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Bidding War!

Between trying to watch the Padres game on my phone and the crowds of people looking at the house yesterday, I couldn’t get any more footage than this:

After having roughly 300 people attend the two open houses, we have received 14 offers!

We have countered all of the offers because agents don’t know who will go higher – why limit the seller response to just the top 3 or 5 offers?  We countered $1,150,000 to every buyer to narrow down the group of contenders willing to go to at least that amount, and then I’ll do the jimjamalama.

Stay Tuned!

We did adjust the price upward this morning to alert the newcomers to our new starting point:

There were a few comments, mostly from neighbors, that accused me of deliberately starting with an ultra-low price to attract more people. Given the recent sales nearby, the current market conditions, and especially the active listings sitting around unsold, I thought it was an attractive price. I never fear pricing too low because I know how to handle a fair bidding process so everyone has a chance to pay top dollar.

https://www.compass.com/app/listing/6217-oakridge-road-san-diego-ca-92120/1162342864989189569

Our New Listing in Del Cerro

We’ve been on this case since February helping to direct the final repairs and improvements in preparing for sale. In the beginning, there were hopes of listing for as much as $1,500,000, but as the market conditions developed, we have to be smart about pricing.

It’s like a quarterback leading his receiver – we have to anticipate what would be seen as an attractive price to buyers on October 21, 2022 to procure a sale in the first few days on market – and make it stick.

6217 Oakridge Road, San Diego 92120

4 br/2 ba, 2,065sf

YB: 1973

No HOA

6,900sf lot

LP = $995,000

Check out this practically-new single-story house at the end of the culdesac with gorgeous canyon and sunset views! Thoroughly renovated with new kitchen and baths, new windows, new flooring & painted inside and out – this is move-in ready! High ceilings, central air, sparkling pool & spa, and new exterior/landscaping too. Great schools too! Filled with natural light, this gem provides the upscale yet casual lifestyle at a very reasonable price!

Open 11-2pm Saturday and 12-3pm on Sunday!

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Post-Frenzy Bio Disco

We launched our Aviara listing with open houses on the weekend of September 17 & 18.  Newer one-story homes built by Davidson might be the most popular homes around – if you can find one for sale.

Remarkably, there were two other sales of this floor plan this year. In March, there was a sale across the street that closed for $2,110,000, and another around the corner sold for $2,050,000 in June.  Both made our $1,800,000 list price look attractive.

A few days later, we opened escrow at $2,100,000 cash.

Allegedly, the buyer was a recent widow in her 40s with two kids who was being represented by her mother who was in her 70s – who admitted to not being an active realtor for years. No problem, we will help you along the way to make sure we all get to the finish line.

Their home inspector mentioned a stain on a baseboard, and that a mold test would be in order.

Once that thought is out in the open, people will think the worst.

They hired a mold inspector who conducted the standard air sampling where they compare the mold counts in the air outdoors to samples taken inside. Those results came back clear – no mold.  He also collected swab samples from under the toilets and sinks, and the one area did test positive:

The only mold found was on a single baseboard behind a toilet that measured 2+ on a scale of 1-4.

I told the buyer and the buyer’s agent that we regularly deal with mold remediation and have one of the best solutions available.  Not only do we have a certified mold-remediation contractor, but we also have the county’s best mold tester who will give you great confidence that the problem has been eradicated.

The agent seemed to take it worse than the buyer, which led to their confession.

It turned out that the daughter was buying the house for her mother, the agent!

I knew I had a problem because people in their 70s aren’t as familiar with today’s more-complex set of variables of home buying. Back in the old days, we didn’t do home inspections, let alone have home inspectors who instill fear in buyers who are already skittish. I don’t mind suggesting further inspections, but have some bedside manner, for pete’s sake. Describe them in a way that you don’t scare the crap out of the buyers. In the days that passed between the home inspection and the actual mold results, you can bet that the buyer/agent imagined the very worst.

Her final statement?  “I can’t handle the stress”.

The next day she sent over the signed cancellation form, with no explanation.

We completed the remediation, and now I get to convince another buyer that there isn’t a problem today.

How many other homes for sale have minor mold under a sink or toilet?  Many? Most? Yet, the majority of homes sold don’t get tested for mold, so buyers never know what they are buying, or what lies ahead. But not here!  We’ve done full remediation and it tested 100% clean!

Open house 12-3pm this weekend!

https://www.compass.com/app/listing/7313-golden-star-lane-carlsbad-ca-92011/1136561122604786257

Downtown Carlsbad Penthouse

Sent to me by bulk email, and probably sent to all agents. The HOA fee is $913/month:

Explore the ultimate in luxury living with Grand Jefferson’s spectacular penthouse residence, where you can enjoy all the amenities of a sprawling estate home with none of the maintenance. Showcasing a total of 7,400 sq. ft. of private indoor/outdoor, smart home equipped living space, 792 Grand Ave is truly in a league of its own.

An entertainer’s paradise, tranquil retreat or both, this jaw-dropping 4-bedroom, 3.5-bathroom home embodies luxury at every turn. Perched upon Grand Jefferson’s top floor, the 3,418 sq. ft. single-story residence is crowned by a 2,000 sq. ft. rooftop terrace featuring dazzling 360-degree views of the ocean, mountains, and city lights. Totaling more than 4,000 sq. ft., the unparalleled outdoor space also includes a California room with fireplace, plus a raised terrace perfect for an alfresco kitchen and dining space just off the main living area.

Penthouse residents will further appreciate a private lobby with secure access system, a direct-access elevator, and a convenient separate storage unit perfect for bikes, surfboards and more. Secure, gated parking garage offers 2 spaces plus a 3rd car lift installed. Don’t miss this unique, one-of-a-kind opportunity catering to an ultimate luxury experience.

792 Grand Ave is listed at $5,400,000.

Just Sold in Olivenhain

I am running short on videos – there are fewer homes for sale, and the list of homes worthy of a video is even shorter. We saw this one a couple of months ago, and it just closed on September 16th for $3,600,000, which was $100,000 over list.  Knowing that, the video might be more intriguing now?

Headscratcher Of The Day

No surprise that our new listing found a buyer already. The one-story homes with all the extras are probably the most attractive buys in the marketplace, and anyone can sell these – it’s just a matter of who can get what price.

I had 200+ people attend the open houses last weekend – and at least 90% of the people were seniors.  Yet, NONE of them submitted an offer.

Think about that!

I thought this home would be a perfect match for those who are getting older and want to get out of their two-story home. Those looking to retire here and want a pool for the grandkids. Anyone fitting the typical downsizer profile.

While there were plenty of lookers, none of the seniors made an offer. Why?

  • Are there hundreds of seniors just beginning their search?
  • Are there seniors who thought they were legitimate buyers but couldn’t pull the trigger fast enough?
  • Are there hundreds of seniors passing on the third one-story offering in this tract this year because of price? Anyone who lives nearby can sell theirs for a similar price and take their property-tax basis with them, so it’s just a swap of equity so why would price be a mental barrier?
  • Is it the perceived difficulty of selling one and buying another?
  • Are they just happy enough in their two-story home, but have a natural curiosity about living in a one-story? Is moving to a single-level just a nice idea?

Most of the attendees were getting around fine – there were just a couple of old guys limping around. My theory is that living in a two-story will be tolerated until the very end, and if it gets bad enough, you can always sleep on the couch downstairs!

What do you think?

Open House Report 2

I had another 80+ people attend my open house on Sunday, and a total of more than 200 people for the weekend.  Virtually everyone who came was older, and the overwhelming message was that the buyer pool for one-story homes is large and they are hungry for product.

We have received one full-price cash offer so far, and there should be 2-3 more coming in today.

This smaller tract was built by Davidson in 1996, and sold in the $300,000s originally.  Only 12 of the 82 homes are the one-story floor plan – which is typical (some newer tracts don’t have ANY one-story plans).  Of the 82 homes, 57 of them, or 70% were purchased for less than $1,000,000.

I sure get the feeling that there are boomers occupying most of the newer tract homes in North San Diego County’s coastal region, and they aren’t going anywhere – unless they can buy a single-story home.

The most interesting part is that my listing will be the third sale of this floor plan in 2022, in a neighborhood where there hasn’t been a sale of this model since June, 2018. It could be another few years before the next one sells, because those who have a single-story home tend to hang onto them.

The doomers want to blame higher rates for the slowdown in sales, but unless we get a flood of one-story homes for sale, the inventory will probably keep shrinking – and be mostly made up of the two-story homes where boomers have gotten lucky and snagged one of the few single-story homes coming to market, or where they gave up and left town. It makes it tough on those buyers who are coming here to retire!

Aviara One-Story on Culdesac!

7313 Golden Star Lane, Carlsbad

3 br + loft/2.5 ba, 2,593sf

YB: 1996

HOA + MR = $125/mo.

Lot size: 9,529sf

LP = $1,800,000

Immaculate Davidson-built one-story with pool/spa, Owned Solar, 3-car, putting green, and upgraded interior all on a great cul-de-sac near the lagoon walking trail, Aviara golf course, and Park Hyatt Resort! New carpet and paint, high ceilings, plantation shutters throughout, travertine master bath with walk-in closet, plus roomy loft/master retreat with huge walk-in closet too! Being on the west side of the street gives you two great benefits – afternoon sun for your pool area, and your house doesn’t get hit by golf balls like the model-match across the street that just sold for $2,110,000! Other model-match sold comp (1327 Savannah) closed in June for $2,050,000 – wow!

Open house 12-3pm this Saturday and Sunday, September 17th & 18th.

There’s Hope For Contingent Sales!

We opened escrow today on my first contingent sale in 2+ years – where my buyer has to sell their home to purchase the subject property.

There were two offers submitted – and BOTH were contingent upon selling another property!

Thankfully, the house we’re going to sell is a single-level home in Aviara, which was well-known to the listing agent – plus I submitted my price, a thorough set of comps, and photos to help him with the decision.

It means we’ll have an open-house extravaganza coming this weekend, and get to test the demand for a prime one-story home with all the extras….including an attractive price! Stay tuned for more on Thursday!

 

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