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 consumers’ fascination with the zestimates has never been greater! With home prices detached from comps, the zestimate is the only other measuring stick for both buyers or sellers – right or wrong!
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:
Encinitas, 92024:
La Jolla:
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.
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.
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%).
