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6515 Caminito Stella

4 br/4.5 ba, 4,879 sf

$2,035,000  7/05

$1,499,000  LP 

$1,625,000  SP 

1.12 ac. lot

This is the house that listed on New Year’s Day and within three days had 14 offers submitted – it ended up closing for $126,000 over list price.

The last sale in the neighborhood was $1,950,000 in December for 3,788 sf, and others around the Del Mar Mesa area in Carmel Valley’s 92130 are well over $ 2 million.

It had been offered in the low $2-millions before the first lender foreclosed on their $1,424,450 loan, so they actually made money on it – though the second lender got burned for $300,000+.

The listing agent did well for his client – there was no advance notice, it just showed up on the MLS – which caused buyers and agents to scramble, and because everyone was used to seeing it around $2 million, it looked like a deal at $1,499,000.  His assistants were chipper and professional on the phone, and they let everyone have a fair shot by counter-offering in writing to the bidders, requesting them to submit their highest and best offer.

The way the listing agent for Stella handled his process was in contrast to the other REO around the corner on Mesa Norte.  The listing agent had his for-sale sign sit in front of the house for 4-6 weeks before inputting it onto the MLS.  By the time they "got a price from the asset manager", the urgency was dulled because buyers were tired of waiting. 

Mesa Norte had also been marketed around $2 million by the previous owner, before getting foreclosed, and it listed for $1,899,000, which sounded a lot like the previous list price  - but it still had six offers come in on it. 

When the two houses sold new in 2005 there was a $240,000 difference between them.  Don’t be surprised if that gap has narrowed by about $90,000 when Mesa Norte closes, and you can attribute much of the difference to the two different strategies employed by the sellers and listing brokers.

Posted on Friday, February 29th, 2008 at 1:40 PM in Thinking of Buying?, Thinking of Selling? | 4 Comments » |  Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.