It’s amazing how resilient the local market has been, and how willing buyers are to paying over the list price.
I don’t have any evidence to suggest that the transparency has improved (most listing agents refuse to say anything about existing offers, if any) and usually there aren’t any recent sales to indicate that today’s listings are underpriced.
Yet in late-2023, buyers were still willing to pay substantially above list! Here are a few examples:
Thanks for the ride, Jim.
Most people prefer to pay top $ for a brand new home, but they don’t exist anymore between Carlsbad and La Jolla.
Next best thing is a fully remodeled/updated home and that’s where the $ is going.
I’m with you!!!!!!!!!
But isn’t paying the list price enough? It’s the extra $100,000 + mustard that gets me!
I’m wondering if municipalities might start promoting density and tax subsidy agendas by encouraging scrape lot indulgences. Take down a traditional SFR and put up a fourplex or new bigger house and an ADU.
You can do the replacement house + ADU now. It is inevitable that they will squeeze more onto a lot in the future – once all the old diehards like us are gone!