My tours of mid-range coastal suburban homes that sold for a big pop over list are slowing. But it’s mostly due to the lack of inventory – I wish I could do more!
Our Carmel Valley listing closed escrow yesterday!
It was the 3br/2.5 ba, 1,804sf home built in 1989 that we completed about $60,000 worth of upgrades in preparing for market (it had been a rental for years). The before-and-after photos were featured here:Previous Blog Post
The house looked great and it was vacant but this was when I did the blog post about spring break interrupting the market’s momentum. We decided to forge ahead, and I inputted the listing onto the MLS on the Thursday morning before spring break with immediate showings available that day – in hopes of catching any buyers that might be leaving for vacation the next day.
We had six showings on Thursday and Friday, and 100+ people came to open house over the weekend.
In January, I predicted that we would list for $1,750,000, and sell for $1,900,000.
On March 31st, we hit the MLS priced at $1,750,000, and closed for $1,875,000.
We received one offer.
Thankfully, the only offer included a $125,000 premium to incentivize the sellers to take the deal, instead of waiting for two in the bush. But we were already on Day 4 of open-market exposure, so I knew we were at peak market and our chances of selling for over list price would start dropping .
We contemplated whether we should counter-offer on price, or extend the two-week escrow period because we wanted the extra time for the sellers’ 1031 exchange. But given the fact that we only had one offer, the sellers signed it.
We had already completed a home inspection in advance, and thought we had fixed everything. The buyers did their own home inspection – which we always recommend to our buyers as well, and here’s why.
Their inspector noted that the water-meter gauge was running, even with all faucets being off. It’s the sign that a leak had developed, and the hot-water heater was operating the entire time too. The sellers checked their history of utilities and found their costs spiked on March 31st.
We have a ‘slab leak’, and we knew it was the hot side!
Just the thought of a slab leak causes grave concern and panic for most people. But we’ve handled them before, and know that they can be fixed with money like any other home repair.
Donna’s vendors jumped on it, and we closed in 16 days, instead of fourteen.
Here’s the video:
Check out our new listing in Carmel Valley!
13010 Brixton Pl., Carmel Valley 92130
3 br/2.5 ba, 1,804sf
LP = $1,750,000
Location is everything! Enjoy this end-of-culdesac gem that is just steps from Torrey Pines High School (so close you won’t need to buy your kid a car!) and an easy stroll to Del Mar Highlands & One Paseo! Totally renovated with newer kitchen & baths, Pella Pro-line designer wood windows, new paint & carpet, new light fixtures, and new landscaping! No rentback needed at closing either – just bring your toothbrush and move right in! Wow!
I’ll be there 12-3pm this weekend for open house – stop on by!
P.S. This is my 10,000th blog post!
The Zillow 1-Year Forecasted Values are down 1-2 points from their previous guesses last month, but still very strong. This is their third consecutive month with similar forecasts:
NW Carlsbad, 92008:
SE Carlsbad, 92009:
NE Carlsbad, 92010:
SW Carlsbad, 92011:
Carmel Valley, 92130:
Del Mar, 92014:
Rancho Santa Fe, 92067:
For those who are steeped in real estate history, it’s hard to comprehend how prices could increase 25% to 30% this year – to think pricing could go up ANOTHER 20% next year is straining the brain!
I think it will happen, and be accomplished by mid-summer.
They took a little less than the list price here, but it still sold for $4,300,000 – which was $1,821,500 more than the sellers paid in July, 2019:
We saw this home on Tuesday – an incredible 15,264sf on two lots for $15,995,000:
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:
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!
Here’s the tour of the property that had 100 visitors during the first hour of open house. Listed for $1,650,000, it got bid up to $1,811,000, or $873/sf for a 27-year old tract house! Closed on 7/29/21.
Abalone Landing Terrace in Carmel Valley has had a typical frenzy – low inventory and rapidly rising prices. There were two sales that closed in 2020 – one $1,650,000 in July and $1,780,000 in October.
At the end of May, 2021 a new listing hit the open market at $1,950,000, and was promptly bid up to $2,120,000. It closed on July 8th, and it must have gotten other residents thinking.
Four new listings have hit the market in the last week:
This is a street of 50 homes, with about half of them still owned by the original purchaser from 2002-2003. After having only three sales in the last two years, the four new listings in a week is shocking!
It’s Carmel Valley, so there probably won’t be an issue with these selling. But it shows how quickly the market can change, and provide the buyers with even more data to consider.