The house I had listed in Carmel Valley closed yesterday for $1,080,000. We hit the MLS on the morning of Thursday, April 5th, and the marketing began right away with YouTube video on the blog, the 48-hour Facebook ad (above), and open house on the weekend.
Carmel Valley has been the hottest market in North County, so it was no surprise that we were getting 300+ hits on the ad and on the Zillow page.
The only offer was submitted on Tuesday, April 10th, and we questioned whether to counter at $1,090,000, or just accept the $1,080,000. We used this graph below to help decide it – the phone wasn’t ringing, and the Zillow views were dropping quickly:
My sellers signed the offer.
The initial urgency around a new listing dwindles faster than ever, and it doesn’t get better later, unless other higher-priced new listings happen nearby.
Is it a sign of a slowing market? Or just the reality of real estate sales in 2018?
Buyers have ample internet tools, and are making decisions in an instant.
Carmel Valley’s One Paseo will have 60 affordable units among the 608 apartments being built (no prices announced yet). The processing of the development began in 2009, and the final project ended up being roughly one-third the size of the original proposal. The retail shops and restaurants are expected to open by the end of 2018.
A wrap-up on the Sunday traffic, plus a look at the only other house listed for sale south of the 56 in the prime Del Mar school district near my price – the others are at least $100,000+ higher. The last clip is a sample of the drone guys doing the interior:
Of the fifty-two Carmel Valley houses listed for sale this year that are located south of the 56, my listing yesterday is the fourth least-expensive, which should help to propel the sale.
We saw the house with a pool that closed on March 15th for $1,197,000. But the most interesting comp is the house on Vereda Luna Llena that listed on March 20th for $1,150,000 ($51,000 higher than mine):
It has has similar square footage, backs to the same street, and has a detached garage in back. The yard is larger, but you also look at power lines too – and it went pending in 6 days:
If all that matters is having good comps, then we should be fine. But any market can turn on a dime, or simply run out of buyers – and having comps nearby won’t be enough then.
Here’s my new listing at 4229 Calle Isabelino in Carmel Valley, an upgraded 2,230sf home with no neighbors behind, and priced at $1,099,000! Open Friday, 4-6pm, and Sat/Sun 12-3pm.
This 2,259sf house closed for $1,197,000 on March 15th, which was $12,000 over list price. The interesting part was when I went downstairs, there were buyers peppering the listing agent about making an offer on the spot – but the eventual buyers were represented by an outside agent/office. Glad to report that there are other ethical agents!
Here’s an example of how fast the market has been moving:
It was only nine years ago when you could buy a decent Carmel Valley starter home in the $600,000s. This 2,056sf house built in 1985 on Santa Nella sold for $678,000 in April, 2009.
You can still buy a 2,096sf house in the $600,000s today; you just have to go to Oceanside. Here’s an example of a house that just closed for $620,000, and though it does back to a busy road, you do get a 3-car garage!
Meanwhile, the value of the Carmel Valley house is around $1,000,000 today.
A video tour of affluence – three shopping centers in full-upgrade mode, plus more on the new homes around Carmel Valley this year. With this much action, it is hard to believe we’ll have any trouble selling the limited amount of homes for sale in 2018 – as long as the kooks don’t nuke!
Here’s the video tour of the model homes from February:
