Encinitas has above average incomes in this county. No argument about it. It’s just not so wealthy as to support seven-figure valuations east of 5 without exotic financing.
This particular street was built and sold off in 2003 at a median price of $682,000. You didn’t have to be a lawyer or a surgeon to “afford” that. Monthly payment on an interest-only mortgage of $682,000 is less than 3K/month.
You are a realtor, I believe you have the capability to look up existing mortgages on homes. Could you please check these houses.
621 Brae Mar Ct (sold in 2003 for 681k)
642 Brae Mar Ct (sold in 2003 for 682k)
655 Brae Mar Ct (sold in 2003 for 687k)
622 Brae Mar Ct (sold in 2005 for 840k)
610 Brae Mar Ct (sold in 2007 for 1050k)
I’ll venture a guess. All five were financed using interest-only mortgages. Furthermore, the latter two are negative amortization loans.
