Over the last six months in Encinitas:
There were 183 sales of two-story homes, and they averaged $744/sf.
The 98 sales of one-story homes averaged $952/sf, or a 28% premium!
Let’s also note the price discovery here.
The sellers and agent were smart to lower the price early and often to keep the urgency alive. There was nothing wrong here that price wouldn’t fix, so they did three reductions in less than a month:
There were 158 two-story detached-home sales in the last 12 months in the 92011 (SW Carlsbad).
They averaged $543/sf.
There were 43 one-story sales. They averaged $685/sf.
The premium? About 26%!
Our local home prices have been rapidly escalating over the last year. First, we ran out of NSDCC houses for sale under $1,000,000, and today there are only 6 for sale priced under $1,100,000!
What are the alternatives for those buyers who want to spend less?
Here’s an example of going just a tad further out. This house is located on the border of Carlsbad, and while it did have ten offers and got bid up $80,000 over list, it closed for $830,000:
This is a repeat of the 2br house featured on my tour a few weeks ago, with the resulting sales price.
The agent admitted they priced this 2br house low on purpose to attract a crowd, and it worked. The list price was $699,000, and it sold for $1,100,000 cash. Meanwhile, the two other listings around the corner priced at $1,149,000 and $1,200,000 are still unsold.
Sellers are resistant to price attractively, but look how well it works when you Get Good Help!
Sold for 57% above list!
https://www.compass.com/listing/2725-glasgow-drive-carlsbad-ca-92010/842339809239950025/
A quick spin through the ultimate workshop that probably sold the house!
The list price here was $2,180,000, and it took 42 days to find the winner – who settled for a 3.5% discount. The final sales price was $2,102,000:
With no single-family homes in Carlsbad priced under $1,000,000, what do you get at the entry level? Here you go – a 1,350sf condo priced at $615,000 that has drawn several offers, and the bidding war is on:
Check out our new listing of this 2018 multi-gen beauty in Bonsall yet only 15 minutes from the coast!
Perfect for multi-gen, this upgraded gem features the primary bedroom suite downstairs with light-and-bright bath and large walk-in closet, plus three bedrooms with their own bonus TV room upstairs! High ceilings, downstairs den, ample storage and low-maintenance yard. The home backs up to dedicated open space with generous views of the natural preserve! Walk to highly-regarded Bonsall Elementary School just a few minutes away. Wow!
https://www.compass.com/listing/31534-calle-de-las-rosas-bonsall-ca-92003/852373146571679593/
Interesting to note that the buyer here didn’t mind paying $351,000 over list awhile being represented by a noted discounter from Northern California – an agent who is a known critic of the realtor cartel but is happy to make a buck off the system 500 miles away from his home.
Another example of how the market is being set (and creating the comps for future sales) by the most euphoric buyers getting little or no local expertise. If you know too much, you’ll never buy a house!
This will likely be the most paid over the list price for a home in Carmel Valley for August, but there are two others that already closed for $300,000+ over!
It might feel a little soft in other places, but the newer Davidson homes are always going to be popular.
Here’s an example in La Costa Oaks where two model-match homes sold a month apart and both fetched a similar premium. Here’s how the second one looked:
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
CA DRE #01527365, CA DRE #00873197
