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%:
There were foundation repairs here too:
This home had a decent floor plan, and just needed a thorough refresh. But it shows how many buyers pass on fixers – heck, a single-level with view and pool in a gated community sold for under list ($2,900,000)!
The camera was rolling today – here are a couple of short home tours with commentary along the way:
We lost a pillar of our industry this week when Mike Evans, broker/owner of Sea Coast Exclusive Properties passed away. He began his brokerage in 1985, and it grew into three offices with 150 agents before he sold it to First Team in January. RIP
The one-story ranch houses with detached granny flats are their own category now, and buyers are paying prices that don’t compare to other regular homes.
This was taped in July when nobody wanted to have anything to do with it.
The seller, Joe Walsh’s ex-wife, hired a new agent in 2019, raised the price, and sold it the first week on the market. It just closed for $2,800,000 cash.
The agent put Joe’s name in the remarks – did it help propel the sale?
Another video I did for potential buyers – these were tract homes that sold in the $300,000s back in the early-1990s. This just closed for $2,400,000:
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