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Model-Match Comparison in Frenzy

This home in La Costa Oaks listed for $1,800,000, and then the price was raised to $1,900,000.

It closed yesterday for $2,150,000 – here is the video tour:

We sold the same model for $1,910,000, and the sale closed today:

https://www.compass.com/listing/7337-calle-conifera-carlsbad-ca-92009/760203178471857041/

Two of the same models, on the same street, sold the same week and had a 13% variance in price – wow!

Get Good Help!

Culver House

This historic home built on 1.27 acres in 1887 will be on the market for $2,995,000. From the U-T:

The owners of a Queen Anne architectural gem in Carlsbad have appealed to the city in hopes of saving the historic house from the wrecking ball.

“The home was built by Alonzo Jackson Culver, who also built the Twin Inns,” states a letter from Rebecca Holbert and Paul Abodeely, two of the eight family members who inherited the property.

The Twin Inns were mirror-image Queen Anne-style mansions built in the 1880s on what is today Carlsbad Boulevard. In the early 1900s, they were restaurants famous for their chicken dinners among coastal travelers.

One of the twins, known as the Wadsworth mansion, was torn down in 1950. The other most recently was occupied by the Land & Water Co. restaurant, which closed in October 2019, but the building remains part of Village Faire shopping center at the corner of Carlsbad Boulevard and Carlsbad Village Drive.

“Leftover lumber from the Twin Inns was used to build this sister home,” said Hollbert and Abodeely, whose great uncle Gerald Capp purchased the Culver House on one acre at the corner of Highland Drive and Oak Avenue in 1969.

Originally, the house was on 30 acres and had numerous outbuildings, including a blacksmith shop and a well house. It was built entirely with manual labor using pine from Julian, wooden nails, limestone, rock and sand, according to old news stories.

Capp lived in the Culver House until his recent death. He installed an electrical system, repaired the stained glass windows, plumbed the house for an indoor bathroom to replace the outhouse, and planted many of the Torrey pines, fruit trees and cacti that still grow on the property.

Also known as the Culver-Myers-Capp House, it is one of 19 properties that the City Council designated as local sites of historic interest in 1986. The artist Gertrude Myers, considered the “Grandma Moses” of Carlsbad, lived there from 1936 until her death in 1965.

In recent years without an occupant the two-story building has fallen into disrepair, which the family hopes could be resolved by new owners.

“The reality is that the house will likely need to be sold and the proceeds divided,” the letter states. “We do not want this house to be torn down and the land divided. We are writing in the hopes that the city … might be able to purchase the house and land in order to preserve it as a historic landmark and park for the enjoyment of the people of Carlsbad.”

The Carlsbad Historic Preservation Commission reviewed the family’s request at its March 8 meeting and agreed to ask the City Council to consider ways the property might be preserved.

“I’m not saying the city should buy it, necessarily,” said Commissioner Lauri Boone. “But there has to be some way to preserve this unique property and its history. There is an estate house, a carriage house and a second lot with old cars on it. There are so many creative ways this can be worked out.”

The Mills Act Program is one tool available, said Carlsbad Planning Commissioner Alicia Lafferty, an alternate member of the Historic Preservation Commission.

The program is an economic incentive provided by the state with oversight by the city for the restoration of qualified historic buildings by private property owners.

“This is a local historic resource … a really important piece of architecture … fast being lost,” Lafferty said.

Link to U-T Article

 

Upzoning Carlsbad

Above is the map produced by the City of Carlsbad to help identify the areas where they can increase production of multi-family units, and try to reach their low-income housing goals.

I circled in red the larger developments:

  • The owners of the Mall have proposed rezoning their parking lots and adding 993 homes there, plus the neighboring Verizon/Michael’s shopping center has proposed redeveloping it into 242 residential units – a total of 1,235 homes.
  • The #4 site in the middle was once going to be a WalMart (who owns it), but it never gained traction.  A developer from Phoenix has proposed building 474 homes on the 39 acres there.
  • There are six parcels totaling 21 acres on both sides of Poinsettia at Brigantine.  Under the current zoning, 50 homes could be built there, but the developer as applied for upzoning so they can build 327 multi-family units.

If re-zoned, these projects will include NO single-family houses. Because the city is pressed to hit their goals, it looks like most of these units will be restricted to low-to-moderate income residents.

Read the full report here:

Link to City of Carlsbad report

Carlsbad Grand Promenade

The tunnel under the freeway seems extravagant when people can use the existing Carlsbad Village Drive access. The rest of the project seems simple and relatively inexpensive if the tunnel is left out.  Let’s note that the map above is from 2009 – none of parking structures have happened yet.

The Imagine Carlsbad team will host a monthly Carlsbad Village walkabout and Q & A on Monday, April 19th at 6PM. The first walkabout will focus on the topic of the Grand Promenade and Grand Street Tunnel. Come meet Gary Nessim and Bob Wilkinson on the corner of State and Grand to review the vision and plans for a Village gathering space called the Grand Promenade and the proposed Grand Ave tunnel under the 5 freeway to Pio Pico.

The Grand Promenade was originally presented to the City Council Members in 2009 and has been incorporated into the Village and Barrio Master Plan. There will be a short walk along Grand and a Question-and-Answer opportunity following the walk. The team at Imagine Carlsbad plans to host a monthly walk to address pertinent issues including: Northwest quadrant Civic Center options, Parking, Architectural Style. Looking forward to seeing all interested citizens.

Double Up!

This is a good example of how prices are popping in Olde Carlsbad.

This sold for $675,000 in 2014, and listed last month for $1,149,000.

It closed this week for $1,385,000, which is 21% over list.

The price more than doubled in less than seven years!

95 Units

The City Council has already approved this project so the public discussion is over.

But it’s interesting to note that the owner of this 7.2-acre parcel – who also owns the shopping center next door – chose to re-zone the property for apartments, instead of office space. Did they figure that rents in SE Carlsbad would keep accelerating while office rents have been stagnant, at best? Or did the developer want to supplement the attendance of his family-friendly shopping center next door? Probably both.

https://thecoastnews.com/carlsbad-approves-95-housing-units-at-la-costa-town-square/


NSDCC Over List, March

The trend of paying over the list price is increasing.

NSDCC Detached-Home Sales, % Closed Over List Price

January: 38%

February: 43%

March: 53%

Most sellers and agents are happy just to get 1% to 5% over list which will cover some or all of the commission. There were 22 of 244 (9%) that went double-digit over list. The big winners:

Most % Over List Price

List Price
Sales Price
Percentage Over List Price
$1,299,000
$1,655,000
27%
$989,000
$1,200,000
21%
$749,000
$900,000
20%
$1,325,000
$1,580,000
19%
$1,900,000
$2,255,551
19%
$1,535,000
$1,800,000
17%
$2,800,000
$3,200,000
16%
$2,198,000
$2,510,000
14%
$2,695,000
$3,075,000
14%

NSDCC Sales, March: 244 

Average List Price: $2,285,792

Average Sales Price: $2,252,883 (99%)

Median List Price: $1,788,500

Median Sales Price: $1,810,000 (101%)

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Over List By Price Point:

Under $1.0M: 6

$1.0M – $1.5M: 44

$1.5M – $2.0M: 39

$2.0M – $3.0M: 32

Over $3.0M: 8

A real bell curve there!

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The most sales over list are happening right where you’d expect:

Most Sales Over List By Area:

SE Carlsbad, 92009: 32 of 41 sales were over list (78%).

Carmel Valley, 92130: 22 of 32 sales were over list (69%).

Encinitas, 92024: 24 of 41 sales were over list (59%).

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Easement Impact

This one was better than the last one, but it had a funky easement granted to the neighbor that killed one sale and probably hampered this one. The list price was $950,000, and it just closed for $910,000 for 1,236sf built in 1959 on a 10,800sf lot:

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