It sold for $1.1MM in 2002, and the price just dropped to $1MM, and it went contingent.
I’ve seen homes in the $1MM+ range that are priced around 2000/2001 levels. It’s no surprise these would sell.
In the meantime, it looks like close to half of the SFHs in Encinitas (??didn’t count exact numbers??) are listed for $900K and up. Many of these homes have been sitting for a long, long time. While some homes do sell, I’m not seeing nearly the demand you are for these properties.
What *is* strong is the $500K-$750K market. If a decent home is priced in this range, it goes quickly.[/quote]
Just wanted to point out yet another one. Now, I’m sure there were some issues with the house for it to sell for such a relatively low price, but…it’s another large custom with a *real* ocean view (not standing on the toilet in the second story bathroom).
Sold 7/11/2002 for $1,325,000
sold 9/15/2010 for $1,000,000
Almost 25% below its 2002 price!
This is what I, as a buyer, am seeing — and it’s more common than some might think. When these true million-dollar homes (large customs on large lots with ocean views) are going for 2000-2002 prices, it seems to me that the level beneath them (large tract homes on small lots) will be crushed at some point…and the rest will follow.
Maybe we’re unusual because we like the older, custom homes on large lots with no HOAs or Mello-Roos, but I have a hard time believing that these higher-end homes moving into this range won’t affect the tiers beneath them. I could be wrong, though.
