It was last year when Olivenhain homes selling for $3,000,000+ became a regular occurance.
This house?
2019: $2,310,000
2023: $3,965,000 (+72%)
Here is a glimpse:
There were two new Olivenhain listings today that were priced over $5,000,000!
The tiki destination!
I am running short on videos – there are fewer homes for sale, and the list of homes worthy of a video is even shorter. We saw this one a couple of months ago, and it just closed on September 16th for $3,600,000, which was $100,000 over list. Knowing that, the video might be more intriguing now?
Check out Kate’s Old-Spanish-style one-story listing on 2.27 acres in Olivenhain!
This just sold for full price, which was $2,990,000:
After she took five listings at the same price, I joked with the listing agent here that maybe every house was worth $3,200,000 now! I don’t think any of them were worth $3 million before this year, and this is the only one that has closed under list:
This listing hit the open market on April 18th, which was long after mortgage rates had gotten into the 5s. It went pending in the first ten days, but then it fell out of escrow three weeks later. By then, the doomer talk had escalated and reviving the market urgency would typically be more of a struggle.
They stuck with the $3,995,000 list price though, and another buyer snatched it up the next day and closed in two weeks at a slight discount of $3,850,000 cash:
There might be some turbulence in the marketplace being caused by the incessant doomer talk, but I haven’t seen any quality homes having to sell at a big discount yet.
This was the Private Exclusive off-market listing that hit our intra-office website late in the afternoon and literally the next day most of the top Compass agents and me rushed over there to check it out.
Both buyer and seller take a gamble on price when transacting off-market. Since this was filmed, two sales on Rancho Encinitas Drive have closed for over $4,000,000, so this buyer should be happy with their $3,230,000 purchase price here (which was $405,000 over the list price).
Another cash buyer paying 8% over list – and this was a month after rates hit 5%:
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
CA DRE #01527365, CA DRE #00873197
