August 2023 Newsletter

As the sun-soaked days stretch on, August offers us the perfect opportunity to slow down, bask in the warmth, and appreciate the simple pleasures that life has to offer us. As always, we have curated a collection of recommended reads, thought-provoking articles, and noteworthy resources to expand your knowledge and stimulate your curiosity. 

San Diego Real Estate & More

Save the Date - September 30th!
Back by popular demand is our favorite client appreciation event…the chili party! Let’s kick off Fall together with a variety of chilis, cornbread, food for the kids, drinks, and more. The event will be held on September 30th from 4-7pm. More details to follow in early September but for now, save the date!

San Diego Real Estate Update:
San Diego continues to be plagued with a low inventory of available homes for sale. In last month’s newsletter, we discussed inventory typically peaks between now and mid-August, and then will steadily decline until the end of the year. However, we currently have 2,604 homes for sale, which is lower than where we started in January!

Buyers have become accustomed to the higher interest rate environment as the “new normal” and are active in the market. It isn’t unusual for homes priced below $1.5M to attract multiple buyers within a few weeks of being on the market, which puts the seller in the driver's seat. The chart below illustrates the current market time (the time a listing is on the market to when it goes under contract) compared to last year. It also emphasizes the buyer demand is surpassing the supply/inventory.

Historically, buyer demand and inventory decrease in the fall and winter months. This means the anemic inventory levels are not expected to dramatically increase through the end of the year. If you intend to make a move by the end of 2023 reach out to me today to discuss the best strategy for your personal circumstances to make your transition a success.

Short-term Rental License, Opportunities Still Available:
On May 1, 2023, the highly anticipated short-term rental law went into effect in the City of San Diego, making it illegal to operate a rental for less than 30 days without one of four different types of licenses. Applicants were faced with a lengthy application process, fees, and a lotto to secure one of the 5,419 Tier 3 or 1,082 Tier 4 (Mission Beach) licenses available. In the fall of 2022 when the law and requirements were announced it created a frenzy of panic among operators who feared they would be forced to shut down their businesses. We were quite surprised to learn that as of July 28, 1,193 Tier-3 licenses (covering all areas of the City of San Diego except Mission Beach) are still available! Below are the stats from the City’s website

If you thought you missed out on operating a short-term rental in the City of San Diego, let’s talk! You can also visit this website for additional information and to start the application process.

Local Happenings

aug 5th, 11am - 5pm

San Diego Soul Food Fest

Started to highlight the cuisine of the African Diaspora, this event aims to reinvent what most people think about when it comes to soul food. Tickets provide you with access to all food vendors plus three free tastings of your choosing. 

Click Here For Tickets

aug 5-6th, 10am - 6pm

Fine Art Festival at Liberty Station

Head to Point Loma to discover the creative genius of artists from around North America including paintings, jewelry, sculptures, and plenty of vendors!

Click Here For More Info

aug 12th, 11am - 6pm

Chula Vista Lemon Festival

Once known as the "Lemon Capital of the World," Chula Vista is hosting their 26th annual fest of agricultural history, live music, lemon cook-off, a wine & beer garden, plus plenty of other zesty opportunities! 

Click Here For More Info

aug 20th, 6:15am - 11am

America's Finest City Run

Put on your sneakers for the 46th annual half-marathon and 5k, starting at Cabrillo National Monument and ending at Balboa Park -- iconic San Diego views, perfect for an early morning jog.

Click Here To Sign Up

aug 27th, 12pm - 4pm

Sabor Del Barrio
"Taste of Barrio Logan"

This First Annual event includes 36 Barrio Logan restaurants, coffee houses, bakeries, breweries, and one of a kind eateries, with access to local museums and galleries in the historic Barrio Logan cultural district. Tickets are $40 in advance, and $50 day of the event. 

Click Here for More Info

Lifestyle Tips and Tricks

Selling Your House? Check Your Feelings at the Door 

Selling your home can be a very emotional decision because this is where many milestones in your life occurred. Perhaps it was your very first home, or the first home you bought with your significant other. And if you’ve lovingly and painstakingly made renovations and upgrades, the home may hold even more significance. However, when you decide to put your home on the market, it's best to keep your feelings in check.

Courtesy of Forbes

9 Contemporary Interior Design Tips You Haven't Heard Before

Current contemporary spaces have an easy, warm feel to them. Far from formulaic, they can be eclectic or even fun. 

Courtesy of Forbes

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Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.