The Morning Report
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A few weeks ago, I linked to a video by Jim Klinge in Encinitas, at a development he called a “ghost town.”
The project is called the Lofts at Moonlight Beach, and the 18 units were listed in the $1 million to $2 million range. But Klinge couldn’t find the units on the MLS and couldn’t reach anyone at the business office when he tried to figure out what was going on last month.
Turns out the project’s residences are now for rent; the developers are ostensibly waiting for a better time for sales in the future.
That’s the news I heard today from Robert Martinez at MarketPointe Realty Advisors, a local housing research firm. All 18 residential units are for lease with 10 already leased, Martinez said. Tenants can expect to pay about $2,800 to $3,500 per month.
High-end housing in the county has been having some trouble because financing for such buyers is very tight. Those luxury condos headed to auction in Oceanside are one example. Here are some recent stats on the health of the high-end market.