Friday, May 30th, 2008 at 6:07 PM
Carlsbad Same-House Sales, May
So far this month there has been 54 houses close escrow in Carlsbad, and almost a third of them, 17, had previously sold since 2004. To keep the focus purely on values, here is a comparison of the two sales prices, with a few comments:
Carlsbad Same-House Sales, May 2008
| Street | Previous SP | May 08 SP | diff | Comments |
| Ann Dr | $656,000 | $469,000 | -29% | REO – was a spec buyer? |
| El Cap | $670,000 | $475,000 | -29% | REO – light fixer |
| Pas Carr | $538,000 | $525,000 | -2% | low-end newer home (2001) |
| La Pluma | $660,000 | $530,000 | -20% | Nice buy in S. Carlsbad MT=4 |
| Butters | $565,000 | $565,000 | -0- | Flipper spent min $100K in imp. |
| Rock Rdg | $685,000 | $599,000 | -13% | Bought new, had to move |
| Pl. Vale | $780,000 | $650,000 | -17% | Ocean and cyn views |
| Meadow | $682,000 | $683,000 | -0- | Was brand new, upgraded since |
| Unicornio | $1,340,000 | $771,500 | -42% | Bought 100% fin and tore apart |
| Dickinson | $650,000 | $805,000 | +24% | Was new in 4/04, 2003 price? |
| Marsh Wren | $890,000 | $965,000 | +8% | Was new in Bay Collection |
| Cir Sequ | $1,030,000 | $975,000 | -5% | Short sale, lucky to get it |
| Lapis | $1,342,000 | $1,150,000 | -14% | Was new – lucky? |
| Di Vita | $1,308,000 | $1,275,000 | -3% | Had $200K in imp., in Bressi |
| Amber | $1,300,000 | $1,345,000 | +3% | Lucky seller |
| Keeneland | $1,945,000 | $1,355,000 | -30% | WaMu took a bath in Bressi |
| Amber | $1,646,000 | $1,895,000 | +15% | Cash buyer from TX |
On average with these you are looking at a 8%-10% drop in pricing from the peak, but when you add in the improvements and closing costs, I think the average loss would be 20% or higher.
Posted on Friday, May 30th, 2008 at 6:07 PM in Same-House Sales | 9 Comments » | 
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Also realize that these dollar amounts are nominal; add inflation into the mix and you’re looking at 20-30% losses.
Which ones were west of the 5? I think I already know, but I’m too lazy to look them all up.
Genius | May 30th, 2008 at 11:05 pmFunny. 6 month old coffee isn’t as sweet.
Rob Dawg | May 30th, 2008 at 11:21 pmJim,
Great post cutting to the chase. As displayed in your post – in the 1 mil + range it can go either way. However, I’m quite sure that none of those were 100% financed! The people in that financial caste come in with big money down and don’t care if it drops another 200K. The other shoe – Alt A (which alot of the fake millionaires used) is about to drop. The question remains how many more REAL (25% or better down) millionaires are there to pick up the pieces?
socalappraiser | May 31st, 2008 at 2:49 am"WaMu took a bath in Bressi"
Good thing, too, since they’ve been getting mighty stinky….
Smithers | May 31st, 2008 at 4:15 am"The question remains how many more REAL (25% or better down) millionaires are there to pick up the pieces?"
I don’t imagine there are very many who would be interested in doing it. People with enough spare change to own million-plus homes and not care if they drop $200k probably already own them in old-money high-end locations like Del Mar, La Jolla, on the beaches and within window-breaking range of the La Costa CC courses. Most everywhere else in NC is nouveau/pseudo/wannabe riche country, and the real millionaires are probably setting up beach chairs and tailgate partying as they watch the pretenders crashing and burning.
GeneK | May 31st, 2008 at 4:20 amI’m not sure I understand your comments about Unicorno. The sellers tore it apart? So the buyers have to rebuild it? Is that why it went for almost half price?
The highest price home on Amber I saw. The upgrades to the yard and the 180 views were simply breath-taking; my husband and I spent an hour in the over-sized backyard ga-ga’ing at it until we finally composed ourselves about the price and quality in the rest of the house (several rather small rooms; not super high-end finishes, as one would expect for almost $2M in C’bad, East of I-5 AND El Camino). I’m not surprised to see that someone from out of state bought it. But feel sure they will enjoy it. With its super-sized lot and views, was one-of-a-kind.
shoppingaround | May 31st, 2008 at 1:15 pmMost everywhere else in NC is nouveau/pseudo/wannabe riche country, and the real millionaires are also out in East Vista believe it or not! Hanging pool side with privacy and views, acreage and estate homes that were a relative bargain at any point in the last 30 years. Anyone drive out East on Buena Creek lately or "old" Twin Oaks Valley. Old Twin Oaks Valley is an equestrian paradise. Hidden from the snobs just like they want it to be I think.
doughboy | May 31st, 2008 at 3:24 pmI’m not sure I understand your comments about Unicorno. The sellers tore it apart? So the buyers have to rebuild it? Is that why it went for almost half price?
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CA renter | May 31st, 2008 at 5:37 pmI believe the house on Unicornio was originally bought by flippers who mangled the landscape, and tore everything out of the house in anticipation of rennovating it. From what I know, the new sale required all cash because you can’t normally get a mortgage if the house in uninhabitable (no kitchen, bathrooms, etc.).
CA renter,
Thanks–the half off seemed pretty shocking. But for half a house…
Doughboy–I think you could be right; I been looking to see if there are any places for sale out that way and nothing seems to come on the market there.
shoppingaround | June 3rd, 2008 at 2:51 am