Oceanfront Custom Estate

I did the quickie video tour – here is the full description:

Built from the ground up in 2016 with one of the largest oceanfront backyards in Encinitas with upper and lower sea wall framed in steel and concrete, 828 Neptune is not only a beautiful Tuscan estate perched atop one of the most magnificent strips of California coastline, it is one of the best constructed oceanfront sites in all of Encinitas. This 3 story, home features a custom wrought iron spiral staircase with a statement 27 foot Bocci glass chandelier, solid walnut plank flooring, Soffit ceilings, Venetian plaster wall finish with crown molding throughout, home theatre perfect for entertaining and frameless glass doors looking out to unobstructed Pacific Ocean views! The kitchen was designed by world-renowned Kitchen Expo – Rich Famie fully equipped with Wolf appliances, cherrywood cabinets, Phylrich & Hansgrohe oil rubbed bronze plumbing fixtures and Madagascar stone countertops with natural curves inspired by those of the ocean. The primary retreat is situated on the top floor overlooking the ocean with a spa-like primary bath featuring heated floors, towel heaters, a steam shower, jetted tub and sauna. From the atmospheric variable color change lighting throughout to the elevator with changing mosaic art on each floor (designed by Rick Sakalic); this home is not only a work of art but also inspired by the majestic beauty of its natural coastal surroundings with modern luxury conveniences. The home has a full home automation system to manage lighting, security, surveillance, audio/visual and window shades and a 3 car garage with a lift. This property is truly one of a kind in a prime location offering a lifestyle that is coveted by most but attained by few. Sold for $11,500,000 cash.

Not a great comp for this guy:

Link to WSJ article about 1230 Neptune priced at $28.75 million

Piraeus Point

Expect to see every city council throw their hands up and approve projects that have low-income housing included. How they sell the “very low” income units, and to whom, will be very interesting in Encinitas, due to them selling the last two units to the same guy who promised to rent them to the appropriate lower-income tenants.

Piraeus Point, a project consisting of nearly 150 townhomes at Piraeus Street and Plato Place in Leucadia, received 3-1 approval from the Encinitas City Council despite resounding opposition from the community.

At a City Council meeting Wednesday, public comments took over an hour. More than 15 people spoke, nine donated their speaking time to others and 10 registered opposition. Over 30 people gave input in one way or another, and none supported Lennar Homes’ plans for development. But the council said its hands were tied, ultimately denying an appeal of the project and allowing it to move forward.

Due to the housing shortage, the state legislature has passed laws making it easier to develop new housing. Piraeus Point fits the guidelines in the Housing Accountability Act, which requires developments to align with zoning laws, not adversely affect the water supply or public health and meet the standards of the California Environmental Quality Act and the California Coastal Act.

The Piraeus Point neighborhood would consist of 52 one-bedroom homes, 37 two-bedroom homes and 60 three-bedroom homes, with 15 of the homes reserved for “very low” income households. All units will be for sale, not for rent.

The Planning Commission approved the project, but the Encinitas Community Collective filed an appeal at the end of May arguing the development would, in fact, negatively impact the environment and public health.

Read the full article here:


Summer 2023 Pricing

The local home pricing is still off the highs of early-2022, but not by much.

The smaller sample sizes (fewer sales) will make it harder to accurately identify the trends and cause more frustration/indecision for both buyers and sellers. Have we recovered, or just briefly paused the softness?

Most of all, it will expose the skill sets of realtors.

Get Good Help!

Survey results from our friends at 1000Watt:

Encinitas Success Story

Everyone’s journey is different.

Some people hire us on the first day we meet, and others take longer.

We first met the sellers of Meadow Wood in September, 2021, at which time I quoted their home’s value at $1,800,000. The market kept cooking, and by April, 2022 my price was up to $2,000,000.

But the last half of 2022 got rough, and by November my estimate had dropped quite a bit:

The only other sale in the neighborhood over the last 12 months had taken the long, hard road. It was about the same size and condition as our listing, and they started at $1,799,000 in May, 2022, which should have been right in there. But by the time they closed in December, the final sales price was down to $1,562,000.

By the time we signed our $1.8M listing agreement, it was March 7, 2023 – and we had prep work to do.

Conditions were improving, so we hit the open market on May 4th at $1,850,000.

The rest will sound familiar. I conducted the open-house extravaganza, from which we received six offers.  My transparent open-bidding process ran the price up to $2,000,000 with a long escrow plus rentback.

There are 171 homes in Bridgewater/Willowcreek, and this is the only sale of the year! Appraisers want to use comparable sales that are less than six months old, so my $2,000,000 will be the comp of the year for the neighborhood – and should draw out more sellers. We’ll see how they do!

I think we can say that my sale was at peak pricing – the same as it would have been in April, 2022.



Hat tip to listing agent Ben who is always gracious about me doing videos of his properties for sale!

This is a custom home built for an Ecke family member as part of the deal when they sold part of their farm, which was then developed into the Encinitas Ranch golf course plus 1,100 tract homes.

Their full story here.

Encinitas Walkable

This listed for $1,899,000 at the beginning of March, but no takers. They reduced to $1,790,000 after a month and let that ride for two more weeks. After that, they cancelled the listing and re-freshed it at $1,749,000. Two weeks later they found a cash buyer who paid $1,725,000. The cabinetry was super-custom but unusual for those who want the bland white kitchen you see on HGTV.

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