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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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