92107 inventory way way down from Summer 2017

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Submitted by gzz on July 2, 2018 - 1:20pm

July 2 2018 35 houses, 4 condos
July 2 2017 42 houses, 9 condos
July 3 2016 27 houses, 8 condos
July 5 2015 30 houses, 12 condos

Can't wait to see Rich's latest YoY data.

Had a quick look also at downtown and PB, the other markets I used to follow, but have not in a while.

I am pleased to see that OB is finally outperforming these markets after years of lagging. Seems to partly be an inventory issue. Downtown just keeps getting more condo towers, and much of PB can be converted to multifamily, or current 1-floor multifamily apartment complexes built up to the max zoning allows.

Ocean Beach, by contrast, development is severely limited by the 0.7 lot ratio rule plus 25% off-street parking requirements. In practice a development can get a variance to break these rules a little bit. But even with a variance, you might get 0.8 FAR and .2 parking, compared to the 1.2 you get in the rest of coastal San Diego. Thus a 5,000SF multifamily lot in OB can be built with 2250 of living space without a variance, and perhaps 3000sf as a reasonable goal for a variance. In MB/PB I believe you could build about 6000sf on the same size multifamily lot.

Likewise, once you go east of Sunset Cliffs, you often have even more restrictive zoning that for the most part allows nothing more than one big house and maybe a granny flat over the alley garage.

Submitted by moneymaker on July 3, 2018 - 10:18am.

So you would make granny walk up a flight of stairs to get to her place? All kidding aside there seems to be a "lot" of variance as far as inventory. Driving around yesterday I was somewhat surprised how many homes I saw with for sale signs in front of them. Granted half of those may have already sold but seems to me more people are seeing the light and listing their properties.

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