La Costa Valley Action

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.

La Costa Valley 6 Update

When I listed 2949 Avenida Castana on March 31st, it was the only house for sale in La Costa Valley. Well, besides this one, which we thought would never sell while priced at $2,400,000 (the model-match comp had just closed under list at $2,175,000 on March 27th).

We listed Castana for $1,900,000, and took a $2,000,000 offer on April 8th after my slow-motion auction gave all five bidders a chance to win.

But the $2.4 listing did go pending on April 16th, shocking everyone. Two weeks later, their cash buyer closed for $2,375,000, which set off a cascading surge of new listings.

Above are the six La Costa Valley listings that hit the open market between April 28 and May 19th, with their initial list prices.

Here are today’s results for the same six listings:

Everyone – sellers, buyers, and agents – were working with the most-recent $2,175,000 comp until the $2,375,000 closed on May 1st. Vista Acedera had already gone on the open market, but the other five listings had a chance to adjust their price before hitting the MLS in May.

COULD ONE HIGH COMP GIVE EVERYONE ELSE A 10% BUMP?

  • Avenida Ciruela went with their planned list price and looked like a giveaway, relatively. No surprise that their buyer paid the $250,000 premium that was already built in by the new comp of $2,375,000.
  • Camino Serbal stuck with their list price (it was telegraphed in advance), and they got a $50,000 bonus.
  • We were going to start lower with my listing on Corte Cidro, but we bumped it to $2,100,000. I conducted my open-house extravaganza and procured three offers. After giving all three a chance to pay more, the winner agreed to $2,200,000. I raised my list price to signal to others (buyers and agents) that we were fortunate to go higher, in hopes of not getting undercut while in escrow.

The other three listings are still active, and have only adjusted their prices modestly. Now that my listing offcially closed yesterday for $2,200,000, there probably won’t be much change in their prices now – heck, two out of three are below mine, and my listing had power lines and a full bath added without permits!

It shows how easy it is to miss in the post-frenzy market. Some homes aren’t going to get their price, and others aren’t going to sell at all. The reading of the market conditions, and the strategy employed by the listing agent is what makes the difference.

 

La Costa Oaks One-Story

The crime of the century was committed at this house. At the end of 2021, the listing agent priced this house at $1,799,000, and then spooned it over to her flipper buddy for $1,650,000 without putting it on the open market. TWO MONTHS LATER, the flipper listed it for $2,895,000 and these sellers paid $3,250,000 in February 2022! Then they listed it for $3,299,000 last month and got it.

GET GOOD HELP!

The La Costa Valley 6

Another new LCV listing was added today, which makes SIX active listings in a neighborhood that had NO active listings three weeks ago. The new listing on Cereza is the same floor plan as the one I just sold ten days ago on Avenida Castana for $2,000,000.

We need to have 1-2 of these sell this weekend or it will look like a glut is forming!

La Costa Valley Resort!


Check out our new listing in La Costa Valley!

2150 Corte Cidro, Carlsbad 92009

5 br/4 ba, 2,631sf

0.23-acre lot

HOA + MR = $202/mo

LP = $2,100,000

Open house 12-3pm on Saturday and Sunday, May 20th & 21st!

Are you looking for the ultimate entertainer’s home with resort-style backyard perched above it all on a hilltop mesa with panoramic views? Check out this dream backyard with a tropical solar-heated pool, slide, swim-up grotto, BBQ island, fire pit, outdoor shower, and plenty of party space. The perfect great room overlooks the lagoon-like pool area so you can keep a close eye on the kiddos and it features an upgraded granite/stainless kitchen too! Multi-gen buyers will love the TWO possible bedrooms/full baths downstairs which are ideal for work-from-home or for guests! Other features include hardwoods, new carpet & paint, fireplace, and plenty of natural light. Wow – this is a trophy property!


https://www.compass.com/app/listing/2150-corte-cidro-carlsbad-ca-92009/1313902473431353361

Open 12-3pm on Saturday and Sunday, May 20th and 21st!

La Costa Valley Gem!


Check out our new listing in La Costa Valley!

2150 Corte Cidro, Carlsbad 92009

5 br/4 ba, 2,631sf

0.23-acre lot

HOA + MR = $202/mo

LP = $2,100,000

SP = $2,200,000 (we represented the sellers)

Are you looking for the ultimate entertainer’s home with resort-style backyard perched above it all on a hilltop mesa with panoramic views? Check out this dream backyard with a tropical solar-heated pool, slide, swim-up grotto, BBQ island, fire pit, outdoor shower, and plenty of party space. The perfect great room overlooks the lagoon-like pool area so you can keep a close eye on the kiddos and it features an upgraded granite/stainless kitchen too! Multi-gen buyers will love the TWO possible bedrooms/full baths downstairs which are ideal for work-from-home or for guests! Other features include hardwoods, new carpet & paint, fireplace, and plenty of natural light. Wow – this is a trophy property!

More details on how we sold it here:

Link to Sale details


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