Higher-End Isn’t As Hot

Written by Jim the Realtor

December 30, 2012

While the talking heads of the media will point to the increased median sales price and declare that “prices are going up”; all you have to do is look at some of the tonier parts of town to find contrasting data.

For instance, how about Old Del Mar:

6 Comments

  1. Another Investor

    That is one of the most poorly laid out houses I have ever seen. Small rooms, odd angles, and most of the bedrooms in the basement. The decor is appalling, or should I say “taste specific.” I don’t think it will sell unless a big discount for a complete redo is baked in.

  2. Jim the Realtor

    It’s ‘custom’.

    They paid $3.6 in Jan, 2006.

  3. profhoff

    I’m inclined to agree with “Another Investor.” The house looks a bit creepy, it will not be cheap to redo the kitchen so it’s less “custom” and the basement is just a deal-killer in that price point.

    Plus, how long will that sliver of ocean view last? Someone could build something to block it, right?

    The location is awesome, but for $2.5+ million, I think people expect more than just square footage.

  4. Baudelier

    I like the house and, I don’t think it would be too hard to remove the umm, unique decor choices of the previous owner.

    Refinishing the kitchen cabinets is a straight forward process that, speaking from personal experience, even a novice do-it-yourselfer could handle.

    As for the master bath wallpaper, well, changing that is tedious but, also strait forward.

    I will give you that the price is pretty steep and, I would have recommended to the owner that changing the kitchen cabinet and master bath wallpaper to a more neutral finish would help sell the property.

  5. Susie

    The location is amazing! You can hear the waves! But that’s all I liked about it.

    I don’t disagree with you often, JtR, but without a huge price drop, I don’t think it’s gonna sell. Let’s see who’s right on this particular home. I’m guessing it will go for $1.995 million…

  6. Jim the Realtor

    But $2.5 million is starter-home entry level for this neighborhood.

    P.S. The 5 br/6 ba 7,304 sf Del Mar Castle built in 1926 on 2 acres across the street was sold by Tony R in 1998 for $2,100,000. It was on the market for six months, on the value-range $2.5 to $3.4.

Jim Klinge

Klinge Realty Group
Broker-Associate, Compass
Jim Klinge

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