Pricing momentum is underway.
It takes a few sales to get it started, and then subsequent sellers build from there. The house in the video below is in Del Mar Heights – these two comps nearby happen to be the highest-priced sales in the last 12 months:
Same street but on an 1/3-acre canyon lot – closed for $1.95M on 1/31/13:
4,100sf one-story also on the canyon closed for $2,200,000 in November:
This is how rapid appreciation can develop.
Most people would consider those two sales to be superior to the subject property below. But those buyers who are looking for a turn-key property and a quick and easy deal may not look too hard at the comps, and instead say “close enough”, and jump on this one.
Once they do, everyone in Del Mar Heights is going to want $2 million!