fbpx

CV Winner

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!

Instant Inventory

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:

https://www.compass.com/listing/10545-abalone-landing-terrace-san-diego-ca-92130/827464186068610169/

https://www.compass.com/listing/10569-abalone-landing-san-diego-ca-92130/825523085738089617/

https://www.compass.com/listing/10540-abalone-landing-terrace-san-diego-ca-92130/826913112627057657/

https://www.compass.com/listing/10448-abalone-landing-terrace-san-diego-ca-92130/831161978141937465/

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.

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%)

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

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!

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

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%).

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

Compass at One Paseo

Compass has opened the regional headquarters at the multi-use One Paseo in Carmel Valley.

“The move for Compass to One Paseo was an easy decision,” said Shana Pereira, San Diego general manager of Compass.

“What One Paseo represents in holding onto the community feel of Carmel Valley, but bringing a futuristic and modern vibe, is synonymous to what Compass stands for — being a full-service real estate brokerage and fostering our real estate agents’ businesses, while embracing the modern advancement of technology with the goal of making their lives easier,” Pereira said. “We hope that the move of basing our regional HQ (headquarters) at One Paseo shows our commitment to San Diego and the people that live here.”

She said Compass expects to have more than 100 agents in the One Paseo offices.

Here’s my brief tour of One Paseo:

We had the all-Compass virtual meeting yesterday where is was noted that the brokerage has made record income for five months in a row, and was profitable in 3Q20. Another 300 support people have been hired in the last three months, with another 200-300 expected to be hired by the end of the year.  No mention of the IPO yet, but it has to be in the works.

Pin It on Pinterest