This report reviews the first three quarters of real estate activity in 2015 for North San Luis Obispo County. The health of a community tends to be reflected in the local real estate market. Extreme current examples would be San Francisco and Detroit. Local real estate is geographically finite and driven by supply and demand.
Sales of residential single family properties increased year over year by 30%. The average price of sold homes bumped up 3.6% to $375,000, on a year to year basis. The supply of homes for sale continued to trend downward. Homes for sale in South Atascadero are in strong demand. Demand for homes in Paso Robles is steady up to $500,000 and Templeton demand is strong up to $600,000.
An important component in the demand for Paso Robles homes, especially on the West-side, is investor appetite for vacation rentals. Most of these investors are from the Bay Area. Templeton demand is fueled largely by families seeking the Templeton School District. South Atascadero is providing a quality, lower cost opportunity for San Luis Obispo employees. Quality, in different categories, is the common denominator in demand for San Luis Obispo Properties.
Million dollar higher end homes are lagging behind in sales as compared to 2014. Supply of big dollar homes is also dropping as sellers wait to see more market activity. Most of these homes are selling below replacement cost. We are now beginning to see investors looking at trophy properties for vacation rentals.
The drought and the uncertainty of the renewed water ordinance has muddied the picture for agricultural properties. There is so much noise about the water situation that people, buyers and sellers, are tentative. Grape prices are still strong for most varietals and this year’s light crop only highlighted that pricing situation.
No one knows the future, but here is one likely scenario. Whatever ordinance/district is ultimately enacted, it will restrict all new irrigated plantings. Existing built/planted properties will be more valuable versus replacement cost. If we have big rain and a defined ordinance, the agricultural situation will improve.
Right now it takes 6-9 months to get a well drilled on raw land. Obviously that time frame has curtailed demand for raw land parcels. Certainly there will be new building and planting restrictions/costs that will further complicate the raw land situation.
Our hotels and restaurants continue to do well in a competitive environment. I think the success of the Golden Hill/46 Intersection is a great example of how far we have come as a community. Our local leadership and citizen volunteers have gone a long way to set the table for a bright future.
Quality never goes out of style. Our community has worked with our wine and AG community to create a destination location for outsiders to enjoy and the locals to prosper. People come to visit, spend money, and then leave. It’s not easy to operate a city with a marginal employment situation. As long as we remain a quality product, this community will move forward.
It seems like the real estate industry is feast or famine. I feel pretty lucky to have enjoyed more feasts in my career but it makes keeping up on the little things hard. Little things like websites, marketing and more. Some days its choosing to work a little harder or spend a little extra time my family (which is important too!). Balance is key!
Today I spent a few moments updating the coming soon section of my website. This is something that I have wanted have on a website for quite some time and have not been able to successfully complete. Today, the first two “coming soon” properties are up with more be posted in the coming weeks.
Come meander through the vineyards to this wonderful slice of paradise! Just minutes away from award winning wine tasting and in a few more minutes you can be at Highway 46 east which can take you anywhere!
This 44+/- acre South Monterey County Estate just had a $30,000 price reduction. Relax and watch the beautiful sun set over the hills in the evenings. Peaceful and private location.
We had a $25,000 price reduction on this unique property in Atascadero! This fantastic geodesic dome on 2+/- acres features paved road frontage on two sides and is zoned public leaving it open for a number of uses (call or email for a list of uses for that zoning). Asking $350,000. The adjacent 2.3+/- acre property is also available for purchase.
Click here for more information and photos: http://pasoregal.com/properties-for-sale/atascadero-dome-house-on-2-acres/
For those of you who have checked out PasoREGal.com recently, I have fixed the error for the properties. Each property should be mapped to the correct post. I apologize… I guess that is part of learning. 🙂
Fantastic horse ranch with a 3800+/- square foot, remodeled, 4 bedroom, 4 bathroom main home, with pool on 37.6+/- acres. The property features a 1/2 mile race track, multiple fenced irrigatable pastures, laborer’s quarters, shop, 32 stall training barn, 13 stall mare barn, 4 stall breeding barn, 4 stall stud barn, two fowling barns, bay barn, shop, pole barns.
The property is located just east of Atascadero with convenient access to Highway 41 and Highway 101.
The property is in the Williamson act providing the opportunity for lower taxes.
View our virtual tour at: http://www.tourfactory.com/1434303
The asking price is $2,299,000. An additional 22+/- acres can be purchased for a total of 59.7+/- acres.
It has started, harvest time here in rural Paso Robles and throughout Wine Country. Those who live in the rural areas may be inconvenienced by the slow moving harvesters, tractors and trucks moving through the area. This is a small price to pay for what is to come in October… Harvest Festival! A time to celebrate all of the hard work over the year and the kickoff to the holiday months ahead. Click the link below to see some of the celebrations coming up.
If you like wine, this is the place to be! Sunset Magazine’s Savor the Central Coast will happen later this month at the Santa Margartia Ranch where great wine and amazing food can be tasted.
In November comes the Garagiste Festival showcasing small wine makers! This non-profit event supports the Cal Poly Wine and Viticulture program.
If you love music, come join us for the Paderewski Festival, four days of music honoring Ignancy Jan Paderewski November 5th through the 8th.