Build Oceanview Dream Homes

by | Dec 2, 2023 | Carlsbad, Dirt Sales, Terramar, Why You Should List With Jim | 2 comments

I just listed this Terramar property for sale that allows for 60% FAR coverage, which should mean that two 3,600sf oceanview homes with ADUs for could be built on this R-15 lot and it’s only $1,999,000! The two homes should be worth around $4 to $5 million each when done. I mentioned the tax assessor’s valuations – they appraised the land value of two non-oceanfront properties on Shore Drive for $3,000,000+ with the same size lot without the R-2 zoning. Build the family compound!

https://s.paragonrels.com/goto/ZN0egh

Market Evidence

by | Nov 29, 2023 | Bubbleinfo TV, Carlsbad, Why You Should List With Jim | 1 comment

Here’s the tour of the Solana Beach listing from last night:

Nobody is giving away the premium properties. The more premium, the more buyers!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

I should do more follow-ups on listings seen here previously for market calibration:

This RSF view estate sold for $23,500,000 full price cash in five days.

The Solana Beach fixer that listed for $1,995,000 did close escrow for $1,960,000:

Our listing in Terramar closed escrow for $2,440,000 with a 1031 buyer from LA:

Buying the superior properties for a fair price is something Charlie Munger would say!

SW Carlsbad Entry Level

by | Oct 30, 2023 | Bubbleinfo TV, Carlsbad | 1 comment

This was listed for $1,438,000 at the beginning of March, but no takers. They lowered the price to $1,398,000 after two weeks, and then moved down to $1,349,000 a week later (which usually means they weren’t getting any traffic, let alone offers). By the end of May, it still wasn’t sold.

They took the summer off, and relisted with the same agents on September 7th for $1,328,000.

It went pending four days later, and closed for full price.

Be sure to check the listing history on every ‘new’ listing!

Record Price in Aviara!

by | Oct 3, 2023 | Carlsbad, Why You Should List With Jim | 3 comments

Our listing on Aviara Drive closed escrow yesterday, setting a new record for highest price ever in Aviara (an area of 2,025 homes in SW Carlsbad). It was one of those sales that needed everything to go right, because we were thrown a real knuckleball right in the middle.

A couple of weeks into our listing period, I got a phone call from a fellow Compass agent. She had just listed a home across the street on behalf of out-of-town owners who weren’t using the home enough to justify keeping it. She was wondering about the activity on my listing, and I told her we had quite a few showings and a lower cash offer.

My next question was obvious – what is your price?

“They want to blow it out, so we listed for $2,698,000”.

The price gap between us was Grand Canyon-esque!

Thankfully, the real estate gods are looking down favorably on me. Out-of-country cash buyers looking for a second home descended upon her listing first,  because let’s face it – it looked like a bargain. They made an offer to purchase it, but for some reason “it didn’t come together”.

Instead, they came over to my listing and paid $4,294,000 to get the ocean view. They plan to invest another $1,000,000+ to make it exactly what they want.

Two other fortuitous things happened.

A. Their agent was a past client of ours! She had purchased a home with us early in the covid days, and has since got her license and become an agent. She knew she could count on us to help make the deal.

B. At the first showing, I casually mentioned to the buyers that the Chilean burglary gangs have been active throughout Southern California, and there were a couple of cases in this neighborhood. He shrugged it off and said, “We’re from Mexico City!”

Did we have to spend the $80,000 in repairs and improvements? Absolutely, and it’s what brought us to a neutral space so buyers could easily see what they could do with it. Everyone will put their own touches on a home, but they neeed a neutral palatte to start with!

For a bonus, we did a photography shoot of the team at the house before it was over:

I’m a lucky guy!

(Not pictured is Natalie Klinge who was on tour. We need to photoshop her in!)

More Apartments in Carlsbad

by | Sep 15, 2023 | Carlsbad, Local Flavor, Local Government | 7 comments

The Carlsbad city council approved more apartments to be built at the entry to the downtown village area. Between the three projects mentioned here, there will be a total of 480 apartments….and none for sale! Excerpts:

A four-story building with 156 apartments has been approved for construction on a site occupied by a hotel and three single-family homes on the eastern side of Carlsbad’s downtown Village neighborhood.

The developer, Wermers Companies, built the adjacent Lofts apartments, a four-story, mixed-use building with 106 apartments and ground-floor retail that opened about a year ago at the northwest corner of Carlsbad Village Drive and Interstate 5. The two buildings will share a driveway with access to both Grand Avenue and Carlsbad Village Drive.

The Carlsbad City Council unanimously approved a site map and development plan for the project Tuesday, and council members praised the company for working with the community. No one at the meeting opposed the project, and the city received a number of letters in support of it.

“It looks good,” said Mayor Keith Blackburn, adding that he likes the way the building is set back from Carlsbad Village Drive so that it doesn’t make “a continuous wall” with The Lofts building.

“It doesn’t surprise me that we don’t have anybody here to speak out against the project,” Blackburn said.

The 2.95-acre site consolidates five lots between Carlsbad Village Drive and Grand Avenue, just east of the Hope Avenue alley. The 109-room hotel called the Carlsbad Village Inn and single-family homes on the property will be demolished, but a Carl’s Jr. restaurant there will remain.

The location is directly across Carlsbad Village Drive from the Carlsbad Village Plaza anchored by a Smart & Final grocery, where another San Diego developer has proposed a mixed-use project with 218 apartments and 13,800 square feet of shops and restaurants.

That project will include retail businesses in two single-story buildings facing Carlsbad Village Drive. The apartments, including 22 reserved for very low-income tenants, will be in two five-story buildings behind the shops. The proposal is expected to go to the Carlsbad City Council for approval as soon as July 2024.

https://www.sandiegouniontribune.com/communities/north-county/carlsbad/story/2023-09-13/four-story-apartment-building-approved-for-carlsbads-downtown-village

Pin It on Pinterest