It might surprise you to hear this, but I’m a competitive guy. There’s nothing I like more than a good old-fashioned open house derby – going head-to-head with another realtor in the same general vicinity. Especially when my listing is the cheaper house.
This will be a battle of heavyweights too (the houses, not the agents). Here’s the competition:
http://www.sdlookup.com/MLS-110011645-6335_Keeneland_Dr_Carlsbad_CA_92009
Here’s my new listing:
I wonder what the price would be if it was in 92130 (think derby hill area)? $1.8 mil?
JtR, you’re a competitive guy? Nah! Hahaha! (I’d be shakin’ right down to my flip flops if I was another Realtor with a “open house derby” with you.)
Here’s why I’m drooling over your listing–and it takes something special since I just moved into my new house:
1. The patio with the french doors. Sweet!
2. Backyard–the trellis is a nice touch.
3. Butler’s pantry–especially the built-in wine
racks and cooler.
4. The two islands in the kitchen. Nice!
5. Double walk-in closets in the Master.
6. The white chair rail in the Master.
7. The built-in bench in the eating area.
8. Shutters throughout the home.
My late husband was a finish carpenter, and the finish work looks high-end. Classy house, Jim! To be honest, I was shocked it’s listed under $1 mil.
What are the monthly HOAs at Bressi?
Here’s my guess: There will be multiple offers, and you’ll be under contract within two weeks. (I have a lot of faith in the listing agent.) Let’s see if I’m right, eh?
Now I’m gonna go look at your competition…
Gorgeous house! Yes, in 92130 would be at least $1.650. What a deal at $995k!
Jim – Great home, good luck Sunday finding the buyer. FYI, I could not find it on MLS through sdlookup, redfin or on your listings.
Susie: looks like HOA in the area runs $225 plus annual CFD payment of $2,436 so the monthly total is $428/mo.
Jim, wasn’t this one of the houses that the guy in Orange County called you about in this video:
http://www.youtube.com/watch?v=ozug6vKazf0
?
Bring your lap tap along to this open house today Jim to take offers!
Sean,
You have a great memory to pull that video out!
It’s not though, these are the original owners. The eleven leftovers were models in the mid-ranges, though the one featured in that video did look like the subject property. Egg-on-face for me, they sold those quite easily and made plenty of dough.
AL,
It’s in the MLS now – here’s the #110012026
We were competing the final staging.
I don’t input listings until they are ready to show, unlike many.
Agents who input listings and add, “no showings until Wednesday”, or next week, or next month are burning up their best urgency – and doing their sellers a great dis-service.
I guess there might be some buyers who might be crazy with anticipation by Wednesday, but most will forget all about it.
Is this a short sale?
And I thought you were trying to double end the commission (for not seeing it on the MLS yesterday), sorry for doubting you.
Beautiful home, and price that will get it sold. I’ll drop by to get a look see in person. Beautiful morning here is NCSD!
Sean,
I love that video….haha. It’s a classic….one would think that it’s a good I idea to know how to say the name of the development where you’re buying multiple homes. Bressi ranch….
Good luck Jim! I think it’ll sell….I’m gursing $950k. Are you going to visit his open house too? I also wonder if people that are buying in Magnolia Estates come to Bressi just for Magnolia Estates, or Bressi Ranch in general and will they consider moving down?
That’s the question and both seem to be priced pretty well. I will
be interesting to see what happens.
Jim, 20 minutes to 3 — hope you’ve had a busy day. It really has been a beautiful day in SoCal.
p.s.: HOA & CFD totalling $428/mo? Ouch.
Thanks tj, it’s been busy here – about 60 visitors – and yes, a good day for home selling! I’ll have a video report later.
No takers yet, and not one realtor.
I have the HOA fee at $191, and MR at $196/month.
Jim, 60 visitors @ the Open House? Maybe I should change my prediction of 2 weeks to SOLD in 2 days!
Re: Comment #4, (Al) What’s CFD? And anyone know what the property taxes on this house would be?
Beautiful day in San Diego AND “Spudville”! I was outside doing some weeding in pants, a long-sleeve tee, and flip flops. Nothin’ like weeding to feel like a (new) homeowner.
Quite different than the Santa Barbara area where I moved from. It’s warmer here @ 4:30 PM than noon. Yep, takes some getting use to, but I’m doin’ it…
That is one sweet pad! Good luck selling it. 🙂
Susie – you will see a pair of interchangeable phrases used around here that mean essentially the same thing. Those are CFD (community facilities district) and Mello-Roos (or MR).
The MR is a state law in CA that allows for the creation of special physically defined district (CFD) which can levy a fee against property in the new CFD to pay for infrastructure (roads, parks, sewers, etc). The law allows for this fee to be secured, and collected, via the property tax system. The term MR is simply named after the two state senators who created the bill (mr. mello and mr. roos).
If a new subdivision does not have local services (think sewer too far away or not able to handle the new project’s capacity) the developer can create a CFD, and go get a bond from a wall street firm to pay for the extra costs. The bond is then repaid by each homeowner via their tax bill.
Say there is $50mm of infrastructure, then the wall street guys will front the $50mm, and secure their repayment by collecting the monthly loan payment (p&I) via each property’s tax bill.
This amount is the amount quoted in this blog as a monthly CFD/MR fee. Hoa is different and independent. Example: In the Santaluz community, the CFD fee for a custom home lot (even without the house) is apx $10,000/year!!! OUCH!!!
To take it to another level, this financing method allows the developer to ‘avoid’ paying for part of the traditional costs of a housing project, keep his costs down, and shift the burden onto the new home owner who essentially finances the sewers in addition to financing their home purchase.
In the ‘old days’ the developer would pay for everything in his total project costs, add a profit margin, and sell the homes at a price equal to those two items.
Now, because he does not have to factor in the $50mm of infrastructure costs, he can then pay the land owner an additional $30mm or so and still come out $20mm ahead since he doesn’t have to pay the $50mm of infrastructure.
Thus, its a boon to landowners/developers whose land values have risen by the reduction of costs to complete a project on their land (while still selling the end product at a relatively constant market price), and a screw job to the homeowners. They still pay market price for the home, have to pay their mortgage, and pay another mortgage (via the CFD) for their infrastructure.
Theoretically, some here will say homes with a CFD will be priced lower due to the CFD and the increased total cost of ownership. However, the real world is not an excel spreadsheet and in popular areas it doesn’t quite work out that way.
Hope this was helpful in Spudville!
Wow, clearfund, mahalo for such an extensive explanation. It’s not just JtR and his awesome videos that makes bubbleinfo the best RE blog on the planet, it’s the regular contributors-like you.
PS *Grin* If I’m in Meridian on some adventure, I hope I run into your parents & grandparents.
Agents who input listings and add, “no showings until Wednesday”, or next week, or next month are burning up their best urgency – and doing their sellers a great dis-service.
Definitely true, the way I bought my house was by checking the new listings everyday and when something came up that looked promising I went and saw it. Every time there was a burden to see it, I wrote it off and continued the search. I stopped going by occupied short sales because the tenants would always back out. One time I had an owner great us in his boxers!
Anyways, anything older than a few days I knew I had already made a decision on so I didn’t bother looking. My guess is that if the internet has changed one thing, it’s greatly reduced the time a house goes stale.