I think this would have easily sold for 2mil in 2005, and 2.2 would not have been unrealistic.
http://www.sdlookup.com/MLS-080053712-6115_Terryhill_Dr_La_Jolla_Ca_92037
This place is a BIG (5488sqft) nice home on a very nice street in the muirlands. It was only listed for under $3m for a short while. Not sure why it got taken off the market shortly there after, but it compares easily to places that sold for 4-5mil in 2005.
http://www.sdlookup.com/MLS-080076836-1132_Avenida_Amantea_La_Jolla_Ca_92037
This one is still on the market. It’s 3700 sq feet and for the most part pretty nice. The place has a nice view, and the open house agent told us that there is a view easement so the neighbors can not build up and block your view. While not sure what you could get this for, I think the sellers are pretty motivated, and so I think they might take 1.5m. (Just my guess mind you) In 2005 I don’t think they would have had trouble getting 2.2 to 2.5m for this place.
These are just three that come to mind right away.
Mind you if you are looking at most of the LJ listings, its easy to get the feeling that things haven’t softened up much, since most listings are terribly unrealistic. Still plenty asking 20% above 2005 prices. But note that these are NOT the ones selling. If you look more closely at what is selling, it’s mostly the places that are far better deals.
Also, I’d mention that in other threads I read about how inventory in nicer places is declining. (I think they are usually referring to Carmel Valley or RB) In La Jolla, inventory has never been higher, and sales continue to slow. Last week I counted only 28 pendings which likely means only 15 or so sales per month.
There are still plenty of people in denial and holding out for 2005 prices in LJ, but there are also a few who have figured out the situation and either need or want to sell bad enough that they take what the market will bring. And unless they just get lucky, it doesn’t bring anywhere near 2005 prices.
