#CaliforniaHomeSales

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California Home Sales Set to Soar: San Jose, Los Angeles, and San Diego Lead the Way! #Californiahomesales #housingmarketgrowth #LosAngeleshomevalues #SanDiegohomevalues #SanJosehomevalues

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San Diego home prices up 7.7 percent in a year

San Diego County home prices in March increased 7.7 percent from a year ago, outpacing most of the nation, a closely-watched housing index reported Tuesday. Riding a wave of rising prices across the nation, the S&P CoreLogic Case-Shiller Indices showed that nationally, home prices had increased 6.5 percent over 12 months. Seattle had the biggest increase of 13 percent in the 20-city index. Prices were up across California. San Francisco prices went up 11.3 percent in the same time period and Los Angeles prices increased 8.1 percent. Cheryl Young, senior economist at Trulia, said prices are going up because of low unemployment, a strong economy and lack of homes for sale. “Generally speaking, in the housing bubble that occured 10 to 13 years ago, a lot of that was really driven by things that were speculative rather than core fundamentals,” she said. “The economy is doing well right now, and those are the sort of fundamentals that are driving demand.” Young said first-time homebuyers will struggle as prices increase, with the only real relief possibly coming from increased home inventory. She said rising mortgage interest rates could slow the pace of price increases for homes, but that wouldn’t necessarily help buyers afford them. The indices evaluate home prices by more than just price, tracking repeat sales of identical single-family houses as they turn over through the years. Prices are adjusted for seasonal swings. The San Diego median home price in March for a resale single-family home was $608,750, said CoreLogic. David Blitzer, managing director of the index, wrote that rising prices are more than just inflation, proven by Chicago — where home prices went up the slowest at 2.8 percent, which still outpaced inflation. “Until inventories increase faster than sales,” he wrote, “or the economy slows significantly, home prices are likely to continue rising.” For homeowners, the increases mean a major return on investment. The National Association of Realtors said Tuesday that the aggregate nationwide gain in housing wealth over the year was $1.8 trillion. Still, the difficulty for first-time buyers continues to be a major concern for local business leaders. Sean Karafin, a vice president at the San Diego Regional Chamber of Commerce, said the region would lose talented workers to other cities because of a lack of housing. “The housing shortage is hurting working families who often face long commutes, tough financial decisions,” he said, “and a lack of housing options that force them to consider moving elsewhere.” There were 3,475 single-family homes listed for sale in March, said the Greater San Diego Association of Realtors, down from 5,323 in March 2012 around the time prices started increasing. * * * S&P CoreLogic Case-Shiller Indices for March 2018 Yearly increases by city 1 Seattle — 13 percent 2 Las Vegas — 12.4 percent 3 San Francisco — 11.3 percent 4 Denver — 8.6 percent 5 Los Angeles — 8.1 percent 6 Detroit — 7.9 percent 7 San Diego — 7.7 percent 8 Tampa — 7.5 percent 9 Phoenix — 6.8 percent 10 Portland — 6.7 percent 11 Atlanta — 6.2 percent 12 Charlotte — 6.2 percent 13 Minneapolis — 6.1 percent 14 Boston — 5.8 percent 15 Dallas — 5.8 percent 16 New York — 5.2 percent 17 Miami — 5 percent 18 Cleveland — 4.6 percent 19 Washington, D.C. — 3 percent 20 Chicago — 2.8 percent Nationwide — 6.5 percent Read the full article

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(via Southern California home sales soar in June; prices climb 5.7%)

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California Home Sales Set to Soar: San Jose, Los Angeles, and San Diego Lead the Way! #Californiahomesales #housingmarketgrowth #LosAngeleshomevalues #SanDiegohomevalues #SanJosehomevalues

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San Diego home prices up 7.6 percent in a year

Other California cities covered by the 20-city index outpaced San Diego. San Francisco was up 10.1 percent in a year and Los Angeles up 8.3 percent. All cities covered in the index experienced gains, which experts attribute to a strong economy and limited home supply. “With expectations for continued economic growth and further employment gains,” wrote David Blitzer, managing chairman of the Index Committee at S&P Dow Jones Indices, “the current run of rising prices is likely to continue.” Blitzer said year-over-year national increases for the last 70 months compares to a previous run from January 1992 to February 2007. That time period represented 182 months of national increases, when prices averaged a 6.1 percent gain annually. The indices evaluate home prices by more than just price, tracking repeat sales of identical single-family houses as they turn over through the years. Prices are adjusted for seasonal swings. The San Diego median home price in February for a resale single-family home was $580,000, said CoreLogic. Cheryl Young, senior economist at Trulia, said the nationwide housing market is still recovering from a lack of building during the recession and the years after. “There was just so much underproduction of housing,” she said. “Finally, we are in an era where the economy is much better but it is still very slow in terms of housing production.” Young said first-time homebuyers in San Diego may face stiffer competition than other cities because of its strong job growth. “In other cities, we see something where there is really low inventory but at the same time the economy is not quite as strong and you’ll see more moderate price growth,” she said. “In places like San Diego, we see those employment numbers that are really, really strong and equivalently large home price growth.” The number of homes for sale is a concern for some business leaders. There were 4,636 homes listed for sale in February, down from 8,095 in February 2012 around the time prices started increasing. “As prices continue to rise, homeownership becomes even more out of reach,” wrote Sean Karafin, a vice president at the San Diego Regional Chamber of Commerce, in an email. “The shortage of units that are affordable to young families is making it very difficult for employers to attract and keep talented employees in San Diego. We simply need to build more housing." The lowest home price increases in the nation were in Chicago at 2.6 percent and Washington, D.C., at 2.4 percent. S&P CoreLogic Case-Shiller Indices for February 2018 Yearly increases by city Seattle — 12.7 percent Las Vegas — 11.6 percent San Francisco — 10.1 percent Denver — 8.4 percent Detroit — 8.4 percent Los Angeles — 8.3 percent San Diego — 7.6 percent Tampa — 7.1 percent Portland — 6.7 percent Atlanta — 6.5 percent Charlotte — 6.4 percent Dallas — 6.4 percent Phoenix — 6.4 percent New York — 6 percent Minneapolis — 5.8 percent Boston — 5.7 percent Miami — 4.6 percent Cleveland — 4.1 percent Chicago — 2.6 percent Washington, D.C. — 2.4 percent Nationwide — 6.3 percent Read the full article

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High demand for homes in San Diego area drives seller’s market in Carlsbad, Oceanside

The San Diego metro area continues to be one of the hottest real estate markets in the U.S. This past May, pending sales for all properties in San Diego County increased 6.9% year over year, and the median sales price increased 5.6% to $475,000 in the same time frame, according to the Greater San Diego Association of Realtors. But perhaps most impressive is the drastic decline in days on market until sale. In May 2015, all properties averaged 43 days on market, but this dropped 16.3% this past May to just 36 days on market. Single-family homes saw an average of 37 days on market, while condominiums and town homes averaged a meager 33 days. Unsurprisingly, these numbers are reflected in low inventory numbers, which declined 19.7% from May 2015 to this past May. The North Coast region of San Diego County is one of the more desirable locations for home buyers along the coast, and this spring and summer the beachfront communities of Carlsbad and Oceanside have seen significant demand. In the popular coastal 92008 ZIP code of Carlsbad, the median sales price for single-family homes increased an impressive 18.1% from May 2015 to this past May, reaching $915,000. The median sales price for town houses and condominiums, however, increased a whopping 54.7% in the same time frame, to $680,000. Inventory in the area is quite low, with just a 2.5-month supply for single-family homes and a meager two-month supply for townhouses and condominiums. Going a bit further inland in Carlsbad can help buyers with the affordability issues that increasing prices are causing. In the 92010 ZIP code, prices are also increasing, but the median sales price there for a single-family home was just $735,000 this past May. Townhouses and condominiums in this area actually saw a decrease in median home price this past May, dropping 8.4% to $435,000. Read the full article

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Mission Valley's Civita breaks ground on low-income rentals

More low-income apartments are coming to Mission Valley’s upscale expensive Civita development. Developers Chelsea Investment Group and Sudberry Properties broke ground on the project this weekend. The cost to build the 306-unit complex is $137.5 million, or $449,000 per unit, inside the luxury master-planned community. It will be the second low-income project in Civita, a 230.5-acre residential development that is expected to have up to 4,780 housing units, 900,000 square feet of retail and office space, as well 67 acres of parks, trails and open space. The development is tied to Civita’s exclusionary housing requirement to provide subsidized housing. Marco Sessa, senior vice president at Sudberry, said it could have paid in-lieu fees instead of building low-income housing on the site. “I think in communities it is always nice to have a broad spectrum of people,” he said, “different incomes and different demographics. I think it will help create a really well-balanced community.” Applications will not be accepted until six months before the complex is completed, but interested renters can register at AptsInSoCal.com. A final completion date is not set yet but construction is expected to take two years. Interested applicants do not have to be previously approved for Section 8, federal housing vouchers, but can use them for rent if they have them. Families or individuals must make 50 percent to 60 percent of the area median income, $81,800 for a family of four in 2018 (but likely to change by the time the apartments open). Seniors must have incomes ranging from 30 percent to 60 percent of the area median income. Rent is expected to start around $500 a month for seniors and $965 a month for families. Another bonus of living there: Renters will not be required to pay homeowner association fees that other residents of Civita need to pay to access pools and parks. Stylus and Siena will also include three courtyards, a club room with a fully equipped kitchen and barbecue areas. Cheri Hoffman, president of Chelsea, said placing the project inside the Mission Valley project gives families and seniors the chance to enjoy the benefits of close transit and good schools. “You really achieve a full integration of affordable housing, workforce families, within what could be considered a luxury master-plan community,” she said. One seven-story building will house both Stylus for low-income families and Siena for low-income seniors. A lease has already been signed for first floor retail for L.A. Fitness and it will have three floors of below-ground parking.

Stylus has 203 two- to three-bedroom apartments and Siena has 103 one-bedroom and studio apartments. Civita still has roughly 10 years until final build-out, but it is already a hot spot for sales and rentals. There are two market-rate apartment rental complexes in Civita, West Park and Circa 37. Real estate tracker CoStar says average rent is $2,365 a month at West Park and $2,631 a month at Circa 37. Both are higher than the average San Diego County monthly asking rent of $1,632 in the first three months of the year, said CoStar. There are several housing projects still selling that vary in price based on size and location. Townhomes in The Heights at Promontory start in the mid-$600,000s; Townhomes at the Bluffs at Promontory start in the mid-$800,000s; Townhomes at Elevate run from the $600,000s to the $900,000s; Lucent II townhomes start at $1 million. The county median home price was $535,000 in February, said CoreLogic. This will be the second low-income project for Sudberry and Chelsea at Civita. The first was Versa, a complex for low-income seniors with 148 units. It opened in March 2015.

The effect of low-income complexes in neighborhoods is a hotly debated subject, especially when it comes to home values. A recent research paper by Stanford economists Rebecca Diamond and Tim McQuade said subsidized housing financed by low-income housing tax credits increases home prices 6.5 percent in low-income neighborhoods within a tenth of a mile of the site. However, it said home prices decline by 2.5 percent within a tenth of a mile in wealthier areas (median income about $54,000 a year) when subsidized housing goes there. However, Diamond and McQuade said the stated goal of many subsidized housing advocates is to reduce segregation — something the projects seem to be doing. The economists came to their conclusions by studying multifamily developments constructed from 1987 to 2008. Siena and Stylus were financed using low-income tax credits, bonds issued by the San Diego Housing Commission, and funds from an affordable housing program provided by Federal Home Loan Bank-San Francisco, City National Bank and Torrey Pines Bank. Additional financing for the project came from Citi Community Capital and financial services firm Raymond James. The general contractor for the project is Emmerson Construction and the architect is KTGY Architecture + Planning. Read the full article

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San Diego economy doing really well, report says

San Diego County’s economy reached new heights in February led by increased help wanted advertising and low unemployment, said a monthly study from the University of San Diego released Thursday. The report from the Burnham-Moores Center for Real Estate looks at different parts of the local economy to see how it’s doing. In the report for February, all but one of the six economic indicators — local stock prices — were positive. The index, which has data going back to 1977, hit a new all-time high in February. In addition to four months in a row of increased help wanted advertising, the number of people out of work continues to drop. Alan Gin, author of the report, said the seasonally adjusted unemployment rate in February was 3.5 percent — down from 4.4 percent at the same time last year. Consumer confidence was positive for the 20th month in a row, led by a variety of factors, including a strong labor market. Residential building permits were also up from the same time last year. Local stock prices, which include Qualcomm and Sempra Energy, lost ground as the national market saw more volatility than the past few months. Gin wrote that while the index pointed to a strong economy in February, local and national economies may need to deal with shrinking jobs due to improvements in technology. “The big long-term question is whether the improvements in technology will lead to opportunities elsewhere as has been the case in the past,” he wrote. The USD index’s rating for February was 152.2, up .7 percent from last month. Its low was 100.7 in March 2009.   Read the full article

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San Diego becoming hot spot for real estate investing, report says

San Diego has become a more favorable place for real estate investing among big money players across North and South America, said a study released Friday. The annual report from commercial real estate firm CBRE is a survey of multimillion-dollar investment groups — from insurance companies to pension funds — that asks where they are investing and why. How San Diego is ranked: America’s Finest City was ranked No. 11 among most desirable places to invest in real estate, including industrial, multifamily, office and retail. The city moved up from No. 17 last year. Louay Alsadek, an executive vice president at CBRE, said investors are drawn to the San Diego region because of low vacancy rates and a diversified economy. Also, he said a lack of development sites and new office and industrial properties means high rent returns. Why it matters: Real estate investing means pumping money into a local economy from construction of a new building or, what is more likely from investors surveyed, buying an old structure and fixing it up, said Chris Thornberg, economist and founding partner of Beacon Economics. “Buying an existing structure and upgrading the structure,” he said, “helps the community because it is putting resources into improving local infrastructure.” However, he said an investment group that buys a building and doesn’t change much would not affect the economy. Nearly half of surveyed investors, 45 percent, said they plan to increase purchases this year compared to 2017. How we compare: Los Angeles is considered the best place for investing for the second year in a row. It was followed by Dallas/Fort Worth, New York City, Seattle and San Francisco. San Diego was tied for 11th with Phoenix, Minneapolis/St. Paul and Philadelphia. While cities in the United States dominated the list, some international cities were also considered good places to invest — Toronto (No. 10), São Paulo and Montreal (No. 12), Bogota and Mexico City (No.13). What investors are looking for: The most important factor in real estate investing income is job growth in industries that use offices, wrote CBRE head of research Spencer Levy in the report. He wrote that job growth can offset potential interest rate rises in the coming year. Other things investors said they valued were an attractive risk-return profile (less risk in the market), established markets where there is a lot of financial activity and the opportunity to buy undervalued assets. Industrial was the preferred property type, cited by 50 percent of respondents as the best investment this year. It was followed by multifamily (20 percent), office (14 percent), retail (10 percent), other (4 percent) and hotels (2 percent). The China factor: Tighter Chinese government control of overseas investments could mean less competition for assets. The majority of investors, 63 percent, believe that less Chinese money will be spent outside of the Asian nation in 2018. Risks in the future: Investors may fear inflation caused by rising wages, Levy wrote. Raises may be good for the economy as a whole but Federal Reserve hawks may see it as a reason to tighten monetary policy, which could mean higher interest rates or other policies. Investors said a “global economic shock” was the biggest threat to occupier demand in 2018. The survey didn’t get into details about what the shock could be but an example would be the Great Recession, which largely began in the United States and spread across the globe. Read the full article

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New plans for Seaport Village unveiled

An earthquake fault line under Seaport Village has led to a major rework of plans for what will likely become a San Diego landmark. Plans for the nearly 40-year old shopping and recreation area include a 480-foot observation tower that, according to the San Diego Unified Port District, could make the city’s skyline more distinctive. Redevelopment will also include hotels, offices and an aquarium. Original ideas for the site were unveiled in 2016 by Protea Waterfront Development but it will present new preliminary plans Tuesday to port officials, who must still decide on them. Aside from just the earthquake changes, the firm has further modified plans but says the alterations still fit with the port’s vision. A hotel, retail area and underground parking garage directly on top of the fault line need to be relocated elsewhere on the 70-acre site. The fault line will largely be turned into a long pedestrian mall surrounded by trees, inspired by Barcelona’s Las Ramblas. Also, sewage lines were discovered coming from Coronado that ran under the site, as well as other utilities, which have further altered original plans. The biggest change was moving the aquarium next to the observation tower. The move puts the aquarium closer to the water, similar to the Monterey Bay Aquarium that uses its position on the water to observe marine life.

Yehudi “Gaf” Gaffen, CEO of Protea, said the fault and utilities may have moved some elements of the plan, but its overall redesign was strengthened by changes. “A project of this size and complexity evolves over time. Not everything gets resolved in one shot,” he said Monday. “The commitment we’ve made is the project will stay close to what we proposed (in 2016) but there may be slight tweaks in it.” More than just moving parts of the plan, Protea also made changes to the mix of uses.

Based on market studies by CBRE, the amount of retail was reduced from 388,625-square-feet to 242,183-square-feet to make way for more office space. Unlike the spread out bungalows in Seaport Village today, new retail will mainly be on the street level of buildings. Office space was increased from 19,130-square-feet to 144,987-square feet because of Protea’s confidence that ocean-related businesses, sometimes called “blue economy,” will seek office space. Other changes: Aquarium: Increased from 178,490 square feet to 192,050 square feet. The facility is advised by the Scripps Institution of Oceanography and will include a butterfly exhibit. Hotel: Decreased from 405,805 square feet to 367,964 square feet. Instead of 500 rooms, it will be reduced to 231 rooms and eight villas. Protea said it hopes to get a 5-star hotel for the site. There are still 350 rooms planned for a micro hotel and a 237-room hostel. Learning Center: Increased from 65,150 square feet to 84,600 square feet. The marine-related facility administered by Scripps will be between the observation tower and aquarium.Inspired by Piazza del Campo, a large historic public square in Siena, Italy, a plaza on the waterfront is sure to be a major public gathering spot. Protea said the plaza doubles as a kind of symbolic origin point of the state because it lies at the starting point of Pacific Highway.   Construction on the new Seaport Village could begin in the next three to four years. After port approval of new plans, the California Coastal Commission must review as well. The Port meeting Tuesday starts at 1 p.m. at the Don L. Nay Port Administration Boardroom at 3165 Pacific Highway in San Diego.   Read the full article

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Del Mar home sales show how San Diego luxury market is cooling

The greater San Diego area remains a seller’s market, led by significant price growth and low inventories. Although prices keep going up, the number of available properties keeps going down. One market segment is starting to slow down somewhat, however: luxury homes. According to the Greater San Diego Association of Realtors, properties priced at $1.25 million and above were the only sector to see an increase in inventory from August 2015 to this past August. The beach side community of Del Mar reflects this slowdown, as the majority of its properties list for well over $1 million. In fact, the median listing price in Del Mar was $2,148,000 this past August, a stark contrast to the median listing price of $598,000 for San Diego itself. As further evidence of a seller's market in San Diego, this past June, the S&P CoreLogic Case-Shiller Indices reported that San Diego County and San Francisco each had a 6.4% home-price increase during the previous 12 months, the largest increases in California. While this past August, housing inventory in San Diego County was down 15.9% year over year, according to the Greater San Diego Association of Realtors. Luxury homes sit the longest on the market, with an average of 57 days until sale this past August, compared with just 34 days for all properties. This inventory is putting downward pressure on the percentage of the original listing prices these properties are receiving. This past August, the segment averaged 93.1% of original list price, which seems relatively healthy until compared with the 97.1% that overall properties received. A popular community because of its numerous beaches, multiple attractions and excellent schools, Del Mar is currently trending toward a buyer's market because of increasing inventory. This past August, the town had a 5.6-month supply of inventory for single-family homes, a 21.7% increase over August 2015. Although the condominium/townhouse supply was just three months this past August, that represented a whopping 57.9% increase over August 2015. But with its resort-like setting, scores of great restaurants and multitudes of activities from its well-known racetrack to the growing Kaaboo music festival, Del Mar remains a somewhat specialized market and is still a desirable location for many home buyers. Despite its many attractions, Del Mar retains its small-village feel, drawing Read the full article

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We Have a Hunch a Savvy Buyer Will Preserve the 'Brady Bunch' House

It was America's collective childhood home throughout the 1970s and in reruns for decades after. Now the "Brady Bunch" house is up for sale in Studio City, CA, for $1.885 million. From the outside, it looks almost exactly like the famous establishing shot from the popular show. A small fence has been added, and there is no window at the very front left of the home. But the distinctive roof line and entryway are immediately recognizable. The home was used exclusively for exterior shots of the Brady abode, and its interior spaces don't resemble the TV family's house. The scenes featuring Mike Brady's den, the sunken living room with the avocado carpet, and the memorable open staircase to the second floor were all filmed on a soundstage. Purchased by Violet and George McCallister in 1973 for $61,000, the famous home has been meticulously preserved and upgraded to retain its '70s-era glory, according to the Los Angeles Times. Now the McCallisters have passed away, their children are ready to part with the property their parents took such immaculate care of. SLIDE SHOW "This is a postcard of exactly what homes looked like in the 1970s," listing agent Ernie Carswell told the Los Angeles Times. There's the paneling on the walls, floral wallpaper throughout, and furniture that looks right out of a Sears catalog from 1972. Built in 1952, the home has three bedrooms, three bathrooms, and just under 2,500 square feet. It sits on a roomy lot along the Los Angeles River, which makes the property attractive for developers who would tear down the home and build a more modern spread. But the sellers would prefer a buyer who will preserve the home's nostalgic feel. “We’re not going to accept the first big offer from a developer who wants to tear it down,” Carswell told the Times. “We’re going to wait a few days, in case there are others who want to purchase it as an investment to preserve it.” Carswell says he's preparing for an "avalanche" of interest in the home, adding an open house is probably out of the question. "We'd be inviting chaos," he said. He added he's probably leaning toward holding private, tours with brokers, with plenty of security on site to handle the squares who aren't serious about buying. But before anyone shells out the cash for the house, they must consider just how many fans the Brady Bunch House attracts. Need we remind you of the "Full House" house in San Francisco? According to the listing details, the "Brady Bunch" house is the second-most photographed residence in the United States, just behind the White House. A small retaining wall has been constructed around the property to try and keep looky-loos away from the home, but owning such an iconic piece of Americana does come with crowds. And in 2016, the home was reportedly the target of a break-in. But for the chance to live like a real Brady, it's probably totally worth it. Read the full article

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Tony Hawk surprises skater's widow with home remodel

Ten years ago, Carlsbad skating legend Tony Hawk lost his best friend when his former skating partner Ray Underhill died of cancer at age 45. Before Underhill passed, Hawk promised to take care of his family and over the years he has regularly raised money for a foundation in Underhill’s name. This summer, Hawk upped the ante by surprising the family with a major home renovation. “He’s Uncle Tony and he’s been there from day one,” said Kerry Overman, Underhill’s widow. “He’s been a blessing in my life.” The multiweek project was captured in a 23-minute video that went live this morning on Houzz.com, a home renovation website. The monthly video series, “My Houzz,” features celebrities like Hawk, Mario Lopez and Olivia Munn surprising friends and family with renovations that use the Houzz website to locate regional designers and contractors, shop for housewares and use software tools to plan projects. Hawk and Underhill met as teens when Underhill moved to San Diego from his native Nashville to become a pro skateboarder. In the late 1980s and early 1990s, they skated together on the Bones Brigade tour. “We just shared the same sensibilities, the same ideals, the same sense of humor,” Hawk said in the video. In 1992, Underhill married his wife, Kerry, and they had two children: Keaton, now 23, and Olivia, 16. Hawk is godfather to both. In 1998, the Underhill family left San Diego and moved to Wilmington, N.C., where he helped run a skate products company. In 2006, he was diagnosed with a rare chordoma brain cancer and after a two-year battle, he passed on Aug. 1, 2008. Several years later, Kerry remarried and with her husband, Brad Overman, and with Olivia and their young daughter Scarlett, their aging house had grown cramped and its layout was dark, old-fashioned and not fully functional. With the Overman family’s permission and a Wilmington-area remodeling company, Hawk designed and paid for the renovation of the family’s kitchen, living room and girls’ bathroom. The Overmans were overwhelmed by the changes during the video reveal. “Tony is one of the most generous and kind people I know,” said Brad Overman. “Seeing how far he goes for our family and knowing he’s always got us on his mind is a wonderful and amazing thing.” Read the full article

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Local home prices continue to rise

SAN DIEGO — Resale home prices continued a record run through June, according to statistics released Tuesday by the Greater San Diego Association of Realtors. Single-family home prices edged up 2 percent month-over-month, hitting $655,000, nearly 7 percent higher than a year ago. Condominium and townhouse prices rose 1 percent from May to June to reach $425,000, a 4 percent increase from June 2017. For the first six months of the year, prices of previously owned homes were up nearly 8 percent. However, the number of single-family home and attached property sales were down 17 percent and 12 percent, respectively, from June of last year. High competition among buyers and low supply led to resale properties closing escrow in an overage of 25 days. “Our housing market is definitely active this summer,” association President Steve Fraioli said. “And the result is quick sales above asking price. Inventory is likely to be persistently lower, but I think San Diego County will finish the summer on an upswing.” Southeast Carlsbad had the most single-family home sales in the county, with 58. Fallbrook was next with 56, followed by west Rancho Bernardo with 49 and south San Marcos with 51. The most expensive single-family property sold in the county last month was a 2,464-square-foot home in Del Mar with 50 feet of beachfront, which fetched $7.5 million. Read the full article

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Take a Shot at Al Capone's Restored Miami Beach Mansion for $14.9M

An infamous yet glamorous slice of American history is now up for sale. The former waterfront mansion of Al Capone, which has been meticulously restored, is on the market for $14.9 million. The price doesn't seem like a steal, but it's located on a lush lot on guard-gated Palm Island, overlooking Miami's Biscayne Bay. The Prohibition-era gangster bought this waterfront home in 1928 after a stint at Alcatraz, because it reminded him of the sunny shores of Italy. He reportedly paid $200,000, a veritable fortune at the time, to install a gatehouse, 7-foot-high walls, and search lights, because security was obviously an issue.

He also built a cabana, coral rock grotto, and a 30-by-60-foot pool that was the largest private pool in Florida at the time. Capone built it to top the Biltmore Hotel pool, which was the largest in the area at the time. Capone used the property as a luxury getaway from his busy life as a gangster in Chicago. He died in his bedroom in this home in 1947. His wife, Mae Capone, sold the place in 1952. Miami-based wealth and investment management company MB America bought the property in 2014 for $7,975,000 and commenced the restoration.

“This is one of the most significant estates in South Florida, now on the market for the first time since its restoration,” said listing agent Nelson Gonzalez, senior vice president of EWM Realty International. “The attention to detail by MB America has preserved the home’s unique 1920s attributes, yet its slew of modern conveniences and top-of-the-line amenities make it a lucrative draw for well-heeled buyers.” Some of the home's original features include the art deco powder room, 1920s ceiling lights, a tiled fireplace, and the porch with arches.

he main villa has four bedrooms and three bathrooms. The two-bedroom gatehouse is now a guesthouse, and the two-story, one-bedroom cabana features a terrace with water views. In total, there are 6,077 square feet of indoor living space. French doors, hardwood floors, columns, archways, and multipane, double-hung windows provide the estate a timeless design.

The outdoor space features lush landscaping with century-old trees, a private beach, and a boat dock. The original pond with a grotto lighthouse and a bridge made of red coral has been restored. The illustrious history and prime location of this residence cannot be overstated,” added Gonzalez. “Nearly 100 years later, this home is truly a rare gem on the water.”

  Read the full article

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Federal Reserve eyes more aggressive US interest rate path

They expect stronger economic growth and inflation to warrant more aggressive action over the medium term. Their views were laid out in the minutes of the bank's March meeting, published on Wednesday. Share markets, which watch rates closely, dipped on the release. The Fed uses interest rates as its primary tool to keep the US economy on a path of sustained growth and controlled inflation. It lowered rates dramatically during the financial crisis to spur economic activity, but the Fed has been raising rates slowly in recent years as the economy strengthened.

Slightly steeper?

"Almost all" participants agreed that a gradual approach to raising interest rates remained appropriate in the medium term, according to the minutes. However, "a number of participants" said they expect stronger growth and inflation in the next few years, suggesting the path for interest rates "would likely be slightly steeper than they had previously expected", according to the minutes. Members also discussed the need to state "at some point" that its policies would likely move from trying to spur economic activity, to being neutral - or even a "restraining factor". The discussions come after a pick-up in growth last year, which pushed the unemployment rate down to 4.1% - the lowest level since 2000. Economists predict that recently approved tax cuts and public spending will spur further growth, and possibly inflation. However, trade disputes, most prominently about tariffs on goods in the US and China, are a worry. An increase in the Fed's benchmark federal funds rate typically leads to higher rates for consumers and businesses. Savers benefit, but borrowing becomes more expensive, which can dampen activity in industries such as housing and car sales and raise costs for businesses that rely on debt. Read the full article