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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.

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?

Carlsbad Power Plant

The smoke stack and the rest of the Encina Power Station have been demolished.

What does this mean for Carlsbad?

Before agreeing to support the approval of the new plant, the city negotiated an agreement with NRG and SDG&E to help ensure the project would provide the greatest local community benefit possible.

Some of the provisions of this agreement include:

A guarantee that NRG will completely decommission, demolish and remediate the old Encina Power Station site within three years of Encina’s retirement, at no cost to taxpayers.

NRG will turn over to the city several pieces of property surrounding the lagoon and the blufftop across from the plant. NRG will work with the city and the community to create a plan for the site’s future use.

What can go on the site?

The General Plan envisions redevelopment of the Encina Power Station, as well as the adjacent SDG&E North Coast Service Center, with visitor-serving commercial and open space uses to provide residents and visitors enhanced opportunities for coastal access and services, reflecting the California Coastal Act’s goal of “maximizing public access to the coast.”

The Great San Diego Blackout of 2011

The full collection of Smokestack photos:

Latest La Costa Oaks

After seeing two homes go off for more than $4,000,000, buying this for $3,100,000 probably doesn’t seem so bad. But the house next door closed for $2,450,000, and the highest sale on this street was $2,220,000 twelve months earlier and was a newer Davidson home up around the bend:

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