Del Mar Castle

The Del Mar Castle which sits on the top of a hill overlooking the ocean and the community of Del Mar was built in 1925 by Ruth and Marston Harding who relocated from Massachusetts. The Castle contains approximately 10,000 sq. ft. including a detached guest house. It was designed by famous local architect Richard Requa who went to Europe to study the best design and returned with authentic stained glass, doors and hardware from castles in the south of Spain.

http://www.shaperyenterprises.com/Projects/HistoricRenovations/Castle/index.shtml

Tony Robbins bought the Castle in 1987, and sold it for $2,100,000 in 1997.

https://goo.gl/maps/mZUwQDNMBAJ2

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Dog Beach Resort

Congrats to Brian who has had the middle parcel listed for sale since 2007!

Hat tip Richard:

One of San Diego’s most popular beaches could soon be getting a luxury resort.

Two Encinitas based companies specializing in hospitality development – The Robert Green Company and Zephyr – acquired a 16 acres oceanfront parcel in Del Mar, just north of Dog Beach.

They plan to build a luxury resort, and want input from the public.

“What we’re really doing is announcing a process where we go out and hold a series of community meetings to really define what the plan is,” said Brad Termini, CEO of Zephyr.

Termini said he and Robert Green, of The Robert Green Company, have been working to acquire the site for over a year.

“There actually are eight parcels here, owned by three different local families that have owned this land for a very long time,” Termini said.

The land sits north of Del Mar’s popular Dog Beach, south of Solana Beach, and west of the Del Mar Fairgrounds.

“It’s essentially a large triangular-shaped property and because of its shape it creates spectacular views in multiple directions,” said Robert Green, President and CEO of the Robert Green Company.

According to Zephyr and The Robert Green Company, plans are not finalized, but include a luxury resort, branded resort villas, restaurants and meeting space.

Both Green and Termini are local San Diegans. Termini lives a quarter-mile from the site and Green was born and raised in San Diego.

Termini said he’s been walking by the site for years with his dog, just looking at this site and thinking about what he could build there.

He and Green plan to hold a series of public meetings to get input from the public before starting to build.

Del Mar Beauty

Remember when Carson Palmer bought the hilltop lot in Del Mar at auction for $4,000,000, plus the 10% buyer’s premium?  This is what he built:

Word on the street was there were offers that were close, but no sale – it was listed on the range $19,995,000 to $24,995,000.

The home is currently off-market.

Zillow 2017 Forecasts

2017-la-jolla

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It’s that time of the year – the 2017 forecasts are starting to roll out!

Zillow has been conservative about our local markets.  For the most part, the actual appreciation of the Zillow Home Value Index has been higher than their forecasts over the last two years.

Their local forecasts for 2017 are all lower than their 2016 guesses, and what they are predicting could also be described as ‘Flatsville’.  If their local forecasts of +0.9% to +2.2% come true, it would mean that several sellers would end up selling for less than they could have gotten in 2016.

Are we ready for that yet?

Local ZHVI-Appreciation Forecasts

Town
2015 Forecast/Actual
2016 Forecast/Actual
2017 Forecast
Carlsbad
+2.7%/+4.8%
+1.9%/+3.8%
+1.3%
Carmel Valley
+0.3%/+5.4%
+1.4%/+1.9%
+0.9%
Del Mar
+5.5%/+1.1%
+1.4%/+2.6%
+1.1%
Encinitas
+0.6%/+8.3%
+2.4%/+6.3%
+2.2%
La Jolla
+2.7%/+6.6%
+2.3%/+6.1%
+2.1%
RSF
+0.4%/+11.1%
+3.7%/-0.5%
+1.9%
San Diego
+1.7%/+6.4%
+2.1%/+4.0%
+1.7%
Solana Beach
+2.7%/+6.4%
+2.2%/+2.6%
+1.4%

The Zillow data changes slightly, depending on where you look on their website, and whether you use town names or zip codes. Here is the LINK to find others.

encinitas-2017

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Del Mar Open House 2

2016-02-20 17.40.32

It helps to demonstrate the comps, so I drove by the street that had the most recent sale – $1,470,000 last month for 1,668sf ($881/sf while we’re asking $815/sf).  Th next-door neighbor confirmed that the new owners are spending another $500,000 for renovations.

I had the dog experience of the ages today. I’ve owned six dogs in my life, and as most of you know, the last one just died. I don’t have anything against dogs.

But the open house is a place of business.  Every time I go to an open house, I identify myself as an agent, hand off my business card, and get out of the way – out of respect of knowing the agent on duty has a job to do with interviewing buyers, in hopes of selling the house.

It should occur to a buyer’s agent that bringing two dogs into an open house may be disruptive and distracting, and instead have some respect for the situation.  A simple agent introduction would go a long way!

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