A listing agent in Carmel Valley said the other day, in response to an offer that was 5% under the bottom of his price range on a listing that was 53 days on market:
“CV is buzzing. The summer is warm and real estate is on. The gold rush is here again man, I suggest you put your pan in the water and get some!”
He has two sales closed this year, so take it all with a grain of salt. But the sentiment was accurate – the CV market is very competitive, and statistically holding up well. Last year the average sales price for detached homes in 92130 was $982,702, and so far in 2010 it is $983,485:
| Month | # of Sales | Avg. $/sf |
| Sep | ||
| Oct | ||
| Nov | ||
| Dec | ||
| Jan | ||
| Feb | ||
| Mar | ||
| Apr | ||
| Total |
Here’s a review of recent closed sales:
@ 4:59 in video: FIVE TOYOTAS in a row! Judging from your videos, Jim, only people who own Toyotas or full sized SUVs own in CV.
Two sales in that range over four months sounds like good money to me. 3% of $1 mil every two months is $180k a year. Not bad.
In his case they were both under $200,000.
These numbers are closed sales, correct? I’m curious to see if there is any tax credit, but it probably won’t show up until May or June closed numbers. I guess in CV it probably doesn’t matter too much.
What’s interesting about the numbers is that in the months that sales numbers went down the price went up while in the months with lots of sales the price went down. Looks like a market that is in equilibrium and probably fairly healthy.
Advised my boss on selling his house in CV this month (2M range). Told him, list it, if no bites-drop it 50K and have agent tell potential buyers this house will be sold and will keep droppin price until it does. Tried to get him to create a sense of urgency from any potential buyers that the Seller was serious and would keep reducing until someone liked the price.
As a buyer in this situation you think- well if I like the house I better step up or someone else will.
The buyers in CV know what a house is worth and they know about inventory. Within 3-5 days you should know immediately what the buyers are going to be willing to pay.
I advised my boss the only way to get a premium would be to create a sense of urgency on any potential buyers that liked the house and hope there was 2-3 buyers interested (bidding war)
Sold in about 13 days.
Hey Jim, you see that lot that went on market in Sluz (couple below Phil Rivers house I believe) in teh 300K range? I recall a vid you talked about a different lot going for 300ish that was previously a million?
Having lived there for 12+ years, I can attest that many LA residents are masters at throwing money away.
Toyotas from El Monte? That’s easy demographics to figure out.
“Toyotas from El Monte? That’s easy demographics to figure out.”
Yep, bought both our Lexus’s from Longo. They simply give the best deals.
Don’t read too much into the Longo plates. They’re a volume dealer and usually offer better prices than SD dealers, making it worth the drive for a day.
Lexus plural = Lexi? Lexuseses?
I remember walking into KM Lexus in 2007 and being told that I would need to pay sticker or I would be wasting their time…so much for Lexus service
“Toyotas from El Monte? That’s easy demographics to figure out.”
Quite the broad brush.
“In his case they were both under $200,000.”
In that case, ouch, especially factoring in expenses.
Longo Toyota-Scion-Lexus is the largest car dealership on the planet, in terms of sales volume. Or physical size for that matter-they occupy a former shopping mall, with things like a Subway inside the dealership itself.
Crazy that these homes are selling for 30-40% over 2002 price.
Manifesto:
03/30/2010 $665,000
08/06/2002 $480,000
Cordobes Cove:
04/06/2010 $825,000
07/26/2002 $610,000
Brookburn:
04/06/2010 $795,800
10/31/1996 $333,445
The Santa Rosa homes were “overpriced” when I first saw them in 2006. Selling for slightly above that now, which is a slight loss when you include landscaping costs and commissions…
Grayson:
04/09/2010 $995,000
06/20/2003 $772,500
Seagrove:
04/15/2010 $1,495,000
04/22/2003 $1,187,000
If I *had* to choose between all those homes, I might have gone for Grayson…large house, good location, large lot, nice backyard, and reasonable seller.
But if I was still looking, I would have passed on all of them. 🙂
“In his case they were both under $200,000.”
aka classy closets?
LOL I cant wait to check back in here in three years and see where the pricing is in 89130
figure 2002 pricing.
But if I was still looking, I would have passed on all of them.
Second that — nothing there that interests me, especially at these insane prices.
Jim are these sales in CV in your opinion a tend for a market going foward?