San Diego Luxury Homes

Luxury Home Sales Hit by New Tax Laws?

Roberta Murphy Thompson — Thu, 07 Jun 2018 21:48:19 +0000

Realtors in California were groaning when the new tax laws hit this year. Luxury home sales were sure to crash and burn.

You see, the new tax code puts a limit on how much one can deduct in state and local property taxes–as well as income or sales tax–up to a measly total of $10,000. So when new tax laws went into effect, high profile experts were predicting an ugly impact on luxury home sales. Here are just a few of the predictions:

Capital Economics:

“The impact on expensive homes could be detrimental, with a limit on the MID raising taxes for those that itemize.”

**Mark Zandi of Moody’s Analytics:**

“The impact on house prices is much greater for higher-priced homes, especially in parts of the country where incomes are higher and there are thus a disproportionate number of itemizers, and where homeowners have big mortgages and property tax bills.”

The National Association of Realtors (NAR) predicted price declines in “high cost, higher tax areas” because of the tax changes. They forecasted a depreciation of 6.2% in New Jersey and 4.8% in Washington D.C. and New York. California luxury home sales would fare no better.

So, what really happened?

It appears the luxury home market may have been written off a little too soon. Of course, these are national figures, where in some locales a true luxury home can be had for less than 500,000. And in coastal California, you might find luxury homes starting at $2 million. Real estate pricing is always local. Regardless, here we present some interesting national figures:

1. According to NAR’s latest Existing Home Sales Report, here is the percent change in sales from last year:

Homes sales between $500,000 – $750,000 are up 11.9%
Homes sales between $750,000 – $1M are up 16.8%
Homes sales over $1,000,000 are up 26.7%

2. In a report from Trulia, it was revealed that searches for “premium” homes as a percentage of all searches increased from 38.4% in the fourth quarter of 2017 to 41.4% in the first quarter of 2018.

3. And according to an article from Bloomberg:

“Median home values nationally rose 8 percent in March compared with a year earlier, while neighborhoods of San Francisco and San Jose, California, have increased more than 25 percent.

Prices in affluent areas in Delaware and New York, such as the Hamptons, also surged more than 20 percent.”

And finally….

Aaron Terrazas, Zillow’s Senior Economist, probably summed up the luxury real estate market best:

“We are seeing the opposite of what was expected. We have certainly not seen the doomsday predictions play out.”

And isn’t that kind of a truism in life? When everything seems certain, life often delivers the unexpected. And so it is with tax laws.

970 N. Stage Coach Lane: Tommy Bahama Home

Roberta Murphy Thompson — Mon, 13 Apr 2015 21:48:38 +0000

Once in awhile, a listing comes along that that will literally blow your socks off and force your feet into flipflops. That’s what a Tommy Bahama home would look like to me.

This gorgeous single story custom pool home in Fallbrook offers breezy 360 views plus luxurious upgrades and extras that we can only begin to describe. And more photos will follow in the next few weeks as the listing prepares to go prime time next month.

The Grounds

Sitting on almost 1.5 scenic and very private acres, you are surrounded by plumerias, flowers, fountains and palms. There is also plenty of room if one wanted a hillside grove of avocados or citrus trees.

The Pool

This photo does no justice. It’s a paradise for both adults and kids of all ages. The pool and spa are solar heated, making for year-round enjoyment of not only the montain views beyond, but the gorgeous pool, slide and grotto area. The pool’s solar heater is less than 2 years old. The grand wooden Tiki, hidden in this pool photo (as is the slide and grotto), is included in the sale and pool equipmente is tucked aaway in its own building.

The Kitchen

The major appliances are almost new with a Sub-Zero refrigerator, LG dishwasher, Dacor Induction Cooktop (beats gas and electric!) and Dacor double oven that conveniently goes online. There is also a built-in wine fridge, newer Sharp micro, large pantry, beautiful granite surfaces and wood cabinetry.

Other Rooms

The large en suite master with fireplace, huge closet and exterior door sits at one end of the home–distant from the other two bedrooms, laundry and garage. The main living area is open with fireplace and wall-mounted television, while dining room overlooks the pool and outdoor kitchen (with huge bar, grill, cooktop and icemaker). There are also two flexible and sizable office or den areas–one off main hallway near entrance and the other off the dining area. The 2 secondary bedrooms are large and located opposite the master bedroom. Almost new automatic interior blinds and exterior sun shades in the living area are controlled with a single programmable remote.

Upgrades

This home lives almost off the grid. 100 percent of the electricity is provided via an expansive array of solar panels on the tiled roof. The system is leased (and assumable for buyer) via Sungevity and runs $292.45 per month. The owners, who run most of the home on electricity, run a credit with SDG&E each month. The front door has been recently inlaid with leaded glass palm trees–adding to the tropical flair.The main living areas and hallways are floored with oversized granite and the sellers are offering a credit to replace bedroom carpeting which has been much enjoyed by a couple of rescued dogs–one of whom is blind. These kind owners wear halos from the rainbow Bridge.

Extras

There are 3 outbuildings–one an original that houses pool and spa equipment and two other Tuff Sheds, recently added by the owners. One is 8 x12 and the other 12×20. And a big bonus? A really cool 4 passenger golf cart with lights and a trailer hitch that will tote garbage cans to the street.

This luxury home is truly reminds one of a home Tommy Bahama might appreciate.

The amazing price for this custom beauty? A current remarkable value range of $789,900 to 829,000 before going into the MLS, which should happen in mid-May. If you would like additional information or a private showing, please call Roberta or Scott Murphy at 877-818-8197 or 760-402-9101.

Dione Lamm may also be reached at 760-271-1162.

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Jumbo Loans Boosting Luxury Home Sales

Roberta Murphy Thompson — Fri, 19 Jul 2013 14:47:28 +0000

Luxury Home

Jumbo Loans are Back with a Bang to Fuel the Luxury Real Estate Market

by Selena Cowell
Is the luxury real estate market on the mend? Home sales and prices are gradually rising in those places where the wealthy would like to plant their mailboxes–such as Chicago’s North Shore, the San Francisco Bay area, the haute Hamptons and the Rancho Santa Fe and La Jolla areas near San Diego.

According to recent reports, national sales of properties in the $75,000 and $1 million range are up by 38.7% compared to a year ago. Meanwhile, properties priced over $million are up by 25.7%, according to the National Association of Realtors. The good news is that the luxury real estate market is being driven by another resurgence–the jumbo mortgage loan.

These loans are typically over $417,000, the usual limit for qualifying by agencies like Freddie Mac and Fannie Mae. Jumbo mortgage loans are gradually coming back to the market after they all but disappeared in the wake of the credit crisis of 2008. Although most lenders had stopped making new jumbo loans, they’re back in the market again.

Presently, the credit markets are comparatively stable and the lenders who lend such big loans to the most efficient homebuyers now see that jumbos are one of the most profitable ways of making money with the low cost deposits. The secondary market investors are starting to regain their taste for the high-yielding loans. The jumbo mortgage loans are being offered at interest rates that are barely higher than those offered by the conventional mortgage loans.

If you’re about to take out a jumbo mortgage loan, you should first calculate how much you can borrow before striking the final deal. The jumbo mortgage market might fare better than the overall mortgage market throughout 2013. Our preferred lender for jumbo mortgages in San Diego is WJ Bradley Mortgage in La Jolla–and Jenny Nguyen, who can be reached at either 858-877-8008 or858-799-0747, If income and/or assets are no barrier, you should have no diffiulty in finding mortgage loans up to $10 million-or more.

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Between Rancho Santa Fe and the Beach…

Roberta Murphy Thompson — Sun, 24 Feb 2013 20:46:28 +0000

Best of Ranch and Coast!

Between Rancho Santa Fe and the beaches in Encinitas sits an irreplaceable plot of land that surely belongs to another century.

The wide and expansive rear lawn backs up to pasture, wetlands and forest beyond. Family of deer come grazing and cows come to visit when the lawnmower is at work.

Late afternoons, it is not unusual to see colorful hot air balloons gliding across the sky–and the stars at night twinkle just a little brighter than in the surrounding suburbs. Love the ocean? Encinitas and Cardiff beaches are just a couple of miles away.

The 4-bedroom home itself has aged gracefully–and has many possibilities for expansion and improvement. It could truly be a decorator’s dream-come-true.
Oversized 3-car garage and ample guest parking.
Close to excellent public and private schools and Mira Costa College (San Elijo Campus).
Home feels rural, but is very close to Harvest Ranch Market, fine restaurants and upscale boutiques.

Asking price is $1,350,000.

This property is not yet in the MLS, but private showing can be arranged. For additional information, call Roberta Murphy 877-818-8197 or 760-402-9101.

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Luxury Real Estate Market on the Rise

Roberta Murphy Thompson — Tue, 11 Dec 2012 20:21:23 +0000

2012 Luxury Home Sales

by Roberta Murphy

We have noted a decided uptick in our own luxury real estate market in San Diego. Home shoppers from Europe, Canada, Mexico, Asia and the United States seem to have collectively decided that now is the best time to invest in coastal San Diego–in communities ranging from Coronado and downtown San Diego to La Jolla, Del Mar, Solana Beach and Rancho Santa Fe.

Apparently, this is a growing trend, as can be seen by this infographic that shows recent luxury home trends throughout the United States. Anecdotally, we are hearing the same from luxury real estate brokers in Florida, Colorado, and other states.

As you can see, biggest gains in luxury home sales occurred in the Western states, followed by the Noetheast, the South and trailed by the Midwestern states.

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The Luxury of…Privacy

Roberta Murphy Thompson — Wed, 31 Oct 2012 03:41:52 +0000

A Desire for Privacy

by Roberta Murphy

Years ago, when we put our first home on the market, I insisted that the Realtor put NO SIGN in our yard.

I did not want neighbors to know that we were selling or cause any disruption in our neighborhood. Our agent tried to explain the importance of a sign, but I was the incalcitrant client–and we ended up selling the home with NO SIGN. This of course, was before the internet and Realtor.com, Zillow, Trulia and all the other listing aggregators. And in those days, the wish for privacy was something that was understood by almost all.

At that time, I mostly wanted to protect our privacy–and didn’t want to have to answer questions or be the subject of neighborhood gossip.

Fast forward to 2012 and grocery shoppers have not only to contend with the revelations of rags in the checkout lines, they can also hop onto to the Trulia or Zillow sites and see which of their neighbors have fallen behind on house payments and could be facing foreclosure. Or, equally likely (and rarely assumed by the real estate novice), they may simply be trying to negotiate a loan modification with their lender WHO MAY HAVE ADVISED THEM THEY NEED TO BE DELINQUENT IN THEIR MORTGAGE PAYMENTS before they will be considered for a modification in the terms of their loan. Equally possible, the family may simply have fallen on hard times and are suffering enough embarrassment and pain without Zillow and Trulia posting up their delinquent mortgage status for all to see. Moreover, their home may already be listed as a short sale with their Realtor.

It seems these national aggregator sites who list homes for sale, provide market advice and offer slick mapping services feel this information might bring more eyeballs to their sites. Real estate agents already pay hefty sums to be the advertised “representative” of local zip codes. In further monetizing their sites, will these same agents be enticed to be the “local expert” for pending foreclosures in their purchased zip codes?

It’s not the business model that bothers me; rather, it is the brazen publication and monetization of personal pain. If parents discuss their neighbor’s published and pending foreclosure at the dinner table, is there not a chance that this juicy tidbit becomes an embarrassing morsel of school gossip the next day?

These commercial listing aggregators might try to convince real estate agents that they are offering a real opportunity to agents: They will now know who might be interesting in listing their home, and the more passive agents can $ign on to passively be the face to call when times get tough.

What’s next?

Let’s see, who else might be interested in listing their home when:

1. A loved one dies
2. Divorce proceedings are filed.
3. Someone is arrested (might need to sell to pay attorneys and bail?)
4. Birth announcement (need a home–or a bigger one?)

These are just a few examples of times when privacy might be appreciated and strongly desired. And of course, it is all public knowledge if one searches hard enough–and that is one of the arguments proffered by those who commercialize this information. And from this Realtor’s point of view, it’s pretty convenient information to have–if I’m inclined to pester people in their times of pain–or deep personal pride.

I guess one of the things I liked so long ago when I refused a lawn sign was the sense of control I had over my privacy. These days, a listed home wouldn’t stand a chance of being so obscured from looky loos and prying eyes. The listing would appear not only on hundreds or thousands of Realtor websites, but would also likely appear on Realtor.com, Zillow, Trulia, Movoto, Redfin and innumerable other listing aggregators and national sites.

At a minimum, these sites should allow the homeowner the opportunity to opt out of publication–especially when the information published could cause personal pain and harm.

In exchange for this, as a San Diego Realtor, I would be gladly willing to forego any gain I might achieve from this information–and optimistically believe other real estate professionals would feel the same.

There was a time in our society when privacy was an assumed and granted given. These days, it appears to be a luxury afforded a privileged few.

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Luxury Apartments in the Suburbs?

Roberta Murphy Thompson — Tue, 14 Aug 2012 04:08:01 +0000

by Roberta Murphy

Luxury Apartments

Construction of new luxury homes has been at a near-standstill for the last five years, but might we be seeing a resurgence of luxury apartment building in the most unlikely place:

The suburbs?

In the past year, we have watched and quietly commented on the construction of what appeared to be upscale condominiums in La Costa, located in south Carlsbad and just north of San Diego proper. The development overlooks the world famous La Costa Resort and coincidentally, happens to fall within one of the most coveted school districts in all San Diego County.

Regardless, imagine our surprise when we discovered that these Mediterranean-influenced homes would be offered as luxury rentals rather than the townhomes we expected. Ranging from 1350 to over 2000 square feet, Costa Pointe rents will range from $2300 to $3800 per month according to research done at the La Costa real estate source, La Costa Online.

It was a disruption, of sorts, in San Diego real estate.

We speculate that the rental offering may be a solution that allows the builder to hold onto the property, create cash flow, and then re-offer as condominium sales when the local real estate market strengthens and appreciates.

Are you seeing similar phenomena in your local markets? Are luxury apartments in the suburbs the upscale town homes of tomorrow? It is a trend we are closely watching.

Click here to read full story.

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Wine Barrel Flooring: The Luxury of Recycling

Roberta Murphy — Tue, 07 Sep 2010 15:06:32 +0000

by Roberta Murphy

Wine Barrel Flooring

Most of us appreciate the earthy luxury of a true wine cellar and also see the value of repurposed materials emerging as elements in our homes. But how about a slice from the best of both worlds and have rich wood flooring crafted from old California wine barrels?

I’ve seen serving trays and other novelties emerge from wine barrel tops, but hardwood flooring from the actual wine barrel offers some beautiful possibilities. Fontenay Woods is likely the original source of reclaimed barrel flooring, and handcrafts each plank for custom installation.

Their Vintage Barrel Collection includes three wine barrel sources:

The Cooperage comes from the outside of the barrel head and displays deep patina, cooper’s stamps and special markings.
The Wine Infusion represents the inside of the barrel and retains rich infused coloring from aging red wine.
The Stave displays the outer sides of the barrel where the hoops have been removed–and provides further pattern interest.

Their goal, says Fontenay, is to provide an elegant product that “is guaranteed for life.”

Now, how to recycle all the wine bottles–with least processing possible?

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Venetian Plaster Transformation

Roberta Murphy — Tue, 12 Jan 2010 00:31:40 +0000

by Roberta Murphy

The Elegance of Venetian Plaster

Venetian Plaster by Greg Sieminski

When first entering this newer San Diego luxury home, we were amazed by its wall and ceiling finishes. Walking slowly from room to room, one can run fingers over the cool burnished walls and the gray stone door arches. The touch is smooth and cool. Even the ceilings and dome gave the impression that we had indeed been transported to a Venetian villa.
Had we not known the artisan responsible for this masterpiece, we would never have guessed an underlying truth: These walls were nothing more than standard drywall that had been transformed by a clever Polish home painter and artist who specializes in exquisite surface finishes.

Greg Sieminski explains that Europeans have been creating beautiful walls for centuries utilizing limestone plasters softly colored with natural elements. He
studied these walls in Mediterranean countries, and wondered how the rich, aged patina could be duplicated in fine San Diego homes. It took several years, but Greg was able to perfect his replications of fine Venetian plaster to the delight and amazement of his clients.

So just how is Venetian plaster made? Greg explained that the 1300 year-old process starts with the selection of special limestone from Italian quarries and rivers. The limestone is then fired in a large and very hot kiln, which causes chemical changes within the limestone itself. The result? The super-heated stones turn to putty when placed in water. The painter goes on to describe how this putty is wet-seasoned for up to a year before being processed as a finishing plaster.

The end result, says Greg, is a finely milled limestone putty that is even finer than face powder. This cultivated material can be further embellished with finely-ground marble, which yields an ancient building material that can be burnished to a low sheen or rubbed to a high polish. Additionally, he will occasionally add granular material so that he can recreate stone finishes.

Venetian plaster, he explains, is not faux painting, as hobbyists commonly refer to this style of painting. The product is not paint. It is an old finishing technique that works well in contemporary homes. He adds that Venetian plaster can be used outdoors as well, with few limitations.

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Luxury Above La Costa

Roberta Murphy — Mon, 28 Dec 2009 18:47:27 +0000

by Roberta Murphy

At San Diego Previews, we deal with a number of people who are relocating to the San Diego area. They may be from from the East Coast, the desert, Bay area, Midwest or Europe, but all have pretty specific ideas about the lifestyle they anticipate in sunny Southern California.

Many of these seekers are seasoned and affluent home buyers–ones who can be pretty specific about the features they want in their next home. Their demands might very well include:

A formal and separate entry with natural stone or wood flooring.
An office off that lovely entry
Formal dining room with outside patio for al fresco meals.
In Southern California, a great room with fireplace off the spacious and well-equipped kitchen. Great for wine and cheese soirees, family fun and casual entertaining.
At least one bedroom with full bath on ground level.
Spacious master suite with balcony for sunset wine sipping–and spa bath with jetted tub. Huge closet also a plus!
Outdoor kitchen for year-round entertaining is a must.
Some want pools and some don’t, but most would like a private rear yard large enough to accommodate one.

We have recently listed a newer 5 bedroom, 4.5-bath home at 7289 Calle Conifera in Carlsbad, which offers all these features and more–including a butler’s pantry, large laundry room, 3 fireplaces, Brazilian cherry and polished travertine flooring, granite surfaces, 3-car garage, 4225 square feet, and numerous other custom upgrades. This La Costa Oaks listing is also in the highly desired San Dieguito school district, has reasonable taxes– and a price tag of just $1,150,000.

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