going to be unreasonable on and its gonna still yet still sell you house you wanna try to maximize your return you know as I tell people my job is not to not to just put your house on them a lesson seller. My job is to sell your house for as much as I can that’s what I’m supposed to do I’m not suppose just sit here and try to talk you into selling for a lower price than just cash in an my job is to make is to justify myself. I’m supposed to sell your house for as much as I can. I’m so hopefully this data in this video helped you out a little bit this has been the April 2014 Rancho Santa Fe real estate market update. My name is Michael Gaddis. If you would like to contact me to discuss your home situation in greater detail I would greatly appreciated. You can contact me at area code 760-692-5950, 760-692-5950 I you can visit my website at WWW.MichaelGaddis.com or you can swing by my office my office located in Carlsbad at 760 692 5950 seven times for he 16104 innovation way Carlsbad California is really late. I am doing this but you’re really a bit late so 6104 innovation way Carlsbad Calif. I don’t be dissuaded by the fact that I am located in Carlsbad I go throughout the county and I am in Rancho Santa Fe in the living dining area all the time so I am a frequent visitor there and I love the area and I would love the opportunity to talk to you a little bit more about your housing situation. Thank you so much and is always I give you more but it doesn’t cost you more.