The office portion of One Paseo is the last to be completed and met its target to turn over the interior spaces to tenants this spring for build-outs. The two office buildings are over 80% leased and depending on the stay-at-home order, occupancy could begin this summer through the first quarter of 2021.
Of the over 600 residential units at One Paseo, a section had yet to be completed when the pandemic hit. Construction on the last phase of 145 units, which includes townhomes along the frontage of Del Mar Heights Road, looks to be completed this summer.
Little said they have over 210 signed leases of the 450 units that are available and Kilroy has increased its offering of virtual tours for potential tenants.
Our listing in Carmel Valley is still getting hundreds of views – the chart above are two-day totals. I love when a new listing hits the market nearby, because it gives buyers some perspective, and in this case we are almost identical in cost per square foot ($507 vs $509) so the analytical buyers will be pleased.
The graph at the top shows the importance of the first few days on the market.
It’s virtually impossible to re-ignite the same buzz later, even with a price reduction, so we try our best to make the first deal stick. In this case, our first buyer was doing a 1031 exchange with tight timelines, but then the IRS extended everyone to July 15th, so like most buyers he figured he could get a better deal later, and cancelled on us.
The talk about how opening up the country will affect the real estate market seems simple enough to me. The more-motivated buyers will be the first ones to venture out, and that’s who drives the market anyway.
Our new listing fell out of escrow, which deserves an explanation these days – and more support! Two showings set up for this afternoon – Happy Easter!
Our reader elbarcosr agreed that it’s easy to get page views with everyone sitting at home on the computer anyway these days. Here are today’s counts of our Winstanley listing:
Zillow: 1,755
YouTube: 1,326
Facebook ad: 1,451
The Facebook ad was responsible for 840 of the YouTube views, which means the MLS and the blog accounted for 486 views. The blog views have been running around 100 per video, so almost 400 views of the video tour came from potential buyers who saw it in the MLS remarks or on one of the search portals.
It makes you think potential buyers don’t mind previewing a home by video!
We had about 15 showings in person, and three written offers.
The three original bathrooms were enough for most buyers to pass altogether in a very conservative environment these days. I think I could have sold it 3-4 times if the house was completely turnkey. But you can only sell it once, so balancing the investment vs return is a critical step.
These results are about what I was expecting before the covid-19.
Mostly-renovated houses in desirable neighborhoods on the lower-end of the range are still going to attract significant interest. Play your cards right, and you can still sell in the first five days on the market.
I’ve been convinced for years that we can sell homes by video, and the coronavirus will present that challenge to us now. If agents can be handy with their phone, a decent representation can be made that should be enough to get buyers to make offers – and we’ll figure out the rest:
What will it be like when there are no more new homes to buy in Carmel Valley? Pardee has been building houses steadily for 30+ years, and they will be down to their last 103 lots, once they are done here – and they’ve sold 33 of 44 so far. These are priced from $1.8 to $2.5M.
Toll hopes to sell two per month at Palomar (the image above), and they sold five in October! Altogether they’ve sold 36, which puts them ahead of schedule. They are priced from $2.5 to $3.8M.
This just closed for full price, $1,925,000, which is the highest sale in the history of the Santa Barbara tract. But no surprise – there hasn’t been a sale on this side of the street in 2+ years, and these compete very well with the new homes down the hill. Plus you could have moved in for the holidays!
