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Category Archive: ‘Del Mar’

Del Mar Castle

The Del Mar Castle which sits on the top of a hill overlooking the ocean and the community of Del Mar was built in 1925 by Ruth and Marston Harding who relocated from Massachusetts. The Castle contains approximately 10,000 sq. ft. including a detached guest house. It was designed by famous local architect Richard Requa who went to Europe to study the best design and returned with authentic stained glass, doors and hardware from castles in the south of Spain.

http://www.shaperyenterprises.com/Projects/HistoricRenovations/Castle/index.shtml

Tony Robbins bought the Castle in 1987, and sold it for $2,100,000 in 1997.

https://goo.gl/maps/mZUwQDNMBAJ2

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Posted by on Mar 30, 2017 in Del Mar, Historic Homes, Interesting Houses, Jim's Take on the Market, Local Flavor | 2 comments

Dog Beach Resort

Congrats to Brian who has had the middle parcel listed for sale since 2007!

Hat tip Richard:

One of San Diego’s most popular beaches could soon be getting a luxury resort.

Two Encinitas based companies specializing in hospitality development – The Robert Green Company and Zephyr – acquired a 16 acres oceanfront parcel in Del Mar, just north of Dog Beach.

They plan to build a luxury resort, and want input from the public.

“What we’re really doing is announcing a process where we go out and hold a series of community meetings to really define what the plan is,” said Brad Termini, CEO of Zephyr.

Termini said he and Robert Green, of The Robert Green Company, have been working to acquire the site for over a year.

“There actually are eight parcels here, owned by three different local families that have owned this land for a very long time,” Termini said.

The land sits north of Del Mar’s popular Dog Beach, south of Solana Beach, and west of the Del Mar Fairgrounds.

“It’s essentially a large triangular-shaped property and because of its shape it creates spectacular views in multiple directions,” said Robert Green, President and CEO of the Robert Green Company.

According to Zephyr and The Robert Green Company, plans are not finalized, but include a luxury resort, branded resort villas, restaurants and meeting space.

Both Green and Termini are local San Diegans. Termini lives a quarter-mile from the site and Green was born and raised in San Diego.

Termini said he’s been walking by the site for years with his dog, just looking at this site and thinking about what he could build there.

He and Green plan to hold a series of public meetings to get input from the public before starting to build.

Posted by on Mar 13, 2017 in Del Mar, Jim's Take on the Market, Local Flavor, Local Government, Solana Beach | 6 comments

Del Mar Beauty

Remember when Carson Palmer bought the hilltop lot in Del Mar at auction for $4,000,000, plus the 10% buyer’s premium?  This is what he built:

Word on the street was there were offers that were close, but no sale – it was listed on the range $19,995,000 to $24,995,000.

The home is currently off-market.

Posted by on Dec 13, 2016 in Del Mar, Jim's Take on the Market | 4 comments

Zillow 2017 Forecasts

2017-la-jolla

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It’s that time of the year – the 2017 forecasts are starting to roll out!

Zillow has been conservative about our local markets.  For the most part, the actual appreciation of the Zillow Home Value Index has been higher than their forecasts over the last two years.

Their local forecasts for 2017 are all lower than their 2016 guesses, and what they are predicting could also be described as ‘Flatsville’.  If their local forecasts of +0.9% to +2.2% come true, it would mean that several sellers would end up selling for less than they could have gotten in 2016.

Are we ready for that yet?

Local ZHVI-Appreciation Forecasts

Town
2015 Forecast/Actual
2016 Forecast/Actual
2017 Forecast
Carlsbad
+2.7%/+4.8%
+1.9%/+3.8%
+1.3%
Carmel Valley
+0.3%/+5.4%
+1.4%/+1.9%
+0.9%
Del Mar
+5.5%/+1.1%
+1.4%/+2.6%
+1.1%
Encinitas
+0.6%/+8.3%
+2.4%/+6.3%
+2.2%
La Jolla
+2.7%/+6.6%
+2.3%/+6.1%
+2.1%
RSF
+0.4%/+11.1%
+3.7%/-0.5%
+1.9%
San Diego
+1.7%/+6.4%
+2.1%/+4.0%
+1.7%
Solana Beach
+2.7%/+6.4%
+2.2%/+2.6%
+1.4%

The Zillow data changes slightly, depending on where you look on their website, and whether you use town names or zip codes. Here is the LINK to find others.

encinitas-2017

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Posted by on Oct 17, 2016 in Carlsbad, Carmel Valley, Del Mar, Encinitas, Forecasts, Jim's Take on the Market, La Jolla, Rancho Santa Fe, Solana Beach, Zillow | 0 comments

Del Mar Open House 2

2016-02-20 17.40.32

It helps to demonstrate the comps, so I drove by the street that had the most recent sale – $1,470,000 last month for 1,668sf ($881/sf while we’re asking $815/sf).  Th next-door neighbor confirmed that the new owners are spending another $500,000 for renovations.

I had the dog experience of the ages today. I’ve owned six dogs in my life, and as most of you know, the last one just died. I don’t have anything against dogs.

But the open house is a place of business.  Every time I go to an open house, I identify myself as an agent, hand off my business card, and get out of the way – out of respect of knowing the agent on duty has a job to do with interviewing buyers, in hopes of selling the house.

It should occur to a buyer’s agent that bringing two dogs into an open house may be disruptive and distracting, and instead have some respect for the situation.  A simple agent introduction would go a long way!

Posted by on Feb 21, 2016 in Bubbleinfo TV, Del Mar, Jim's Take on the Market, Listing Agent Practices | 8 comments

Zestimate Accuracy

2016-02-20 08.40.22

Our regular commenter elbarcosr backed me up on how wacky the zestimates have been lately. They seem to be getting worse, which is hard to believe.

Being a Zillow homer now, I thought I better look into it.

Let’s serve up a nice big softball.  Certainly the zestimates have to be accurate on recently-sold homes, don’t they? We saw how Redfin’s evaluator can cozy up close to a recent list or sales price, and you can’t blame them.  After a few years, the database would look pretty consistent.

Does Zillow do the same?  Wouldn’t it make sense to have your algorithm compute a recent sales price into the property’s zestimate?  Because if you did, it would also help value the nearby homes that haven’t sold recently – because that’s how everyone would value them.

Evaluations in unique, non-tract areas is tougher.  But if we are just looking at recently-sold properties, and their zestimates – the uniqueness shouldn’t matter as much!

I looked at 28 homes sold in La Jolla, Del Mar, and Rancho Santa Fe that closed between $2,000,000 and $3,000,000 in 4Q15, and compared their sales price (the definition of value) to their zestimates.

The average margin of error was 16%, and after removing the four that were wrong by more than $1,000,000, the average error was still 12%.

These are houses recently sold, and their sales price defines the actual value!

Even though the $2,000,000 to $3,000,000 range is the lower end for those areas and there are plenty of comps to help pin-point a zestimate, let’s consider an easier target.

Carmel Valley should be the hotbed of zestimate accuracy, especially when we look at the low-end where every data point is a pure tract house.

There were 57 CV sales in the fourth quarter between $1,000,000 and $2,000,000 that were considered.

The average margin of error was 3.6%, which is probably acceptable.  But if it was any higher, there would be concerns – these are tract houses that just sold in 4Q15, and have a long history of steady comps around them!

My takeaway?

The only zestimates that might be close are in pure tract neighborhoods.

Disregard all others.

Posted by on Feb 20, 2016 in Carmel Valley, Del Mar, Jim's Take on the Market, La Jolla, Rancho Santa Fe, Zillow | 8 comments