Rij Appraisal & Review

12/11/2023

The new ADU condo law AB 1033 is coming in CA 01/01/2024, ADU's can be converted to condos and sold separately from the main property. How to do value an ADU condo and main house, which has never existed in CA? I have done research for my appraisal business and come up with good data to use as a starting point. Please visit the ADU page of my website for the data;

30+ years experience performing estate and divorce appraisals in San Diego on residential properties. Offering lower cost Desktop appraisals in addition to driveby's and full appraisals.

11/13/2023

With the new ADU condo law AB 1033 coming 01/01/2024, there will be some who are interested to know how an ADU condo could affect their property value. For my appraisal business I have been researching data in San Diego County and it is clear that ADU values can double and more when they can be sold. This is great news if someone wants to sell off a part of their property so they can remain in their home. But if you are looking to build an ADU to sell both the ADU and the main house be aware the value of the main house will typically go down significantly, which offsets some of the ADU condo gains. As an example, let's say a property is currently worth $2M and it is determined a new ADU could sell for $1M, the total property value likely will be less than $3M, from my initial research it could be in the $2.5M - $2.6M range, which can vary with each property. In this example the main house value dropped to $1.5M - $1.6M after building an ADU and converting the property to condo.

06/12/2023

Median values have fluctuated much more than normal over the past 17 months, which started with rapidly appreciating values the 1st half of 2022 to declining values the 2nd half of 2022 and appreciating values in recent months. Below is San Diego County detached median monthly sales prices back to 01/2022;

05/2023: $960,000
04/2023: $950,000
03/2023: $940,000
02/2023: $899,000
01/2023: $849,000
12/2022: $865,000
11/2022: $880,000
10/2022: $882,000
09/2022: $907,000
08/2022: $903,000
07/2022: $955,625
06/2022: $975,000
05/2022: $980,122
04/2022: $1,000,000
03/2022: $975,000
02/2022: $910,000
01/2022: $880,000

The recent upward trend is due to limited supply despite the relatively higher interest rates.

Please note: most media reports combined detached/attached medians which results in lower values, the data above is only detached housing.

06/12/2023

On a recent trip to New York I got to see Billionaire's Row from Central Park, a collection of some of the highest priced condos in the world along the south side of Central Park. Some of the building are the tallest thinnest residential buildings in the world. Condo prices can exceed $100M, there's a reported current active listing at 432 Park Ave for $130M, it includes 6 bedrooms, 8 bathrooms and 8,255 sf. The top floor penthouse in the tallest building in Central Park Tower was listed for sale at $250M. The views are spectacular although the downside is the buildings can sway. If I'm spending $100M on a condo I'd be okay with a wider sturdier building.

04/05/2023

How are property values in your neighborhood? Residential values in San Diego County values were rapidly appreciating last year then depreciated after many mortgage rate increases while inventory increased although inventory has declined significantly and values appear to have recently increased in some neighborhoods. Here's a link to the March 2023 update in SDRE Trends;

March Detached Neighborhood Value Trends Dec 2022 – Mar 2023 compared to Aug 2022 – Nov 2022 w/percentage change and 2022 Median for additional comparisonlisted in numerical order by zip code, some zip codes have multiple neighborhoods. Zip Code/NeighborhoodDec-MarSalesAug-NovSales% Change2022 ...

03/23/2023

What is happening to property values in San Diego neighborhoods? Check out http://rijappraisalandreview.com/detached-neighborhood-value-trends/ for detached and attached housing trends in 91 San Diego neighborhoods, updated monthly. In the detached market La Jolla recently dropped 9.7%, University City has been stable and Mission Hills/Hillcrest is up 5.8%.

04/23/2020

Bill Gates bought an oceanfront Del Mar home for $43M. MLS research indicates the prior sale of this property in 2007 for $48.15M was the highest single family home sale in San Diego county, the recent $43M sale is the 2nd highest sale.

The Del Mar sale is one of the biggest in San Diego County history

04/11/2020

How is the COVID-19 pandemic affecting residential real estate values in San Diego? I am tracking the sales data and will be reporting on it when there is sufficient data available.

Be safe!

01/11/2019

This is a good recap of the San Diego real estate market.

10/16/2018