Let’s review on some of the more-interesting closings this month:
5167 Los Robles, Carlsbad
2 br/2 ba, 1,468sf
LP: $875,000 10/19/08
SP: $696,000 4/1/09
YB: 1952
DOM: 95
This is the impeccably-maintained but all-original beach bungalow in Terramar. The listing agent from Escondido had a small stake in the outcome, but most of the estate’s proceeds went to the zoo. The agent must not have been too concerned about the monkeys, because not only did he dump on price, he also paid one point plus $10,000 of the buyer’s closing costs. A similar house across the street just listed for $899,000, and has two offers in.
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27226 Sage Brush Trail, Valley Center
5 br/4.5 ba 4,469sf 2.02acres
SP: $927,500 11/7/05
LP: $579,900 12/22/08 REO
SP: $485,000 4/13/09 (48% off-peak)
YB: 2005
First Place award for worst curb appeal of any house I’ve ever sold.
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3221 Celinda, Carlsbad
4 br/3 ba, 2,313sf
SP: $760,000 3/26/07 100% fin
LP: $511,900 10/24/08 REO
SP: $515,000 4/1/09
YB: 1987
This had several offers and fell out of escrow 2-3 times over the last six months, but finally closed at 32% below last sales price. Here’s a video tour: http://www.youtube.com/watch?v=pfC1k3zIag8
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3234 Avenida Del Alba, Carlsbad
4 br/3 ba, 3,265sf
SP: $710,000 10/21/03
LP: $799,000-$849,000 2/24/09
SP: $785,000 4/8/09
YB: 2003
The last sale of this model closed at $949,000 on March 12th, and boom, three weeks later this one sells for $164,000 less. An example of how an original owner can undercut the masses and get out, and leave everyone else wondering what happened. Future buyers gravitate to a comp-killer like this, yet sellers want to ignore them.
The neighborhood is Arroyo Vista, which is in the prime Encinitas School District too, not some foo-foo Aviara-close tract or a house in the San Marcos School District.
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3225 Country Rose, Olivenhain
5 br/4 ba 3,538sf 2.0 acres
SP: $1,530,000 5/28/03
LP: $1,595,000 3/20/09
SP: $1,660,000 4/2/09
DOM = 6
The seller had invested $300,000 into the tricked-out pool and landscaping, but didn’t expect to recoup much of it, listing for a reasonable $1.595 million. They had 10-12 offers. Note that these were Shea tract homes when built in 1989.
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5856 Lago Lindo, Rancho Santa Fe
3 br/5 ba, 4,764sf 1.83 acres
LP: $1,495,000 7/1/08
SP: $1,150,000 4/3/09
YB: 1968
DOM = 217
This is good news for those who remember when you could get a prime Covenant location for around a million dollars – it appears that those days are coming back!
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10560 Abalone Landing, Carmel Valley
4 br/3 ba 2,926sf
LP: $899,000 2/25/09
SP: $900,000 4/10/09
YB: 2003
DOM = 3
Last year a 3,000sf house that listed under $1 million would sell quickly – now the bar is down around $900,000. Glacier-like price movement in 92130, but not a ton selling either, with 131 of 219 active listings being over $1,000,000, and only three closed over a million dollars in April so far.
I put an offer on that Celinda property. I realized now my offer was way too low.
3225 Country Rose, Olivenhain
5 br/4 ba 3,538sf 2.0 acres
SP: $1,530,000 5/28/03
LP: $1,595,000 3/20/09
SP: $1,660,000 4/2/09
DOM = 6
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WTF?
I looked at Country Rose on an open house. WOW!!! Sweet house, awesome pool, huge yard, they even had chickens. And a view too. Orgasmically nice!!
Wow, that Valley Center house sold for $108.53 a square foot. That’s below Riverside prices for a house that size. That 48% haircut is very Riverside-like, too.
Celinda seems like pretty good value to me. Things are getting back to “Sheesh, California costs alot,” which is way down from “WTF? Who is buying any of these houses?” Of course, I guess the interesting question was “WTF? Who is financing any of these houses?”
Thanks for the survey.
I thought prices only went up?
The Avenida Del Alba priced really well comparing to others within the same community. The lowest price per sqft in Arroyo Vista I seen in years.
I lived across the street from the Los Robles house, roughly 8yrs ago. The houses at that time were going for 400,000 in Terramar, which was seemingly outrageous at that time. Ahhhh… what idiots we were.
You can year the ocean from the street standing in front of that house…