This is the 8,251sf home in Rancho Santa Fe that sold new for $10,600,000 in February, 2017, then resold a year later for $10,850,000 in October, 2017:
The sellers might have been disappointed with the auction results here, but the final price seems about right. Gardens designed by Kate Sessions in the 1930s!
The video tour:
The LAT published the news yesterday that former SDSU star Kawhi Leonard recently bought a home in Rancho Santa Fe for $13,300,000 cash. Obviously, it sets him up to join the Lakers squad next year, and help return us to glory:
While we’re featuring purchases by pro athletes, an ex-Trojan/ex-Steeler bought this for $9,000,000 in October – I saw it and thought it was fantastic:
I snipped this Zillow forecast (above) in October, 2016. They expected La Jolla home values to go up 2.1% in 2017, which earned a ‘Very Cold’ label.
The La Jolla ZHVI rose 7% in 2017, so their forecast was a tad conservative. The index has been dropping lately, but they are expecting values to flatten:
Other Zillow forecasts – they like Carmel Valley:
You can find more data here (they predict the U.S. market will be +6.4%):
Our open house went well and people appreciate seeing the old-Spanish style in a home of this size – there’s a lot to take in! We’re feeling it!
My new listing in Rancho Santa Fe! Authentic Old-Spanish custom estate with a legal 2-br guest house on 2.3 acres! Oozing with charm and character borrowed from the old California missions, this sensational one-story has open-beam ceilings, custom cabinetry, wine cellar, 4 fireplaces, and plenty of natural light! Newer infinity-edge pool/slide, outdoor party room, 3-stall barn, tack room, 2 arenas, and on horse trail. Secluded on gated flag lot, and on sewer too. Guest house has newer kitchen & HVAC plus a 2-car garage – wow! Trophy property!
LP = $3,995,000:
People are feeling a ‘change’ in the market, and wonder what will happen. The rapid escalation of prices has turned real estate into a rich man’s game – and you need serious horsepower to participate!
As the rest of North San Diego County’s coastal housing market feels the ‘Rancho’ effect, we will see more listings coming to market, listings taking longer to sell, and bigger gaps between list prices and sales prices.
In the surrounding lower-priced areas, the action has been much faster – we’re used to the quality homes selling in the first week or two. Let’s compare RSF to Encinitas to demonstrate what we can expect from now on:
|Oct Average DOM|
|Oct Average SP:LP|
We’ll have more homes on the market, slower market times, and bigger gaps between the list prices and sales prices. It’s how they do it in the Ranch!
How did your area do last month, and for the first eight months of the year? It would be sufficient to just keep close to 2017, which was a good year for sales:
|Town or Area|
Total NSDCC sales for the first eight months are down 8%, which isn’t the end of the world. The median sales price is up, and the average cost-per-sf is down:
NSDCC median sales price, August, 2017: $1,245,000
NSDCC median sales price, August, 2018: $1,325,000
NSDCC average $$/sf, August, 2017: $549/sf
NSDCC average $$/sf, August, 2018: $534/sf
You would think that the high-dollar areas might be showing some struggle, but in August, both La Jolla and Rancho Santa Fe had great months.
In May, 2018, there were 13 sales in the 92067!
A tour of a property that had been on the market since March, but because it was a good-looking 5,328sf one-story in a convenient location, the right buyer came along. This closed for $2,800,000 last month:
Like most of the videos seen here, this was a home tour for a potential buyer. It also includes my basic intro to the village too.
The home sold for $2,350,000 in February: