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Avoiding A Price War

My new listing at 3534 Avenida Sierra, priced at $1,395,000, is one of six for sale in Lomas Serenas – four of which have listed in the last week.  When you have a competition like this, you want to be the first one to sell and avoid a potential price war which could erupt in 30-60 days if the market doesn’t respond.

We will be back for open house today, 12-3pm!

Olivenhain Single Level

After she took five listings at the same price, I joked with the listing agent here that maybe every house was worth $3,200,000 now!  I don’t think any of them were worth $3 million before this year, and this is the only one that has closed under list:

The Final Stretch

We are wrapping up in La Jolla this week!

The Beach-Barber Tract is probably my favorite neighborhood in La Jolla, and is an eclectic mix of new and old that are close to both the beach AND village.  A block down from our sale is this teardown that just sold for $6,000,000.  The seller also owned the house next door to it, and he was the one who bought Mitt’s home – and just moved across the street!

Discounted

This is our third look this year at a house in the Ranch of Carlsbad – the other two closed over $4,000,000 (one famously at $1,000,000 over list).  This property didn’t sell in the first month, probably due to the interior looking somewhat original and in the Ranch – where lots are at least a half-acre – buyers expect more usable yard. The listing went live on April 7th at $3,400,000, they lowered it a month later to $3,250,000, and then it went pending on May 27th. It closed three weeks later for $3,175,000, which is a modest 2% discount off list.

Beach Bungalow

This just hit the market and will be a good one to watch.

It’s the least-expensive house for sale west of I-5 in Solana Beach, and it’s in a quiet little stretch only a block from the beach access and walking distance to everything in downtown SB! Asking $2,395,000 – thanks to the Compass listing agent Wendy!

https://www.compass.com/app/listing/361-north-sierra-avenue-solana-beach-ca-92075/1065492023233617769

Reminder that the speed limit on Coast Highway 101 is only 35 MPH:

SE Carlsbad

This film was taken on May 25th, a month after mortgage rates hit 5%.

I can’t wait to hear from the doomers who swear that because sellers had to take a whopping $50,000 haircut off the list price to sell this house to cash buyers who closed in two weeks (with sellers who wanted to occupy until August 1st), that this comp means the market is in trouble.

Would you pay almost $3,000,000 for this house, plus free rent?

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