September 2023 Market Report - Irons & Estates by AJ Powers

Market Update

L U X U R Y G O L F C O M M U N I T I E S

September

M A R K E T R E C A P ( 3 0 D A Y S ) I N T E R E S T R A T E S + I M P A C T D . R . I . V . E . - O U R R E N O V A T I O N P R O G R A M R E S U L T S B A S E D C O M M I S S I O N P R O G R A M S A L E S P R I C E S B Y Y E A R S A L E S D A T A B Y Y E A R I N V E N T O R Y B Y Y E A R M O N T H - O V E R - M O N T H S T A T S T A B L E O F C O N T E N T S Overview

San Diego County

A T A G L A N C E S A L E S P R I C E S B Y Y E A R S A L E S D A T A B Y Y E A R S A L E S P R I C E S B Y Q U A R T E R S A L E S D A T A B Y Q U A R T E R S O L D L I S T I N G S B Y P R I C E P E N D I N G S A L E S U M M A R Y

Rancho Santa Fe

A T A G L A N C E S A L E S P R I C E B Y Y E A R S A L E S D A T A B Y Y E A R S A L E S P R I C E B Y Q U A R T E R S A L E S D A T A B Y Q U A R T E R T H E S A L E S S O L D L I S T I N G D E T A I L S T A B L E O F C O N T E N T S e

Bridges

e Covenant A T A G L A N C E S A L E S P R I C E B Y Y E A R S A L E S D A T A B Y Y E A R S A L E S P R I C E B Y Q U A R T E R S A L E S D A T A B Y Q U A R T E R T H E S A L E S S O L D L I S T I N G D E T A I L S

Crosby

A T A G L A N C E S A L E S P R I C E B Y Y E A R S A L E S D A T A B Y Y E A R S A L E S P R I C E B Y Q U A R T E R S A L E S D A T A B Y Q U A R T E R T H E S A L E S S O L D L I S T I N G D E T A I L S

Del Mar Country Club

A T A G L A N C E S A L E S P R I C E B Y Y E A R S A L E S D A T A B Y Y E A R S A L E S P R I C E B Y Q U A R T E R S A L E S D A T A B Y Q U A R T E R T H E S A L E S S O L D L I S T I N G D E T A I L S T A B L E O F C O N T E N T S

Fairbanks Ranch

e Farms

Morgan Run

Santaluz

A T A G L A N C E

S A L E S P R I C E B Y Y E A R

S A L E S D A T A B Y Y E A R

S A L E S P R I C E B Y Q U A R T E R

S A L E S D A T A B Y Q U A R T E R

T H E S A L E S

S O L D L I S T I N G D E T A I L S

Market recap

Navigating the San Diego real estate landscape these days feels like riding a roller coaster with its twists and turns. The inventory keeps shrinking, and interest rates are on the rise a real estate conundrum, to say the least.

As a result of these dynamics, we ' re seeing a slight dip in demand, but here' s the kicker: there are still plenty of eager buyers keeping the market aﬂoat. Rancho Santa Fe and the luxury real estate sector, in particular, are in a league of their own, with record sale prices defying the odds

However, in the more average price ranges, it ' s a dierent story. Listings appear stagnant, reminding us of the market fatigue we experienced in the latter half of 2022. Buyers pulled back then, but as soon as the new year rolled in, they were back in action.

I wouldn' t be surprised if we were to go through a similar "mini cycle" in the next 90-120 days. It ' s like a suspenseful sequel to a real estate drama, and we ' re all here, holding our breath, waiting to see how it unfolds. The only certainty is that the San Diego real estate market is nothing short of fascinating, oering both challenges and opportunities for those in the know

A S T 3 0 D A Y S S E P T E M B E R 2023

AJ Powers Broker & Owner 858.914.0804 AJ@IronsAndEstates.com Cal DRE #01856860

Rancho Santa Fe summary

M E D I A N S A L E S P R I C E M E D I A N D A Y S O N M A R K E T $4,500,000 49 93.7% 17 % O F O R I G I N A L L I S T P R I C E C L O S E D S A L E S 11.1% 11.3% 1.8% 21.4%

Interest

L A S T 3 0 D A Y S S E P T E M B E R 2023 2 0 2 3 2 0 2 2 2 0 2 1 3.03% 6.45% 7.75% Average 30 year fixed conventional rate Y-O-Y Estimated interest rate for 30 year fixed mortgage* 7. 75% F H A & V A C O N V E N T I O N A L 7 % *Not a mortgage quote or solicitation for any mortgage or financial instrument As MBS (Mortgage Backed Securities) pricing goes up, interest rates go down and vice versa

rates

P R I N C I P A L & I N T E R E S T P E R M I L L I O N B O R R O W E D ( E S T I M A T E A T 7.75% ) P R I N C I P A L & I N T E R E S T P E R M I L L I O N B O R R O W E D ( E S T I M A T E A T 3%) $7,164 $4,216 $4M vs $2.6m S I M I L A R P I T I P A Y M E N T A M O U N T C O M P A R I N G 3% T O 7.75% ( E S T I M A T E S W I T H 20% D O W N ) 41.2% Interest rates impact T H E F I G U R E S

At a glance

Change in Median Sales Price (Q3 2023 vs Q3 2022)

Average Days on Market (Solds)

1,667

Units Sold (September)

% $ k

865

Median Sales Price (Q3 2023)

S A N D I E G O C O U N T Y S E P T E M B E R 2 0 2 3

S A L E S P R I C E S B Y Y E A R

S A L E S D A T A B Y Y E A R

S A L E S P R I C E S B Y Q U A R T E R S A L E S D A T A B Y Q U A R T E R A C T I V E , P E N D I N G &

O L D S U M M A R Y S O L D P R O P E R T Y D E T A I L S

Sales price by year

S A N D I E G O C O U N T Y ( A T T A C H E D & D E T A C H E D ) A U G U S T 2023 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 0 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 Median Sales Price Average Sales Price 2023 2022 2021 2020 Y E A R $865,000 $805,000 $755,000 $660,000 +7. 4 5% + 6. 62% + 1 4 . 39 % + 1 5. 3 2% + 2 . 7 1 % + 1 5. 4 3% M E D I A N A V E R A G E C H A N G E C H A N G E $1,152,629 $999,528 $973,118 $843,051

Sales data by year

Days on market remain consistently lower than pre-COVID

S A N D I E G O C O U N T Y ( A T T A C H E D & D E T A C H E D ) 2 0 2 3 34 2 0 2 2 2 0 2 1 2 0 1 9 16 26 19

P R I C E P E R S Q F T + % O F O R I G I N A L L I S T P R I C E

Inventory by year

Interest rates are the most discussed topic in real estate today. While rates have an obvious impact on the market when it comes down to aordability and purchasing power, the key driver of today' s market and the reason we continue to see prices increase is a dramatic lack of inventory . Until our supply begins to exceed the demand, we don' t see much else having an impact on the market.

Number of closed sales (2023) will be the lowest of any year recorded in the MLS

S A N D I E G O C O U N T Y ( A T T A C H E D & D E T A C H E D ) A U G U S T 2023

Y T D 3 5 k 2 0 2 2 2 0 2 1 2 0 2 0 3 9 k 2 9 k 1 7 k

M E D I A N S A L E S P R I C E M E D I A N D A Y S O N M A R K E T $865,000 19 100.1% 1,665 % O F O R I G I N A L L I S T P R I C E C L O S E D S A L E S 2.3% 20% 0.1% 19.4% San Diego County M O N T H - O V E R - M O N T H A T T A C H E D & D E T A C H E D

At a glance

12.5

Change in Median Sales Price (Q3 2023 vs Q3 2022)

Average Days on Market (Solds)

Units Sold (September)

% $ m

4.5

Median Sales Price (Q3 2023)

R A N C H O S A N T A F E S E P T E M B E R 2 0 2 3

S A L E S P R I C E S B Y Y E A R

S A L E S D A T A B Y Y E A R

S A L E S P R I C E S B Y Q U A R T E R

S A L E S D A T A B Y Q U A R T E R

S O L D L I S T I N G S B Y P R I C E

P E N D I N G S A L E S U M M A R Y

Sales price by year

R A N C H O S A N T A F E ( D E T A C H E D ) S E P T E M B E R 2023 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 0 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 Median Sales Price Average Sales Price 2023 2022 2021 2020 Y E A R $4,250,000 $4,495,000 $3,525,000 $2,700,000 - 5. 4 5% + 27. 52% + 3 0. 5 6% - 2 . 39 % + 23. 6 0% + 2 8 . 6 4% M E D I A N A V E R A G E C H A N G E C H A N G E $4,934,866 $5,055,889 $4,090,688 $3,179,976

Sales data by year

Days on market continue to increase as interest rates stay on the rise (avg DOM's for solds)

R A N C H O S A N T A F E ( D E T A C H E D ) Total number of closed sales on track decline around 10% from 2022 Y T D 323 2 0 2 2 2 0 2 1 2 0 2 0 351 209 155 2 0 2 3 92 2 0 2 2 2 0 2 1 2 0 2 0 63 42 57

Sales prices by quarter

R A N C H O S A N T A F E ( D E T A C H E D ) S E P T E M B E R 2023 Q 3 Q 2 Q 1 Q 4 Q $4,500,00 $4,200,000 $4,400,000 $4,093,750 +7. 1 4% - 4 . 55% +7. 4 8% - 1 0. 1 5% + 1 2 . 74% + 2 . 6 3% M E D I A N A V E R A G E C H A N G E C H A N G E $4,768,276 $5,306,636 $4,707,061 $4,586,322 $ 5 - 6 m 1 1 % U n d e r $ 4 m 3 8 % $ 4 - 5 m 2 8 % C U R R E N T Q U A R T E R $ 6 - 7 m 1 1 % $ 7 - 8 m 4 % $ 8 - 1 0 m 6 % $ 1 0 m + 2 %

Increasing

R A N C H O S A N T A F E ( D E T A C H E D ) Quarter 3 saw nearly the identical number of closed transactions as Q2 Q 3 36 Q 2 Q 1 Q 4 51 55 53 Q 3 Q 2 Q 1 Q 4

Sales data by quarter

55 46 72 66

rates have caused inventory to become a bit stagnant (avg DOM for solds)

Sales by price

Sales by price

Sales by price

Sales by price

Pending sales R A N C H O S A N T A F E ( D E T A C H E D ) 5309 La Granada 6722 Calle Ponte Bella 7102 Via De Maya 16942 Via Cuesta Verde 16450 La Gracia 3828 Avenida Feliz 5934 Via TreVille 5921 Via De La Cumbre 5050 El Secreto 15583 Churchill Downs 4543 Via Gaviota 17222 Via Recanto 6590 Calle Reina A D D R E S S $3,195,000 $14,995,000 $4,395,000 $6,495,000 $4,450,000 $2,395,000 $4,343,000 $6,695,000 $7,950,000 $3,578,800 $6,395,000 $6,495,000 $14,750,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 4181 9609 5687 8790 4201 3205 3341 6900 6265 4141 5284 8525 13446 5 6 5 5 4 5 3 5 5 4 4 5 6 5 7 7 8 5 5 4 7 7 5 5 9 10 178 91 16 274 2 38 2 63 1 23 62 109 354 $764.17 $1,560.52 $772.82 $738.91 $1,059.27 $747.27 $1,299.91 $970.29 $1,268.95 $864.24 $1,210.26 $761.88 $1,096.98 O R I . P R I C E $3,995,000 $16,250,000 $4,595,000 $7,495,000 $4,450,000 $2,445,000 $4,343,000 $6,695,000 $7,950,000 $3,578,800 $6,895,000 $7,495,000 $14,750,000 D A T E 9/29/2023 9/25/2023 9/22/2023 9/15/2023 9/13/2023 9/8/2023 9/8/2023 9/1/2023 8/25/2023 8/25/2023 12/4/2022 9/13/2022 6/3/2022

At a glance

6.19

Change in Median Sales Price (Q3 2023 vs Q3 2022)

59 0

Average Days on Market (Solds this month)

Units Sold (September)

% $ m

4.5

Median Sales Price (Q3 2023)

T H E B R I D G E S | R S F S E P T E M B E R 2 0 2 3

S A L E S P R I C E S B Y Y E A R

S A L E S D A T A B Y Y E A R

S A L E S P R I C E S B Y Q U A R T E R S A L E S D A T A B Y Q U A R T E R A C T I V E , P E N D I N G & S O L D S U M M A R Y S O L D P R O P E R T Y D E T A I L S

Sales price by year

T H E B R I D G E S S E P T E M B E R 2023 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 0 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 Median Sales Price Average Sales Price 2023 2022 2021 2020 Y E A R $4,712,500 $5,200,000 $3,725,000 $2,885,000 - 9. 3 8% + 39. 6 0% + 2 9. 1 2% + 9. 75% + 2 8 . 6 6% + 2 2 . 1 2% M E D I A N A V E R A G E C H A N G E C H A N G E $5,425,913 $4,943,778 $3,842,500 $3,146,510

Sales data by year

Days on market continue to increase as interest rates stay on the rise (DOM for solds)

T H E B R I D G E S Total number of closed sales on track to more than double 2022 Y T D 20 2 0 2 2 2 0 2 1 2 0 2 0 22 9 16 2 0 2 3 115 2 0 2 2 2 0 2 1 2 0 2 0 40 26 70

Sales prices by quarter

T H E B R I D G E S A U G U S T 2023 Q 3 Q 2 Q 1 Q 4 Q $4,500,000 $5,600,000 $5,500,000 $4,825,000 - 1 9. 6 4% + 1 . 82% + 1 3.9 9 % - 3 4 . 7 7 % + 26. 6 4% + 9. 8 4% M E D I A N A V E R A G E C H A N G E C H A N G E $4,377,801 $6,711,667

$ 5 - 6 m 1 4 % U n d e r $ 4 m 4 3 % $ 4 - 5 m 4 3 % C U R R E N T Q U A R T E R

$5,300,000 $4,825,000

Sales data by quarter

Inventory has increased dramatically in The Bridges (DOM for solds)

T H E B R I D G E S

Q 3 2 Q 2 Q 1 Q 4 3 6 7 Q 3 Q 2 Q 1 Q 4

Quarter 3 has seen more closed sales than quarter 2 with 30 days remaining

6 9 5 8 9 1 6 8

Active 18474 Calle Tramonto 7059 Calle Portone (V) 18495 Calle La Serra 6709 Calle Ponte Bella 18334 Calle Stellina 18325 Calle La Serra 6659 Calle Ponte Bella A D D R E S S $6,250,000 $3,500,000 $6,750,000 $12,995,000 $5,895,000 $4,500,000 $8,350,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 8158 3128 8061 9350 8506 7800 13108 6 4 3 6 5 5 6 8 5 5 8 6 6 8 15 16 25 88 95 142 174 $766.12 $1,118.93 $837.37 $1,389.84 $693.04 $576.92 $637.02 O R I . P R I C E $6,250,000 $3,500,000 $6,750,000 $15,000,000 $5,895,000 $3,799,000 $9,875,000 Pending 6722 Calle Ponte Bella A D D R E S S $14,995,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 9609 6 7 91 $1,560.52 O R I . P R I C E $16,250,000

*(V) represents Villas, (C) represent Cortile, (S) represents Short Sale

T H E B R I D G E S A U G U S T 2023

The sales

18511 Calle La Serra 18644 Via Catania 6901 Corte Spagna (V) 6949 Corte Spagna (V) 18388 Calle La Serra 4288 Via Ravello (C) 18375 Calle La Serra A D D R E S S $5,998,985 $4,725,000 $3,325,000 $3,250,000 $3,900,000 $4,500,000 $4,945,625 S Q F T B E D S B A T H S D O M S O L D P R I C E $ / S Q F T 6672 5592 3880 3797 6000 4375 5717 4 5 4 4 4 4 4 6 6 6 6 5 5 6 10 22 134 41 0 127 81 $899.13 $844.96 $856.96 $855.94 $650.00 $1,028.57 $865.07 O R I . P R I C E $5,998,985 $4,950,000 $3,980,000 $3,350,000 $3,900,000 $4,450,000 $5,750,000 6 D A T E 8/18/2023 8/8/2023 8/7/2023 7/31/2023 7/25/2023 7/17/2023 7/13/2023

Sold (Q3)

18511 Calle La Serra Rancho Santa Fe $5,998,985 S O L D 8 / 1 8 / 2 3 S Q F T B E D S B A T H S D O M 6672 0.48ac 4F 2 H 4 L O T S I Z E 10 18644 Via Catania Rancho Santa Fe S Q F T 5592 B E D S 5 B A T H S 5F 1H 2.1ac L O T S I Z E 22 D O M $4,725,000 S O L D 8 / 8 / 2 3 6901 Corte Spagna Rancho Santa Fe 3880 S Q F T B E D S 4 5F 1 H B A T H S L O T S I Z E 0.35ac 134 D O M $3,325,000 S O L D 8 / 7 / 2 3

Corte

Fe $3,250,000 S O L D 7 / 3 1 / 2 3 S Q F T B E D S B A T H S D O M 3797 0.24ac 5F 1H 5 L O T S I Z E 42 18388 Calle La Serra Rancho Santa Fe S Q F T 6000 B E D S 4 B A T H S 4F 1H 0.52ac L O T S I Z E 0 D O M $3,900,000 S O L D 7 / 2 5 / 2 3

Via Ravello

4375 S Q F T B E D S 4 4F 1 H B A T H S L O T S I Z E 1.00ac 127 D O M $4,500,000 S O L D 7 / 1 7 / 2 3

6949

Spagna Rancho Santa

4288

Rancho Santa Fe

The Golf Community Experts 18375 Calle La Serra

$4,945,625 S O L D 7 / 1 3 / 2 3 S Q F T B E D S B A T H S D O M 5717 0.43ac 4F 2H 4 L O T S I Z E 81 Your Guide to Golf Community Real Estate S C H E D U L E C A L L J O I N M Y N E W S L E T T E R Work with a hyper-local expert (I' m a Bridges member)

Rancho Santa Fe

At a glance

26.16

Change in Median Sales Price (Q3 2023 vs Q3 2022)

Average Days on Market (Solds this month)

Units Sold (September)

% $ m

4.9

Median Sales Price (Q3 2023)

T H E C O V E N A N T | R S F A U G U S T 2 0 2 3

S A L E S P R I C E S B Y Y E A R

A L E S D A T A B Y Y E A R

A L E S P R I C E S B Y Q U A R T E R

A L E S D A T A B Y Q U A R T E R A C T I V E , P E N D I N G & S O L D S U M M A R Y S O L D P R O P E R T Y D E T A I L S 3

Sales price by year

T H E C O V E N A N T A U G U S T 2023 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 0 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 Median Sales Price Average Sales Price 2023 2022 2021 2020 Y E A R $4,955,000 $4,800,000 $4,000,000 $2,956,500 + 3. 23% + 20% + 3 5. 3 0% - 0. 4 8% + 1 8 . 83% + 24 .9 9 % M E D I A N A V E R A G E C H A N G E C H A N G E $5,696,653 $5,724,178 $4,816,983 $3,853,918

Sales data by year

Days on market continue to increase as interest rates stay on the rise

T H E C O V E N A N T Total number of closed sales is back on track for a similar number of closings as 2022 Y T D 124 2 0 2 2 2 0 2 1 2 0 2 0 145 94 66 2 0 2 3 1 01 2 0 2 2 2 0 2 1 2 0 2 0 7 1 4 6 62

Sales prices by quarter

T H E C O V E N A N T S E P T E M B E R 2023 Q 3 Q 2 Q 1 Q 4 Q $4,907,500 $5,000,000 $4,995,000 $3,800,000 - 1 . 8 5% + 0. 1 0% + 31 . 4 5% - 8 . 1 8% + 5.93% + 1 4 . 1 7 % M E D I A N A V E R A G E C H A N G E C H A N G E $5,496,351 $5,985,905 $5,651,053 $4,949,518 $ 7 - 8 m 8 % U n d e r $ 4 m 2 3 % $ 6 - 7 m 1 9 % C U R R E N T Q U A R T E R $ 1 0 m + 4 % $ 4 - 5 m 3 1 % $ 8 - 1 0 m 4 % $ 5 - 6 m 1 2 2 %

Homes that are priced competitively are still moving (DOM for solds)

T H E C O V E N A N T

of transactions in Quarter 3 exceeded all other quarters in the past 12 mo's Q 3 1 9 Q 2 Q 1 Q 4 1 9 2 1 2 6 Q 3 Q 2 Q 1 Q 4

Sales data by quarter

Number

5 2 5 1 8 6 5 6

The sales

Active 18238 Avenida Apice 18226 Avenida Apice 4722 La Noria 5002 El Acebo 7057 La Palma 16434 La Via Feliz 5922 Via TreVille 17526 Via De Fortuna 5715 Lago Lindo 17146 El Mirador 6115 Mimulus 6907 El Camino Del Norte 5411 Vista de Fortuna 15465 Las Planideras 6858 Las Colinas 17535 Los Morros 16636 El Zorro Vista 5358 Avenida Maravillas 17044 Sobre Los Cerros 5385 Linea Del Cielo 17116 Sobre los Cerros 5248 La Crescenta A D D R E S S $2,698,000 $3,298,000 $7,950,000 $5,865,000 $8,650,000 $5,800,000 $5,942,000 $6,995,000 $4,649,000 $5,350,000 $9,995,000

$11,995,000 $4,400,000 $12,995,000 $8,995,000 $6,495,000 $3,495,000 $23,500,000 $4,995,000 $11,295,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 3930 4968 8976 4275 6000 4550 4401 11034 3700 5623 10375 4419 9069 8360 3660 11835 9932 6751 3066 12800 7800 9820 4 5 7 3 5 5 3 12 4 5 5 4 6 6 4 6 5 4 4 7 5 6 5 6 9 5 6 6 4 15 4 6 11 4 8 7 4 8 8 8 4 9 7 8 0 1 11 12 13 17 28 33 37 38 41 55 56 65 68 68 72 74 76 83 91 92 $686.51 $663.85 $885.70 $1,371.93 $1,441.67 $1,274.73 $1,350.15 $633.95 $1,256.49 $951.45 $963.37 $905.16 $1,091.63 $1,434.81 $1,202.19 $1,098.01 $905.66 $962.08 $1,139.92 $1,835.94 $640.38 $1,150.20 O R I . P R I C E $2,698,000 $3,298,000 $7,950,000 $5,865,000 $8,650,000 $5,800,000 $5,942,000 $6,995,000 $4,649,000 $5,495,000 $9,995,000 $3,999,900 $9,900,000 $12,895,000 $4,400,000 $12,995,000 $8,995,000 $6,895,000 $4,000,000 $23,500,000 $4,995,000 $11,295,000

$3,999,900 $9,900,000

T H E C O V E N A N T S E P T E M B E R 2023

6 15134 Via De La Valle 4466 Los Pinos 5815 Loma Verde 5801 Lago Lindo 5465 Vista De Fortuna 16756 Los Morros 6884 El Camino Del Norte 5041 El Secreto 5333 Los Mirlitos 18220 Via De Fortuna 6473 Lago Lindo 5505 La Sencilla 6449 Las Colinas 17549 Via De Fortuna 5631 El Camino Del Norte 6531 Lago Lindo 6842 Paseo Delicias 4434 Los Pinos 16401 Calle Feliz 6710 El Montevideo A D D R E S S $5,300,000 $5,295,000 $4,550,000 $16,900,000 $14,000,000 $7,795,000 $11,300,000 $6,875,000 $6,900,000 $13,995,000 $12,500,000 $9,900,000 $5,350,000 $11,995,000 $19,500,000 $4,600,000 $3,688,000 $9,775,000 $98,500,000 $19,995,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 3775 6990 2855 10361 9378 9170 9735 7850 3287 10500 9538 9679 6719 10628 9383 4089 1229 11301 15000 1460 4 5 3 6 5 7 5 7 3 6 9 6 6 5 6 3 1 7 6 3 4 6 4 7 6 10 7 8 4 8 10 8 5 9 11 4 2 10 7 2 95 96 102 102 120 126 126 128 136 138 152 156 176 184 191 199 254 380 498 1005 $1,403.97 $757.51 $1,593.70 $1,631.12 $1,492.86 $850.05 $1,160.76 $875.80 $2,099.18 $1,332.86 $1,310.55 $1,022.83 $796.25 $1,128.62 $2,078.23 $1,124.97 $3,000.81 $864.97 $6,566.67 $13,695.21 O R I . P R I C E $5,300,000 $5,295,000 $4,848,000 $17,950,000 $14,000,000 $7,795,000 $13,499,000 $7,795,000 $6,900,000 $14,995,000 $14,800,000 $9,900,000 $5,795,000 $12,995,000 $19,500,000 $4,600,000 $3,688,000 $10,985,000 $98,500,000 $19,995,000

Pending

17405 Via De Fortuna 5309 La Granada 7102 Via De Maya 16450 La Gracia 5934 Via TreVille 5921 Via De La Cumbre 5050 El Secreto 4543 Via Gaviota 17222 Via Recanto A D D R E S S $14,995,000 $3,195,000 $4,395,000 $4,450,000 $4,343,000 $6,695,000 $7,950,000 $6,395,000 $6,495,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 11300 4181 5687 4201 3341 6900 6265 5284 8525 6 5 5 4 3 5 5 4 5 8 5 7 5 4 7 7 5 9 60 178 16 2 2 63 1 62 109 $1,326.99 $764.17 $772.82 $1,059.27 $1,299.91 $970.29 $1,268.95 $1,210.26 $761.88 O R I . P R I C E $16,500,000 $3,995,000 $4,595,000 $4,450,000 $4,343,000 $6,695,000 $7,950,000 $6,895,000 $7,495,000

T H E C O V E N A N T S E P T E M B E R 2023

The sales

5554 Las Palomas 5406 El Secreto 5315 La Crescenta 4511 Via Gaviota 6727 Las Colinas 16827 Via de la Valle 17427 Los Morros 15011 Las Planideras 4715 La Noria 15250 Las Planideras 5112 San Elijo 15830 Via Del Alba 6350 Mimulus 17644 Loma Linda 16109 Rambla De Las Flores 17550 Via De Fortuna 5295 Avenida Maravillas 5807 Lago Lindo 16705 Via De La Valle 5316 La Crescenta 17125 Calle Corte 15706 Las Planideras 6159 Paseo Arbolado 6427 Las Colinas 6237 San Elijo Avenue 4632 El Mirar A D D R E S S $2,600,000 $7,600,000 $5,800,000 $4,915,000 $4,200,000 $4,900,000 $6,500,000 $6,200,000 $5,075,000 $16,750,000 $6,850,000 $2,100,000 $3,200,000 $2,700,000 $8,500,000 $6,650,000 $4,750,000 $4,570,000 $3,550,000 $4,725,000 $5,280,000 $6,904,000 $3,100,000 $4,246,120 $7,000,000 $4,240,000 S Q F T B E D S B A T H S D O M S O L D P R I C E $ / S Q F T 1193 4709 8334 5241 2952 3714 8868 9347 5491 8928 7467 2071 2367 2220 9715 8516 6918 3044 3906 5172 4229 5937 3028 4065 7265 11219 1 3 5 5 4 3 6 7 6 7 4 3 3 4 7 6 5 3 5 6 3 6 4 5 5 4 1 5 8 6 5 3 8 9 6 9 6 3 2 2 9 7 6 4 5 7 3 8 4 5 7 6 1 103 88 109 7 65 0 15 48 49 138 9 6 20 57 21 98 14 31 89 0 18 110 7 85 66 $2,179.38 $1,613.93 $695.94 $937.80 $1,422.76 $1,319.33 $732.97 $663.31 $924.24 $1,876.12 $917.37 $1,014.00 $1,351.92 $1,216.22 $874.94 $780.88 $686.61 $1,501.31 $908.86 $913.57 $1,248.52 $1,162.88 $1,023.78 $1,044.56 $963.52 $377.93 O R I P R I C E $2,499,000 $8,250,000 $6,295,000 $5,595,000 $4,589,000 $5,400,000 $6,495,000 $6,395,000 $5,400,000 $17,900,000 $7,099,000 $1,995,000 $3,195,000 $2,450,000 $8,995,000 $6,795,000 $5,950,000 $4,795,000 $3,495,000 $4,999,999 $5,280,000 $6,975,000 $3,499,000 $4,395,000 $7,295,000 $4,995,000 6 D A T E 9/29/2023 9/25/2023 9/18/2023 9/13/2023 9/8/2023 9/8/2023 9/8/2023 9/8/2023 9/5/2023 9/1/2023 8/31/2023 8/30/2023 8/24/2023 8/21/2023 8/18/2023 8/17/2023 8/14/2023 8/8/2023 8/3/2023 8/3/2023 8/1/2023 7/31/2023 7/31/2023 7/18/2023 7/11/2023 7/5/2023

Sold (Q3)

$2,600,000 S O L D 9 / 2 9 / 2 3 S Q F T B E D S B A T H S D O M 1193 2.4ac 1 1 L O T S I Z E 1 5406 El

Santa Fe S Q F T 4709 B E D S 3 B A T H S 4F 1H 1.02ac L O T S I Z E 103 D O M $7,600,000 S O L D 9 / 2 5 / 2 3 5315 La

8334 S Q F T B E D S 5 7F 1H B A T H S L O T S I Z E 4.0ac 138 D O M $5,800,000 S O L D 9 / 1 8 / 2 3

5554 Las Palomas Rancho Santa Fe

Secreto Rancho

Crescenta Rancho Santa Fe

4511 Via Gaviota Rancho Santa Fe $4,915,000 S O L D 9 / 1 3 / 2 3 S Q F T B E D S B A T H S D O M 5241 3.01ac 5F 1H 5 L O T S I Z E 109 6727 Las Colinas Rancho Santa Fe S Q F T 2952 B E D S 4 B A T H S 3F 2H 1.84ac L O T S I Z E 7 D O M $4,200,000 S O L D 9 / 8 / 2 3 16827 Via De La Valle Rancho Santa Fe 3714 S Q F T B E D S 4 2F 1H B A T H S L O T S I Z E 1.34ac 65 D O M $4,900,000 S O L D 9 / 8 / 2 3

17427 Los Morros Rancho Santa Fe $6,500,000 S O L D 9 / 8 / 2 3 S Q F T B E D S B A T H S D O M 8868 2.92ac 7F 1H 7 L O T S I Z E 0 15011 Las Planideras Rancho Santa Fe S Q F T 9347 B E D S 8 B A T H S 7F 2H 6.27ac L O T S I Z E 15 D O M $6,200,000 S O L D 9 / 8 / 2 3 5112 San Elijo Rancho Santa Fe 7467 S 5F 1 H S L O T S I Z E 2.0ac 138 D O M $6,850,000 S O L D 8 / 3 1 / 2 3 Your Guide to Golf Community Real Estate S C H E D U L E C A L L J O I N M Y N E W S L E T T E R Work with a hyper-local expert The Golf Community Experts

4715 La Noria Rancho Santa Fe $5,075,000 S O L D 9 / 5 / 2 3 S Q F T B E D S B A T H S D O M 5491 4.04ac 5F 1H 6 L O T S I Z E 48 15250 Las Planideras Rancho Santa Fe S Q F T 8928 B E D S 7 B A T H S 6F 3H 2.87ac L O T S I Z E 49 D O M $16,750,000 S O L D 9 / 1 / 2 3 5112 San Elijo Rancho Santa Fe 7467 S Q F T B E D S 4 5F 1 H B A T H S L O T S I Z E 2.0ac 138 D O M $6,850,000 S O L D 8 / 3 1 / 2 3

6350 Mimulus Rancho Santa Fe $3,200,000 S O L D 8 / 2 4 / 2 3 S Q F T B E D S B A T H S D O M 2367 1.27ac 2 3 L O T S I Z E 6 17644 Loma Linda Rancho Santa Fe S Q F T 2220 B E D S 4 B A T H S 2 4.56ac L O T S I Z E 20 D O M $2,700,000 S O L D 8 / 2 1 / 2 3 16109 Rambla De Las Flores Rancho Santa Fe 9715 S Q F T B E D S 7 8F 1H B A T H S L O T S I Z E 2.7ac 57 D O M $8,500,000 S O L D 8 / 1 8 / 2 3

17550 Via De Fortuna Rancho Santa Fe $6,650,000 S O L D 8 / 1 7 / 2 3 S Q F T B E D S B A T H S D O M 8516 2.05ac 6F 1H 6 L O T S I Z E 21 5295 Avenida Maravillas Rancho Santa Fe S Q F T 6918 B E D S 5 B A T H S 4F 2H 4.5ac L O T S I Z E 98 D O M $4,750,000 S O L D 8 / 1 4 / 2 3 5807 Lago Lindo Rancho Santa Fe 3044 S Q F T B E D S 3 3F 1H B A T H S L O T S I Z E 1.37ac 14 D O M $4,570,000 S O L D 8 / 8 / 2 3

16705 Via De La Valle Rancho Santa Fe $3,550,000 S O L D 8 / 3 / 2 3 S Q F T B E D S B A T H S D O M 3906 2.31ac 4F 1H 5 L O T S I Z E 31 5316 La Crescenta Rancho Santa Fe S Q F T 5172 B E D S 6 B A T H S 6F 1H 2.11ac L O T S I Z E 89 D O M $4,725,000 S O L D 8 / 3 / 2 3 17125 Calle Corte Rancho Santa Fe 4229 S Q F T B E D S 3 3 B A T H S L O T S I Z E 0.84ac 0 D O M $5,280,000 S O L D 8 / 1 / 2 3

15706 Las Planideras Rancho Santa Fe $6,904,000 S O L D 7 / 3 1 / 2 3 S Q F T B E D S B A T H S D O M 5937 3.08ac 7F 1H 6 L O T S I Z E 18 6159 Paseo Arbolado Rancho Santa Fe S Q F T 3028 B E D S 4 B A T H S 4 0 ac L O T S I Z E 110 D O M $3,100,000 S O L D 7 / 3 1 / 2 3 6427 Las Colinas Rancho Santa Fe 4065 S Q F T B E D S 5 4F 1 H B A T H S L O T S I Z E 2.03ac 115 D O M $4,246,120 S O L D 7 / 1 8 / 2 3

6237 San Elijo Avenue Rancho Santa Fe $7,000,000 S O L D 7 / 1 1 / 2 3 S Q F T B E D S B A T H S D O M 7265 2.2ac 5F 2H 5 L O T S I Z E 85 4632 El Mirar Rancho Santa Fe S Q F T 11219 B E D S 4 B A T H S 4F 2H 4.13ac L O T S I Z E 66 D O M $4,240,000 S O L D 7 / 5 / 2 3 S S L O T S I Z E D O M Your Guide to Golf Community Real Estate S C H E D U L E C A L L J O I N M Y N E W S L E T T E R Work with a hyper-local expert The Golf Community Experts

At a glance

Change in Average Sales Price (Q3 2023 vs Q3 2022)

Average Days on Market (Solds this month)

Units Sold (September)

% $ m

2.92 83 1 3.08

Median Sales Price (Q3 2023)

T H E C R O S B Y | R S F S E P T E M B E R 2 0 2 3

S A L E S P R I C E S B Y Y E A R

A L E S D A T A B Y Y E A R

A L E S P R I C E S B Y Q U A R T E R

A L E S D A T A B Y Q U A R T E R A C T I V E , P E N D I N G & S O L D S U M M A R Y S O L D P R O P E R T Y D E T A I L S 3

Sales price by year

T H E C R O S B Y S E P T E M B E R 2023 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 0 $0 $600,000 $1,200,000 $1,800,000 $2,400,000 $3,000,000 $3,600,000 Median Sales Price Average Sales Price 2023 2022 2021 2020 Y E A R $3,200,000 $2,806,500 $2,310,000 $1,675,000 + 1 4 .02% + 21 . 49 % + 3 7.9 1 % + 8 .97 % + 24 . 4 3% + 24 . 5 4% M E D I A N A V E R A G E C H A N G E C H A N G E $3,268,933 $2,999,787 $2,410,728 $1,935,770

Days on market continue to increase as interest rates stay on the rise

T H E C R O S B Y Total number of closed sales on pace to decline by around 50% Y-O-Y Y T D 49 2 0 2 2 2 0 2 1 2 0 2 0 55 34 15 2 0 2 3 4 7 2 0 2 2 2 0 2 1 2 0 2 0 1 7 2 1 4 9

Sales data by year

Sales prices by quarter

T H E C R O S B Y S E P T E M B E R 2023 Q 3 Q 2 Q 1 Q 4 Q $3,082,500 $3,200,000 $3,200,000 $2,669,000 - 3. 67 % 0% + 1 9.9 0% +7. 7 1 % + 2 .03% + 1 3. 3 5% M E D I A N A V E R A G E C H A N G E C H A N G E $3,472,500 $3,224,000 $3,160,000 $2,787,708 $ 2 - 2 . 5 m 2 5 % Q U A R T E R 3 $ 2 . 5 - 3 m 2 5 % $ 3 . 5 - 4 m 2 5 % $ 5 m + 2 5 %

Homes that are priced competitively are still moving (avg. DOM for solds)

T H E C R O S B Y Quarter 3 yielded 50% fewer closed transactions than Q2 Q 3 6 Q 2 Q 1 Q 4 5 6 4 Q 3 Q 2 Q 1 Q 4

Sales data by quarter

4 6 4 9 5 1 3 8

The sales

Active

Pending

16556 Road To Utopia 7642 Road To Singapore 7947 Silvery Moon Ln 17284 Reﬂections Circle 8158 Lazy River Rd A D D R E S S $8,400,000 $4,500,000 $2,500,000 $3,695,000 $2,295,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 8295 7197 3881 4570 3396 5 5 4 4 3 6 6 5 5 4 1 6 6 15 19 $1,012.66 $625.26 $644.16 $808.53 $675.80 O R I . P R I C E $8,400,000 $4,500,000 $2,500,000 $3,695,000 $2,395,000

17168 Blue Skies Ridge 16608 Rose Of Tralee Ln 7910 Nathaniel Court 8308 Top O The Morning A D D R E S S $3,099,000 $2,850,000 $3,995,000 $3,650,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 4611 2903 4755 5020 5 4 6 5 6 5 5 6 45 0 65 18 $672.09 $981.74 $840.17 $727.09 O R I . P R I C E $3,249,000 $2,850,000 $4,125,000 $3,650,000

T H E C R O S B Y S E P T E M B E R 2023

Sold

7761 Road to Zanzibar 7939 Silvery Moon Ln 8050 Danny Boy 16929 Simple Melody Ln A D D R E S S $5,500,000 $2,515,000 $3,650,000 $2,225,000 S Q F T B E D S B A T H S D O M S O L D P R I C E $ / S Q F T 6138 3380 4787 3034 5 4 4 3 6 5 5 3 83 49 50 2 $896.06 $744.08 $762.48 $733.36 O R I . P R I C E $5,995,000 $2,885,000 $3,850,000 $2,199,000 6 D A T E 9/11/2023 8/2/2023 7/31/2023 7/13/2023

(Q3)

7761 Road to Zanzibar Rancho Santa Fe $5,500,000 S O L D 9 / 1 1 / 2 3 S Q F T B E D S B A T H S D O M 6138 1.0ac 5F 1H 5 L O T S I Z E 83 7939 Silvery Moon Ln Rancho Santa Fe S Q F T 3380 B E D S 4 B A T H S 4F 1H 0.17ac L O T S I Z E 49 D O M $2,515,000 S O L D 8 / 3 / 2 3 8050 Danny Boy Road Rancho Santa Fe 4787 S Q F T B E D S 4 4F 1 H B A T H S L O T S I Z E 0.34ac 50 D O M $3,650,000 S O L D 7 / 3 1 / 2 3

16929 Simple Melody Ln Rancho Santa Fe $2,250,000 S O L D 7 / 1 3 / 2 3 S Q F T B E D S B A T H S D O M 3034 0.13ac 2F 1H 3 L O T S I Z E 2 Your Guide to Golf Community Real Estate S C H E D U L E C A L L J O I N M Y N E W S L E T T E R Work with a hyper-local expert The Golf Community Experts

914.55

Average Price per Sq Ft (Sold 2023)

Average Days on Market (Active & Pending) Active Listings

$ $ m

4.79

Average Sales Price (2023)

At a glance

D E L M A R C C | R S F S E P T E M B E R 2 0 2 3

T A B

E A

C E

Q U A

T E R

A L E S D A T A B Y Q U A R T E R

C T I V E , P E N D I N G & S O L D S U M M A R Y

O L D P R O P E R T Y D E T A I L S 3

S A L E S P R I C E S B Y Y E A R S A L E S D A

Y Y

R S A L E S P R I

S B Y

Sales price by year

D E L M A R C C S E P T E M B E R 2023 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 0 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 Median Sales Price Average Sales Price 2023 2022 2021 2020 Y E A R $4,450,000 $5,125,000 $3,660,000 $3,520,000 - 1 3. 1 7 % + 4 0.03% + 3.9 8% - 31 .07 % + 5 7. 41 % + 33. 67 % M E D I A N A V E R A G E C H A N G E C H A N G E $4,791,333 $6,951,429 $4,416,000 $3,303,571 $7,000,000 $8,000,000

Sales data by year

Active listings are taking longer to sell, but sold homes in 2023 fairly consistent (sold DOM)

D E L M A R C C Total number of closed sales on pace to decline by 40% Y-O-Y Y T D 7 2 0 2 2 2 0 2 1 2 0 2 0 5 7 3 2 0 2 3 4 5 2 0 2 2 2 0 2 1 2 0 2 0 4 4 4 8 5 9

Sales prices by quarter

D E L M A R C C S E P T E M B E R 2023 Q 3 Q 2 Q 1 Q 4 Q N O SA L E S N O SA L E S $4,450,000 $4,830,000 -7. 87 % - 0. 8 0% M E D I A N A V E R A G E C H A N G E C H A N G E N O SA L E S N O SA L E S $4,791,333 $4,830,000 Y E A R - T O - D A T E $ 4 - 5 m 6 7 % $ 5 - 6 m 6 %

Sales data by quarter

The last closed sale in Del Mar CC was on 3/17/23. Currently 1 pending sale.

Currently, there are 4 Active listings that average 62 days on market (previous Q's are solds)

D E L M A R C C

Q 3 1 Q 2 Q 1 Q 4 3 0 0 Q 3 Q 2 Q 1 Q 4

54 (A) 59 55

Active 14140 Dalia Drive 14498 Altamar Court 6343 Clubhouse Dr 6325 Clubhouse Drive A D D R E S S $10,689,000 $5,498,000 $18,400,000 $5,500,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 8000 4873 7973 6117 7 4 5 5 7 5 7 6 4 44 68 110 $1,336.13 $1,128.26 $2,307.79 $899.13 O R I . P R I C E $10,689,000 $5,498,000 $18,400,000 $5,500,000 Pending 14242 Dalia Dr A D D R E S S $4,195,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 5200 4 5 85 $806.73 O R I P R I C E $4,195,000

D E L M A R C C S E P T E M B E R 2023

The sales

14216 Dalia Dr 14308 Dalia Drive 14342 Dalia Drive A D D R E S S $4,450,000 $4,175,000 $5,749,000 S Q F T B E D S B A T H S D O M S O L D P R I C E $ / S Q F T 6311 4257 5435 5 5 5 7 5 5 95 12 71 $705.12 $980.74 $1,057.77 O R I . P R I C E $4,825,000 $4,475,000 $6,349,000 6 D A T E 3/17/2023 3/6/2023 2/10/2023

Sold (YTD)

14342 Dalia Drive

Santa Fe $4,450,000 S O L D 3 / 1 7 / 2 3 S Q F T B E D S B A T H S D O M 6311 0.58ac 7 5 L O T S I Z E 95 14308 Dalia Drive Rancho Santa Fe S Q F T 4257 B E D S 5 B A T H S 4F 1H 0.52ac L O T S I Z E 12 D O M $4,175,000 S O L D 3 / 6 / 2 3 14342 Dalia Drive Rancho Santa Fe 5435 S Q F T B E D S 5 4F 1 H B A T H S L O T S I Z E 1.27ac 71 D O M $5,749,000 S O L D 2 / 1 0 / 2 3

Rancho

Your Guide to Golf Community Real Estate S C H E D U L E C A L L J O I N M Y N E W S L E T T E R Work with a hyper-local expert The Golf Community Experts

At a glance

21.88

Change in Average Sales Price (Q3 2023 vs Q3 2022)

113

Average Days on Market (Solds this month)

% $ m

2 5.68

Units Sold (September)

Median Sales Price (Q3 2023)

F A I R B A N K S R A N C H S E P T E M B E R 2 0 2 3

T A B

E A

C E

Q U A

T E R

A L E S D A T A B Y Q U A R T E R

C T I V E , P E N D I N G & S O L D S U M M A R Y

O L D P R O P E R T Y D E T A I L S 3

S A L E S P R I C E S B Y Y E A R S A L E S D A

Y Y

R S A L E S P R I

S B Y

Sales price by year

F A I R B A N K S R A N C H S E P T E M B E R 2023 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 0 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 Median Sales Price Average Sales Price 2023 2022 2021 2020 Y E A R $4,250,000 $4,732,500 $3,960,000 $2,988,000 - 1 0. 20% + 1 9. 51 % + 3 2 .0 9 % - 5. 7 1 % + 3 0. 83% + 26. 55% M E D I A N A V E R A G E C H A N G E C H A N G E $4,896,000 $5,192,268 $3,968,663 $3,136,031

Sales data by year

Days on market have nearly doubled which is reﬂected in the 84.06% sales price vs. original list price

F A I R B A N K S R A N C H Total number of closed sales on pace to close a similar number of transactions as 2022 Y T D 47 2 0 2 2 2 0 2 1 2 0 2 0 58 28 22 2 0 2 3 7 5 2 0 2 2 2 0 2 1 2 0 2 0 7 8 3 6 6 3

Sales prices by quarter

F A I R B A N K S R A N C H S E P T E M B E R 2023 Q 3 Q 2 Q 1 Q 4 Q $5,679,500 $4,050,000 $3,915,000 $6,076,250 + 4 0. 23% + 3. 4 5% - 3 5. 5 7 % + 4 0. 2 2% - 20. 7 1 % - 1 3.01 % M E D I A N A V E R A G E C H A N G E C H A N G E $5,877,250 $4,191,500 $5,286,000 $6,076,250 $ 8 - 1 0 m 2 5 % $ 6 - 7 m 2 5 % C U R R E N T Q U A R T E R $ 4 - 5 m 5 0 %

Homes that are priced competitively are still moving quicker than the ﬁrst half of the year (DOM for solds)

F A I R B A N K S R A N C H Quarter 3 is on track to see a 50%+ drop in number of closed sales from Q2 Q 3 2 Q 2 Q 1 Q 4 8 10 4 Q 3 Q 2 Q 1 Q 4

Sales data by quarter

6 0 42 9 0 1 25

6262 Via Dos Valles (Lot 231) 16852 Circa Del Norte 17032 Circa Oriente 16761 Avenida Arroyo Pasa 17101 Circa Oriente 16653 Avenida Molino Viejo 17176 Calle Serena 6002 Via Posada Del Norte 6002 Via Posada Del Norte A D D R E S S $9,395,000 $4,299,000 $4,750,000 $4,350,000 $6,995,000 $4,350,000 $11,295,000 $11,795,000 $11,795,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 10463 5119 7784 4508 9012 6247 11372 12745 12745 6 4 5 4 7 5 5 10 10 7 6 7 4 9 7 7 10 10 0 35 51 56 61 88 162 166 166 $897.93 $839.81 $610.23 $964.95 $776.19 $696.33 $993.23 $925.46 $925.46 O R I . P R I C E $9,395,000 $4,299,000 $4,750,000 $4,350,000 $7,499,000 $4,350,000 $11,295,000 $11,795,000 $11,795,000

16942 Via Cuesta Verde A D D R E S S $6,495,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 8790 5 8 274 $738.91 O R I . P R I C E $7,495,000

Active

Pending

F A I R B A N K S R A N C H S E P T E M B E R 2023

The sales

Sold

16779 Avenida Arroyo 16902 Via Cuesta Verde 17185 Via Barranca Del Zorro 16655 Via Lago Azul A D D R E S S $4,909,000 $8,050,000 $6,450,000 $4,100,000 S Q F T B E D S B A T H S D O M S O L D P R I C E $ / S Q F T 5712 14912 7726 4711 5 5 5 5 6 8 6 5 87 139 9 5 $859.42 $539.83 $834.84 $870.30 O R I . P R I C E $6,250,000 $8,995,000 $6,995,000 $3,900,000 6 D A T E 8/30/2023 8/2/2023 7/14/2023 7/6/2023

(Q3)

16779 Avenida Arroyo Pasajero Rancho Santa Fe $4,909,000 S O L D 8 / 3 0 / 2 3 S Q F T B E D S B A T H S D O M 5712 1.11ac 5F 1H 5 L O T S I Z E 87 16902 Via Cuesta Verde Rancho Santa Fe S Q F T 14912 B E D S 5 B A T H S 5F 3H 3.66ac L O T S I Z E 139 D O M $8,050,000 S O L D 8 / 2 / 2 3 6427 Las Colinas Rancho Santa Fe 7726 S Q F T B E D S 5 5F 1 H B A T H S L O T S I Z E 1.0ac 9 D O M 6,450,000 S O L D 7 / 1 4 / 2 3

16655 Via Lago Azul Rancho Santa Fe $4,100,000 S O L D 7 / 6 / 2 3 S Q F T B E D S B A T H S D O M 4711 1.25ac 4F 1H 5 L O T S I Z E 5 Your Guide to Golf Community Real Estate S C H E D U L E C A L L J O I N M Y N E W S L E T T E R Work with a hyper-local expert The Golf Community Experts

At a glance

350.12

Average Price per Sq Ft (2023)

222 0

Average Days on Market (Actives)

Units Sold (September)

$ $ m

3.74

Average Sales Price (2023)

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T H E F A R M S S E P T E M B E R 2023 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 0 $0 $600,000 $1,200,000 $1,800,000 $2,400,000 $3,000,000 $3,600,000 Median Sales Price Average Sales Price 2023 2022 2021 2020 Y E A R $3,740,000 $4,350,000 $4,400,000 $3,925,000 - 1 4 .02% - 1 . 1 4% + 1 2 . 1 0% - 1 6.93% - 0. 21 % + 1 7. 1 8% M E D I A N A V E R A G E C H A N G E C H A N G E $3,740,000 $4,502,000 $4,511,548 $3,850,000 $4,200,000 $4,800,000

Sales data by year

2023 Active Days On Market vs previous years closed DOM. Inventory is very stagnant

T H E F A R M S Total number of closed sales on pace to decline by 40% Y-O-Y Y T D 4 2 0 2 2 2 0 2 1 2 0 2 0 8 5 2 2 0 2 3 71 2 0 2 2 2 0 2 1 2 0 2 0 45 34 222

Sales prices by quarter

T H E F A R M S S E P T E M B E R 2023 Q 3 Q 2 Q 1 Q 4 Q N O SA L E S $3,740,000 N O SA L E S $4,150,000 - 9.01 % - 9.01 % M E D I A N A V E R A G E C H A N G E C H A N G E N O SA L E S $3,740,000 N O SA L E S $4,150,000 Y E A R - T O - D A T E U n d e r $ 4 m 6 7 % $ 4 - 5 m 3 3 % %

T H E B R I D G E S | T H E C OV E N A N T | T H E C R OS BY | D E L M A R C C | FA I R B A N KS R A N C H | T H E FA R MS | M O R GA N RU N | SA N TA LU Z Sales data by quarter T H E F A R M S The last closed sale in The Farms was on 4/19/23. Currently 0 pending sales. Q 3 1 Q 2 Q 1 Q 4 0 2 0 Q 3 Q 2 Q 1 Q 4 Currently, there are 2 Active listings that average 222 days on market (previous Q's are solds) 222 (A) 1 5 _ 71

Pending

Active 7825 Muirﬁeld Way 7706 St. Andrews Rd A D D R E S S $4,995,000 $5,695,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 4117 6069 5 4 6 5 126 318 $1,213.26 $938.38 O R I . P R I C E $5,495,000 $5,695,000

A D D R E S S S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T O R I . P R I C E

T H E F A R M S S E P T E M B E R 2023

The sales

6951 Royal Birkdale Pl 6855 Spyglass A D D R E S S $3,980,000 $3,500,000 S Q F T B E D S B A T H S D O M S O L D P R I C E $ / S Q F T 7563 20117 4 7 6 9 9 20 $526.25 $173.98 O R I . P R I C E $4,295,000 $3,990,000 6 D A T E 4/19/2023 4/18/2023

Sold (YTD)

6951 Royal Birkdale Pl Rancho Santa Fe $3,980,000 S O L D 4 / 1 9 / 2 3 S Q F T B E D S B A T H S D O M 7563 0.60ac 5F 1H 4 L O T S I Z E 9 6855 Spyglass Rancho Santa Fe S Q F T 20117 B E D S 7 B A T H S 8F 1H 2.18ac L O T S I Z E 20 D O M $3,500,000 S O L D 4 / 1 8 / 2 3 S Q L O T S I Z E D O M Your Guide to Golf Community Real Estate S C H E D U L E C A L L J O I N M Y N E W S L E T T E R Work with a hyper-local expert The Golf Community Experts

At a glance

883.92

Average Price per Sq Ft (2023)

26 0

Average Days on Market (Solds this year)

Units Sold (September)

$ $ m

1.87

Average Sales Price (2023)

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M O R G A N R U N ( D E T A C H E D ) S E P T E M B E R 2023 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 0 $0 $400,000 $800,000 $1,200,000 $1,600,000 $2,000,000 $2,400,000 Median Sales Price Average Sales Price 2023 2022 2021 2020 Y E A R $1,720,000 $1,776,000 $1,575,000 $1,325,000 - 3. 1 5% + 1 2 . 76% + 1 8 . 87 % -7. 83% + 2 2 . 1 5% + 24 . 1 6% M E D I A N A V E R A G E C H A N G E C H A N G E $1,874,222 $2,033,464 $1,664,670 $1,340,794

Sales data by year

Days on market (solds) remain lower than RSF averages due to more aordable homes in Morgan Run

M O R G A N R U N ( D E T A C H E D ) Total number of closed sales on pace to increase by around 50% Y-O-Y Y T D 17 2 0 2 2 2 0 2 1 2 0 2 0 19 7 9 2 0 2 3 6 6 2 0 2 2 2 0 2 1 2 0 2 0 1 5 2 2 2 6

Sales prices by quarter

M O R G A N R U N ( D E T A C H E D ) S E P T E M B E R 2023 Q 3 Q 2 Q 1 Q 4 Q $2,700,000 $1,720,000 $1,700,000 $2,135,000 + 5 6.9 8% + 1 . 1 8% - 20. 3 7 % + 49. 78% + 2 . 8 9 % - 1 7.94% M E D I A N A V E R A G E C H A N G E C H A N G E $2,700,000 $1,802,667 $1,752,000 $2,135,000 C U R R E N T Q U A R T E R $ 2 . 5 - 3 m 1 0 0 % ( 1 )

Sales data by quarter

Days on market continue to increase as interest rates stay on the rise

M O R G A N R U N ( D E T A C H E D ) Quarter 3 had just 33% of the closed transactions compared to Q2 Q 3 2 Q 2 Q 1 Q 4 5 3 1 Q 3 Q 2 Q 1 Q 4

5 4 5 2 9 9 8

Active 16050 Avenida Calma 16101 Via Madera Circa E A D D R E S S $2,850,000 $2,399,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 2585 2983 3 4 3 3 13 20 $1,102.51 $804.22 O R I . P R I C E $2,850,000 $2,399,000

3828 Avenida Feliz A D D R E S S $2,395,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 3205 5 5 38 $747.27 O R I P R I C E $2,445,000

M O R G A N R U N ( D E T A C H E D ) S E P T E M B E R 2023

Pending

The sales

15963 Avenida Calma 15933 Avenida Calma 16105 Via Madera Circa E 3932 Avenida Brisa 15954 Avenida Calma 3919 Avenida Brisa 15963 Avenida Calma 3849 Via Reposo A D D R E S S $2,700,000 $1,998,000 $1,720,000 $1,690,000 $1,925,000 $1,675,000 $1,785,000 $1,700,000 S Q F T B E D S B A T H S D O M S O L D P R I C E $ / S Q F T 2802 2567 1850 2091 2093 1753 2645 1753 4 4 3 3 3 3 3 3 3 4 2 2 2 2 3 2 54 0 9 1 19 2 65 54 $963.60 $778.34 $929.73 $808.23 $919.73 $955.50 $674.86 $969.77 O R I . P R I C E $2,995,000 $1,998,000 $1,759,000 $1,700,000 $1,975,000 $1,650,000 $1,785,000 $1,800,000 6 D A T E 8/14/2023 6/1/2023 5/26/2023 4/3/2023 3/27/2023 2/8/2023 2/1/2023 1/18/2023

Sold (YTD)

15963 Avenida Calma Rancho Santa Fe $2,700,000 S O L D 8 / 1 4 / 2 3 S Q F T B E D S B A T H S D O M 2802 0.14ac 2F 1H 4 L O T S I Z E 54 15933 Avenida Calma Rancho Santa Fe S Q F T 2567 B E D S 4 B A T H S 3F 1H 0.15ac L O T S I Z E 0 D O M $1,998,000 S O L D 6 / 1 / 2 3 16105 Via Madera Circa E Rancho Santa Fe 1850 S Q F T B E D S 3 2 B A T H S L O T S I Z E 0.16ac 9 D O M $1,720,000 S O L D 5 / 2 6 / 2 3

3932 Avenida Brisa Rancho Santa Fe $1,690,000 S O L D 4 / 3 / 2 3 S Q F T B E D S B A T H S D O M 2091 0.15ac 2 3 L O T S I Z E 1 15954 Avenida Calma Rancho Santa Fe S Q F T 2093 B E D S 3 B A T H S 2 0.14ac L O T S I Z E 19 D O M $1,925,000 S O L D 2 / 6 / 2 3 3919 Avenida Brisa Rancho Santa Fe 1753 S Q F T B E D S 3 2 B A T H S L O T S I Z E 0.16ac 2 D O M $1,675,000 S O L D 2 / 8 / 2 3

15963 Avenida Calma Rancho Santa Fe $1,785,000 S O L D 2 / 1 / 2 3 S Q F T B E D S B A T H S D O M 2645 0.13ac 2F 1H 3 L O T S I Z E 65 3849 Via Reposo Rancho Santa Fe S Q F T 1753 B E D S 3 B A T H S 2 0.14ac L O T S I Z E 54 D O M $1,700,000 S O L D 1 / 1 8 / 2 3 S Q L O T S I Z E D O M S O L D 8 / 7 / 2 3 Your Guide to Golf Community Real Estate S C H E D U L E C A L L J O I N M Y N E W S L E T T E R Work with a hyper-local expert The Golf Community Experts

At a glance

29.17

Change in Average Sales Price (Q3 2023 vs Q3 2022)

Average Days on Market (Solds this month)

Units Sold (August)

% $ m

3.1

Median Sales Price (Q3 2023)

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S A N T A L U Z ( D E T A C H E D ) S E P T E M B E R 2023 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 0 $0 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 Median Sales Price Average Sales Price 2023 2022 2021 2020 Y E A R $2,825,000 $2,737,500 $2,200,000 $1,854,000 + 3. 20% + 24 . 4 3% + 1 8 . 6 6% + 2 . 72% + 2 8 .0 8% + 2 2 . 1 8% M E D I A N A V E R A G E C H A N G E C H A N G E $3,582,022 $3,487,232 $2,722,744 $2,228,426 $1,000,000 $500,000

Sales data by year

Days on market have increased 50% which is reﬂected in the nearly 5% drop in sales price vs. original list price

S A N T A L U Z ( D E T A C H E D ) Total number of closed sales on pace to close 10-20% more transactions than 2022 Y T D 99 2 0 2 2 2 0 2 1 2 0 2 0 65 42 37 2 0 2 3 5 4 2 0 2 2 2 0 2 1 2 0 2 0 2 6 3 2 4 7

Sales prices by quarter

S A N T A L U Z ( D E T A C H E D ) S E P T E M B E R 2023 Q 3 Q 2 Q 1 Q 4 Q $3,100,000 $2,700,000 $2,827,500 $3,320,000 + 1 4 . 81 % - 4 . 51 % - 1 4 . 83% - 1 0. 5 6% + 31 . 20% - 1 8 .94% M E D I A N A V E R A G E C H A N G E C H A N G E $3,548,429 $3,967,211 $3,023,833 $3,730,571 $ 5 - 6 m 2 9 % ( 2 ) $ 4 - 5 m 1 4 % ( 1 ) Q U A R T E R 3 U n d e r $ 4 m 5 7 % ( 4 )

Days on market continue to increase as interest rates stay on the rise (DOM's for solds)

S A N T A L U Z ( D E T A C H E D ) Number of closed transactions in Q3 was down more than 50% from Q2 Q 3 7 Q 2 Q 1 Q 4 12 18 7 Q 3 Q 2 Q 1 Q 4

Sales data by quarter

5 8 33 62 6 0

Active

Pending

8423 Run Of The Knolls 8168 Santaluz Village Green 7573 Via Landini 8349 Santaluz Village Green 7817 Santaluz Inlet 14248 Caminito Lazanja 14485 Caminito Lazanja 7808 Santaluz Inlet 7563 Montien Road A D D R E S S $3,495,000 $2,359,000 $2,249,000 $2,649,000 $4,995,000 $2,688,000 $2,099,000 $6,395,000 $8,499,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 2545 2248 2867 2527 5683 4735 3323 7282 7190 3 3 4 3 5 5 3 4 5 4 3 4 3 6 6 3 7 7 4 6 39 46 86 111 117 135 147 $1,373.28 $1,049.38 $784.44 $1,048.28 $878.94 $567.69 $631.66 $878.19 $1,182.06 O R I . P R I C E $3,495,000 $2,359,000 $2,300,000 $2,745,000 $5,249,000 $2,875,000 $2,395,000 $6,600,000 $8,499,000

7856 Sendero Angelica 8179 Doug Hill 7818 Doug Hill A D D R E S S $6,575,000 $5,850,000 $7,500,000 S Q F T B E D S B A T H S D O M L I S T P R I C E $ / S Q F T 6558 6424 6305 5 5 5 6 6 6 143 36 102 $1,002.59 $910.65 $1,189.53 O R I . P R I C E $6,900,000 $5,950,000 $7,500,000

sales S A N T A L U Z ( D E T A C H E D ) S E P T E M B E R 2023

The

7979 Entrada Lazanja 7567 Northern Lights 8065 Doug Hill 14534 Las Haciendas 14644 Via Bergamo 7848 Doug Hill 8083 Run of the Knolls A D D R E S S $2,570,000 $5,045,000 $4,300,000 $2,775,000 $1,799,000 $5,250,000 $3,100,000 S Q F T B E D S B A T H S D O M S O L D P R I C E $ / S Q F T 3878 6217 4655 3582 2867 4677 3221 4 4 4 4 4 4 3 4 5 5 4 4 5 4 7 77 74 88 29 114 17 $662.71 $811.48 $923.74 $774.71 $627.49 $1,122.51 $962.43 O R I . P R I C E $2,595,000 $5,699,000 $4,595,000 $2,899,000 $1,899,000 $5,749,000 $3,149,000 6 D A T E 9/11/2023 8/30/2023 8/24/2023 8/16/2023 8/3/2023 7/31/2023 7/24/2023

Sold (Q3)

7979 Entrada Lazanja San Diego $2,570,000 S O L D 9 / 1 1 / 2 3 S Q F T B E D S B A T H S D O M 3878 0.21ac 3F 1H 5 L O T S I Z E 7 Your Guide to Golf Community Real Estate S C H E D U L E C A L L J O I N M Y N E W S L E T T E R Work with a hyper-local expert The Golf Community Experts

7567 Northern Lights San Diego $5,045,000 S O L D 8 / 3 0 / 2 3 S Q F T B E D S B A T H S D O M 6217 1.56ac 4F 1H 4 L O T S I Z E 77 8065 Doug Hill San Diego S Q F T 4655 B E D S 4 B A T H S 4F 1H 1.62ac L O T S I Z E 74 D O M $4,300,000 S O L D 8 / 2 4 / 2 3 14534 Las Haciendas San Diego 3582 S Q F T B E D S 4 3F 1H B A T H S L O T S I Z E 0.40ac 88 D O M $2,775,000 S O L D 8 / 1 6 / 2 3

14644 Via Bergamo San Diego $1,799,000 S O L D 8 / 3 / 2 3 S Q F T B E D S B A T H S D O M 2867 0.11ac 3F 1H 4 L O T S I Z E 29 7848 Doug Hill San Diego S Q F T 4677 B E D S 4 B A T H S 4F 1H 0.55ac L O T S I Z E 114 D O M $5,250,000 S O L D 7 / 3 1 / 2 3 8083 Run of the Knolls San Diego 3221 S Q F T B E D S 3 3F 1H B A T H S L O T S I Z E 0.63ac 17 D O M $3,100,000 S O L D 7 / 2 5 / 2 3

A B C D

Renovate Program D.R.I.V.E.

Schedule a meeting with the sellers to visit the property and assess its current condition

Conduct a thorough evaluation of the property to determine its market value in its current state.

Document any repairs or upgrades that may be necessary to improve the property' s value (e.g., cosmetic ﬁxes, structural repairs, upgrades).

Calculate the After Repaired Value (ARV) of the property, taking into account the potential improvements

D E T E R M I N E | R E N O V A T I O N S | I N C R E A S E | V A L U E | E F F I C I E N T L Y

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Property Assessment

Gathering Bids & Negotiations

A B C D

Identify the speciﬁc repairs and upgrades required based on the assessment.

Reach out to handymen, tradesmen, and contractors to obtain bids for the potential projects

Evaluate the bids received and select the most suitable vendors based on their expertise, cost, and timeline.

Negotiate with the selected vendors to ensure the best deal for the sellers, considering costs and timelines.

Consultation

Schedule a meeting with the sellers to discuss the costs, timelines, and value of the repairs.

Present the quotes obtained from the vendors and explain the scope of work for each repair or upgrade.

Discuss the ﬁnancial implications of each option and provide recommendations based on the property' s market value and the sellers' preferences.

Collaborate with the sellers to make a ﬁnal decision on which repairs or upgrades to pursue

A B C D

Seller

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Contracting & Vendor Management

Prepare and ﬁnalize contracts with the selected vendors for the approved repairs and upgrades.

Coordinate and manage all vendors involved in the project, ensuring they understand the scope, deadlines, and quality expectations

Regularly communicate with vendors to track progress, address any issues that arise, and ensure adherence to agreed timelines and costs.

Utilize a comprehensive tracking system to monitor the project ' s status and provide consistent updates to the sellers.

Evaluate the need for staging based on the property' s condition and market demands.

Oer partial or full staging services to enhance the visual appeal of the property.

Coordinate with professional stagers to design and implement an aesthetically pleasing interior that highlights the property' s potential

Ensure that the staging aligns with the target market and showcases the property' s best features.

A B C D

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C D Staging

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Your Home

Before Before Before After After After

Results Based Commissions

We get paid based on the results we provide

Introducing The Future Of Real Estate Commissions

Traditionally, Real Estate Agents and sellers have engaged in negotiations over a fixed commission percentage based solely on the final sales price. However, at Irons & Estates, we have recognized a flaw in this approach We firmly believe that agents should be compensated in proportion to the quality of their work, rather than receiving a fixed amount regardless of their performance. That ' s why we have revolutionized the fee process by introducing the industry' s first Results Based Commissions program With us, your fee is no longer a predetermined figure but a direct reflection of the results we bring you.

Under the traditional model, agents lack the necessary incentive to go above and beyond for their sellers. Since their commission remains constant regardless of their eorts, they often invest the bare minimum in property preparation, digital media, and marketing This compromises the potential success of the sale and ultimately undermines the seller ' s experience.

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Implementing Our Program

By implementing our Results Based Commission program, we ensure that we earn our fee every step of the way. We understand that achieving exceptional outcomes for our clients requires unwavering dedication and a commitment to excellence. This begins with a thorough assessment of your home through our D.R .I.V.E. program, which enables us to gain comprehensive insights into its unique selling points. If staging is deemed necessary, we employ only the best professionals to transform your property into a captivating and desirable space. Moreover, we collaborate with top-tier media companies to capture stunning photography, videos, and 3D floorplans, allowing potential buyers to experience your home in its full glory. We never settle for mediocrity; instead, we create tailored "launch" plans that ensure your listings make a significant impact on the market. Every home receives a comprehensive and customized marketing strategy, as we firmly believe in meticulous planning rather than leaving anything to chance.

We Share A Common Goal

In addition to our tireless eorts in presenting and marketing your home, we share a common goal: to negotiate the highest price and secure the best possible terms for you. We understand that what truly matters to you is your net profit. With our Results Based Commissions program, we are committed to maximizing your financial gains Our interests are aligned with yours and we will leave no stone unturned in the negotiation process Our dedicated team of professionals will work tirelessly to ensure that every opportunity to increase your net proceeds is seized upon. We firmly believe that you deserve to have more money in your pocket, and we are determined to make it happen, without compromise.

At Irons & Estates, we are proud to redeﬁne the standards of excellence in the real estate industry. With our Results Based Commissions program, we have transformed the fee process, making it directly proportional to the exceptional results we deliver.

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