I am also shopping in La Jolla and the tide is definitely turning. A lot of sellers are chasing the market down. I started looking last summer. At about the same time, I found the Piggs and became a convert, so now I wait. Many, many of the houses I looked at almost a year ago are still listed – well, repeatedly relisted to look “new”.
That house on El Paseo Grande was not that great. I think the buyer overpaid at $2.5 million. It is on a corner with horrible traffic and the new Scripps conference center will block some of the view. The place had a very strong mold smell, which the realtor said was because it was closed up since the seller did not live there. Maybe. It is stunning to me that someone paid $3 million for it 2 years ago.
I went to a few open houses yesterday. At all but one, I was the only one there.
