Collection Magazine - Spring/Summer 2022

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It seems I have been writing about this wonderful real estate market for many of the past few years. Certainly, anyone who has purchased in the last five-ten years has been fortunate to see tremendous appreciation and growth in their real estate investment. Though real estate historically gains in the long term - and can see big increases in the short term as we’ve recently experienced - there are ups and downs that homeowners must weather. It’s something we have helped our clients navigate throughout our 108 years in business. Recently, there have been circumstances that afforded this value expansion, but there are changes that we now are facing. First, there are warning signs that the U.S. is headed into a recession. We are seeing the highest inflation rates in 40 years, which affects all of us from all economic spectrums in every aspect of our lives. Another influence is the war in Ukraine, which weighs heavily. We have little to no control over this conflict, but it has made us fearful. This perception puts pressure on us to be more cautious, both financially and in future planning. Rising gas prices are also a contributing factor. In years past, our nation was energy independent and could export both oil and gas, but this is no longer true. The U.S. Energy Information Administration predicts that this summer gas prices will hit their highest level since 2014. Moving from petroleum to alternatives will create a better, less energy-dependent future for generations to come, but this will take some time and adjusting on our part. The pandemic is also a factor in all of this. It has changed attitudes and behaviors and through it all our homes have become even more important than in the past. Remote working conditions and home entertainment are two examples of this change. With the cost of housing now out of reach for many first time buyers and interest rates on the rise, we need to find ways to provide opportunities for their first purchase. Some options include more dense neighborhoods, production housing, and even lowering the outlandish fees and delays when developers and homebuilders apply for construction permits. If we had villages with smaller homes and usable outside space on smaller lots close to transit lines and basic shopping, this could be the start for many with their first purchase. Programs have been successful in the past to assist with down payments and more, and we need to explore these possibilities again. But first time homebuyers are not the only ones feeling the squeeze. People who have been in their homes for years and are now ready to downsize or settle into a new place for retirement are also struggling to find a home. These potential sellers face capital gains tax (both federal and state in California) that approaches 40% of their gain after exclusions (original purchase price, improvements cost and the personal residence exclusion). It’s understandable why many would not want to pay those exorbitant fees! Some of these sellers, believing this tax will never be substantially reduced, are choosing to sell now, pay the tax, and take the balance to make themselves happy with a downsized home, more money to travel, or funds to help their family. But others are waiting it out. The bottom line is that we will all benefit when the first time home buyer, renter and those downsizing release their equity for personal use. Willis Allen has been a fixture in the San Diego real estate market for 108 years and counting. Founded in La Jolla, we have offices in some of the great communities in San Diego County. A locally owned and operated firm, we have the local market covered. Thanks to our affiliations with Luxury Portfolio and Forbes Global Properties with its unique digital platform, we are also globally connected for buyers and sellers. No matter what the future of the housing market holds, our clients can rest assured knowing they are in qualified hands. Andrew E. Nelson President
Contents 4 14 18 4 17 20 Central San Diego North County Coastal Cover Property 23 Forbes Global Properties 32 26 31 International Leases 34 35 Agent Directory Under $1 Million Recent Solds *All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description. All measurements and square feet are approximate and all information should be confirmed by customer. All rights to content, photographs and graphics reserved to Broker. Due to lead time for publication, some properties and information may not be current.
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Collection Magazine - Spring/Summer 2022

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