Usually around tax day, the real estate market goes into a bit of a funk, and this year it was compounded by the disconnect between our MLS and Zillow – any new listings have to be manually inputted to Zillow, which isn’t obvious to most agents.
In spite of all that, there have been some remarkable new pendings in the last week. A few examples:
1. The neighbor down the street had a smaller lot and no guest apartment but had a more wide open view looking south – yet they struggled for 124 days before finding a buyer who paid $1,349,000 (closed on April 2nd). Then this house lists for $1,599,000 and goes pending the first week:
2. Granted, this is across the street from what is probably the nicest house in Carlsbad, but $1,980,000 is a boatload for the neighborhood. Yet this only took 13 days to find a buyer:
3. This house has been listed since September, with no price changes this year – the sellers just hung on and waited, and they went pending this week:
4. This is a teardown on a 9,771 sf lot with some ocean view in Leucadia listed for $1,299,000. You could buy a brand new house down the street for the same money (or less), yet it only took 26 days for this to go pending:
5. The seller of this house paid $1,575,000 two years ago, which was $80,000 over the list price then. Two weeks ago, they listed it on the range $1,629,000 – $1,699,000, and received eight offers at or above the high end of the range. My clients offered $1,760,000 cash and lost – rumor has it that the sales price is around $1,800,000:
6. They couldn’t find a taker during the first two months of this year, so they went off the market for 30 days and came back on at the same price, $1,399,000. Boom, went pending the first week:
7. This has the big ocean view in Cardiff, but it also has a vacant lot in between which provides some uncertainty. But it only took a week for this to find a buyer, listed for $2,915,000:
8. In Del Mar, Solana Beach, RSF, and La Jolla there were 17 new pendings, and almost all were lower-enders. The auction happened on Friday night and I didn’t see any last-minute advertising like there was on the other auctions. But it’s pending too:
Not only does there seem to be no drop-off in demand, but buyers are willing to pay whatever it takes to get the creampuffs – and most are above previous-peak pricing.
With the end of school/summertime within sight, expect the next four weeks to be very active before the graduation season commences.