My farewell to La Costa – the virus has delayed a new Compass office in Carlsbad, but it’s coming:
There are videos in the vault that haven’t seen the light of day, so while I’m waiting for some escrows to close to show more recent videos, here’s one that demonstrates that prices have been flat lately. This sold for $880,000 in April, 2017, which was $21,000 over list, and the yard probably deserved it. But it would be about the same today:
You can purchase a Villa at the resort, and have the Omni rent it out for you! Here is a tour of the 1,810sf unit which is two hotel rooms that share a kitchen/living area – they can be rented together or separately:
Thank you Jaime Costa for the great tour!
We did a photo shoot this week for our marketing campaign of the La Costa office:
You’ll be seeing the results shortly!
One of the main reasons to set up shop at the La Costa Resort is to help support our efforts in the area.
When my current listing on Segovia came on the market, we were the only house for sale in the area.
But since then, TEN other similar – older one-story – homes have hit the market nearby:
We had listed for $888,000, and with a uniquely large backyard, we thought we had a shot at attracting a buyer who had a vision.
But now that we’re vying with eight others for the next buyer, we had to adjust on price. The house on Cima came on at $899,000, but lowered quickly and found a buyer on Monday – so we did the same thing, and lowered to $859,000.
The number of views has been incredible – there is no shortage of lookers:
Note that there are twice as many views on Zillow as there are on the MLS!
The auto-valuations are close too, so it shouldn’t be long now:
When a flood happens, adjust early and often, because you don’t want to get left behind.
The Compass office at the La Costa Resort began as a P.S. Platinum office, and then Julie and her team were there until a few months ago. The Klinge Realty Group is next!
It’s only worth being there if you can find ways to take advantage of the location and opportunity – and I have some ideas. Stay tuned!
We should be up and running there within the next 30 days. Stop in and say hello.
Let’s keep improving a listing as we go along!
It became obvious at the open houses that people didn’t feel the need to explore the backyard – they just looked out from the house to get their feel. But the hedge in the middle blocked some of the view, and to fully appreciate the size of the backyard, you need to see past it.
It’s common that buyers are in a hurry and may not fully explore the potential, so let’s help them with the vision of what’s possible:
One of the main positives about this property is how suitable it is for adding a granny flat, and still have big yards for both. Originally, we thought the hedge might help to differentiate the two possible locations, but if buyers aren’t going to walk out for a look, let’s make sure the extra-large yard is visible from the house!
The other concern is that buyers aren’t used to seeing homes built in the 1970s.
These are literally the oldest houses in South Carlsbad, and $800,000 is the entry-level. The 2019 median sales price within a half-mile of my listing is $1,072,500, so for those who want a larger, newer home with more upgrades (but smaller yard + HOA), they are certainly available – you just have to pay more.
Here’s another example of the 1978 variety – and this is probably our main competition. It has upgrades, but the fancy stuff doesn’t change the floor plan and the yard is almost 5,000sf smaller:
Entry level means sacrifices, and the temporary inconveniences at my listing can all be fixed with money!
Segovia Way is in an area of mostly long-time owners and low turnover – people love the area! It makes it harder on buyers though because the comps are few and far between.
I mention in this video tour (with special guest!) that the house is worth $800,000, and the double-sized lot is worth a premium – I say 10%:
Here are my comps that suggest the house alone is worth $800,000:
The last model-match closed for $795,000 and went pending the first week of January, 2017 – two-and-a-half years ago. The San Diego Case-Shiller Index has gone up 10% since:
The last model-match sale was actually this house, but they had added a fourth bedroom without permits. It has the same formica kitchen and dirt backyard, but backed to a very busy six-lane Rancho Santa Fe Rd.
This larger 3br needed work (though everyone should have a toilet near their bed) and was on the main feeder street for the neighborhood – it closed six months ago for $833,000:
This was in original condition and had an old pool that took up most of the backyard. They had multiple offers, and it closed for $850,000 a month ago:
If the house at 3022 Segovia Way is valued around $800,000 in its current condition, how much is the premium for a double-sized lot? Five to ten percent should be reasonable.
Want to compare the other homes currently for sale?
A. Older kitchen, pool takes up most of the backyard. Listed for $925,000:
B. Slightly older look; pool takes up most of the backyard. Listed for $975,000:
C. Larger 3br nearby with pool. On the range $999,000 – $1,099,000:
My listing is the classic case of buyers expecting a discount just because the house is older – but every house is older in this neighborhood! Richard and I will be there 12-3pm this weekend!
My new listing in Old La Costa – with a lot size of 68 x 190 feet!
Kelli Miller of Compass allowed me to video her new listing of a Plan Three, 4,398sf view home in La Costa Oaks, priced at $1,999,919:
Update: Went pending in four days!
Realtors, get your listings on Bubbleinfo TV!!