If the buyer of this property ends up subdividing it into two lots, they hit the jackpot. But adding a granny flat would be easier. There was a sale of this floor plan in December, 2020 at $1,200,000 that had ocean view – now TWO have sold for over $2,000,000!
This is the single-level home that sold in February, 2022 for a million over the $2.5 million list price (set deliberately low by the seller). The buyer passed away, unfortunately, and their heirs listed it a year later for $2,900,000. The listing agent (who lives in the ER) also set his list price attractively low and got it bid up to $3,200,000 this time.
While the casual observer would deduce that prices have come down 9% in the last year, you have to wonder if the buyer had to pay as much as $3,500,000 to win it last year – or if that was a random plunge.
This had everything going for it – old-spanish, one-story, 1br guest house, and the dream workshop all on an acre-plus in the middle of town:
Get lucky on this one!
Hard to believe that I don’t have any written offers yet, but it shows the caution in the air.
Our new listing in SW Carlsbad – come by this weekend!
https://www.compass.com/app/listing/7215-wisteria-way-carlsbad-ca-92011/1238681599235116601
Ok, ok you want to downsize but you don’t want to bake in the desert – plus you like living in San Diego. Aren’t there any newer, smaller choices around here?
Lennar has purchased three local golf courses and are on their way to building them out. The development of the Carmel Mountain Ranch golf course off the I-15 freeway (above) faced some resistance from the locals, but they beat that back and a gated senior community is now underway.
The Junipers is a senior community (55+) in Rancho Penasquitos and will include a mix of 455 single-family detached-homes and townhouses for sale. There will also be 81 attached homes for rent for low-income seniors households. It will include a 2.87-acre public park and a 2.82-acre loop trail.
Pricing isn’t out in the open but I’m guessing it starts just under a million.
https://www.lennar.com/new-homes/california/san-diego/san-diego/junipers
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Another new-home development is called the Farm, and it’s right off Rancho Bernardo Road. It isn’t solely for seniors, but they have a couple of one-story plans. Here’s a quick tour of their 2,500sf one-story home under construction:
Shadash said, “Right now the only thing propping up prices is limited supply.”
Indeed, and it’s how the pricing got here in the first place. The demand for homes in the San Diego coastal regions has been higher then the supply for decades now, and it’s probably not going to change that much – at least, not until more of the existing homeowners want to leave town or they go out feet first.
When selling, those who own the one-story homes will fare better.
It’s already happening – the market is splitting into one-story homes, and everything else:
The buyers who need a big house are comforted in knowing they will pay less per-sf, but their appreciation rate will lag behind. The only thing that will inhibit an even-greater appreciation rate among the one-story homes is that we are transitioning into a market with more estate sales – which will primarily be fixers.
Either way, the current NSDCC pricing averages and medians are still very positive year-over-year. Nobody who sells next year should mind selling for more than they could have gotten in 2021.
It’s not that bad!
Between trying to watch the Padres game on my phone and the crowds of people looking at the house yesterday, I couldn’t get any more footage than this:
After having roughly 300 people attend the two open houses, we have received 14 offers!
We have countered all of the offers because agents don’t know who will go higher – why limit the seller response to just the top 3 or 5 offers? We countered $1,150,000 to every buyer to narrow down the group of contenders willing to go to at least that amount, and then I’ll do the jimjamalama.
Stay Tuned!
We did adjust the price upward this morning to alert the newcomers to our new starting point:
There were a few comments, mostly from neighbors, that accused me of deliberately starting with an ultra-low price to attract more people. Given the recent sales nearby, the current market conditions, and especially the active listings sitting around unsold, I thought it was an attractive price. I never fear pricing too low because I know how to handle a fair bidding process so everyone has a chance to pay top dollar.
https://www.compass.com/app/listing/6217-oakridge-road-san-diego-ca-92120/1162342864989189569
We’ve been on this case since February helping to direct the final repairs and improvements in preparing for sale. In the beginning, there were hopes of listing for as much as $1,500,000, but as the market conditions developed, we have to be smart about pricing.
It’s like a quarterback leading his receiver – we have to anticipate what would be seen as an attractive price to buyers on October 21, 2022 to procure a sale in the first few days on market – and make it stick.
6217 Oakridge Road, San Diego 92120
4 br/2 ba, 2,065sf
YB: 1973
No HOA
6,900sf lot
LP = $995,000
Check out this practically-new single-story house at the end of the culdesac with gorgeous canyon and sunset views! Thoroughly renovated with new kitchen and baths, new windows, new flooring & painted inside and out – this is move-in ready! High ceilings, central air, sparkling pool & spa, and new exterior/landscaping too. Great schools too! Filled with natural light, this gem provides the upscale yet casual lifestyle at a very reasonable price!
Open 11-2pm Saturday and 12-3pm on Sunday!
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We launched our Aviara listing with open houses on the weekend of September 17 & 18. Newer one-story homes built by Davidson might be the most popular homes around – if you can find one for sale.
Remarkably, there were two other sales of this floor plan this year. In March, there was a sale across the street that closed for $2,110,000, and another around the corner sold for $2,050,000 in June. Both made our $1,800,000 list price look attractive.
A few days later, we opened escrow at $2,100,000 cash.
Allegedly, the buyer was a recent widow in her 40s with two kids who was being represented by her mother who was in her 70s – who admitted to not being an active realtor for years. No problem, we will help you along the way to make sure we all get to the finish line.
Their home inspector mentioned a stain on a baseboard, and that a mold test would be in order.
Once that thought is out in the open, people will think the worst.
They hired a mold inspector who conducted the standard air sampling where they compare the mold counts in the air outdoors to samples taken inside. Those results came back clear – no mold. He also collected swab samples from under the toilets and sinks, and the one area did test positive:
The only mold found was on a single baseboard behind a toilet that measured 2+ on a scale of 1-4.
I told the buyer and the buyer’s agent that we regularly deal with mold remediation and have one of the best solutions available. Not only do we have a certified mold-remediation contractor, but we also have the county’s best mold tester who will give you great confidence that the problem has been eradicated.
The agent seemed to take it worse than the buyer, which led to their confession.
It turned out that the daughter was buying the house for her mother, the agent!
I knew I had a problem because people in their 70s aren’t as familiar with today’s more-complex set of variables of home buying. Back in the old days, we didn’t do home inspections, let alone have home inspectors who instill fear in buyers who are already skittish. I don’t mind suggesting further inspections, but have some bedside manner, for pete’s sake. Describe them in a way that you don’t scare the crap out of the buyers. In the days that passed between the home inspection and the actual mold results, you can bet that the buyer/agent imagined the very worst.
Her final statement? “I can’t handle the stress”.
The next day she sent over the signed cancellation form, with no explanation.
We completed the remediation, and now I get to convince another buyer that there isn’t a problem today.
How many other homes for sale have minor mold under a sink or toilet? Many? Most? Yet, the majority of homes sold don’t get tested for mold, so buyers never know what they are buying, or what lies ahead. But not here! We’ve done full remediation and it tested 100% clean!
Open house 12-3pm this weekend!
https://www.compass.com/app/listing/7313-golden-star-lane-carlsbad-ca-92011/1136561122604786257
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
