I have sold two LCV listings this year – here are my results:
Both of mine sold in the first week on the market for $100,000 over their list prices.
The addresses highlighted in blue here are the group I named the La Costa Valley 6 – the comps that would have given other sellers confidence that their values were in the low-$2,000,000s….at least in June, 2023. Here is a link to the last update (dated June 27th):
https://www.bubbleinfo.com/2023/06/27/la-costa-valley-6-update/
What has happened since to the LCV Six?
Two of the six are still for sale. My sale on Corte Cidro and three others closed escrow.
But look at the other new action too:
The addresses in bold:
Unbelievably, the model match to my Corte Cidro sale, 2185 Corte Arboles, hit the market at $1,799,500, three weeks after mine closed for $2,200,000! Hard to understand why they didn’t try for more – the house was described as ‘beautifully renovated’, and in the photos it looked a lot like my listing did. There was probably some street noise from Olivenhain Road, but $400,000 worth?
Corte Cicuta had been the first sale that set the tone for the 2023 Spring Selling Season, selling for $714/sf in March. But to demonstrate how thin the demand can be, only one buyer looked at that house, and bought it right away.
Sitio Caucho was a large 3,578sf house on a culdesac with westerly view, so no surprise that it sold right away too. At $622/sf, it looked like a good value.
2305 Camino Robledo was the wild card, because at the time, the only comp was Corte Cicuta at $714/sf so I didn’t think it had much chance of selling. The model match next door is still for sale, now listed for $714/sf, and when the 2305 buyer walked into that open house, he said ‘Oh s***, what have I done?’ – realizing that he paid too much.
The two sales on Camino Serbal were Davidson-built homes, and superior in quality.
Bottom line in the new era: You never know when a neighbor will dump on price, and it affects everyone else. The four active listings are now hung out to dry by the Corte Arboles sale, and at this point, they don’t have much chance of selling for $2,000,000+ when in May/June they could have gotten it easily.
