Tracey allowed me to video her new listing in La Costa Valley if I promised to bring a buyer who saw it here! Open Sunday 1-3pm:
Two new listings and a $20,000 price reduction in the LCV. It will get even more exciting next weekend!
We closed escrow yesterday in La Costa Valley! The seller is a bubbleinfo reader so obviously we have analyzed our results carefully over the last month. We felt that we did everything right in preparing what we thought was a superior home in the tract and utilized an attractive price, but it wasn’t enough to set off a wild bidding war like back in the frenzy days.
We received five offers, but when presented with the opportunity to submit their highest-and-best price, NONE of the buyers were willing to go up. It made this sales price feel like full retail and differ greatly from the covid-frenzy ultra-low interest rate days when buyers were desperate and would pay any price to win.
Now buyers seem to be patient with today’s shortage of homes for sale and would rather wait, than go crazy on price (there were two higher-priced sales of this model during peak frenzy last year).
Same thing here with six buyers yesterday, where it was very orderly and nobody went nuts on price:
Or maybe the group of homes that deserve a wild bidding war is much smaller than it used to be? This is peak season, so any remaining exuberance should be worked out by July/August.
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 closed for $1,300,000 in April, 2019, and then sold again this week for $2,270,000 – almost a million more in just four years!
https://www.compass.com/app/listing/3312-james-drive-carlsbad-ca-92008/1267594068434581625
For the buyers who want to live in a master-planned community with good schools, how bleak is it?
No one will be surprised to see the newer tracts hunkered down for another decade or longer, so let’s look at the older communities – those that are 20-25 years old. Those original owners are bouncing around in their empty nest, and should be cashing in and downsizing by now, shouldn’t they?
Yeah….no.
For homeowners who are planning their move carefully, April should be seen as the ideal month to list a home for sale. Yet look at the results:
The Carmel Valley tracts used were Belmont, The Breakers, and Lexington.
I know there are still a few days on April left this year, but it doesn’t look good for buyers so far!
My one post-frenzy prediction was that there wouldn’t be any more sales under $2,000,000 in the Davidson-built Starboard tract in La Costa Oaks (the last was $2,150,000 in October).
We’ve finally had a closing here in the middle of April. They had to knock off $4,000 to make the deal:
The best part of attractive pricing is that it helps to weather the demand dynamics. We’re not going to get the 22 offers we got last week, but 100+ people have seen the home, and offer #4 just arrived.
I had to input my new listing onto the MLS before noon yesterday to get on the broker-preview tour today, which was a day before the professional photos were completed. We had done a few preliminary photos for marketing purposes so I used those to get started, but ideally I want to hit the open market with the full assortment of pro photos and video.
Here they are!
https://www.compass.com/app/listing/2949-avenida-castana-carlsbad-ca-92009/1281936155846033465
Now that we worked through the 22 offers we received on the last listing to find the winner, it’s time to move on to our new listing in La Costa Valley!
2949 Avenida Castana, Carlsbad
4 br + den/3.5 ba, 2,787sf
Lot size: 7,646sf
LP = $1,900,000
Are you looking to live on a large, private lot at the end of a culdesac (and the only Centex Enclave culdesac that doesn’t back up to a busy street)? This upgraded Plan 4 is on a 7,646sf pie-shaped lot with a backyard that features stamped concrete, bbq island with granite, fire pit, multiple seating areas for entertaining, lush tropical landscaping and plenty of grass. Remodeled kitchen, OWNED SOLAR, shutters, custom staircase, dual-zone central air, custom fireplace, extra insulation, dazzling LVP wide plank sequoia flooring, and new baseboards and door casings downstairs – this is a true creampuff! The Valley Club has heated pool, tennis, fitness center, RV lot, plus walking trails. Enjoy Encinitas schools too! The last three sales of this model were $2,000,000, $2,060,000, and $2,440,000!
Of the 1,073 homes in La Costa Valley, only one is for sale….at $2,400,000!
Pro photos, video, and MLS input tomorrow.
Open house Wednesday 10am-1pm, and then 12-3pm on Friday and Saturday!
Five-hour open house today doing what I love to do – talk to interesting people about real estate!
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
