From another thread we (Bugs, myself and SD R) were debating the market value of a home in the heart of CV. The heart of CV is the area surrounding Del Mar Heights Road and does not include Torrey Hills south of 56 or the newer homes to the east in Pacific Highlands Ranch and beyond. I ran a quick check for homes in its class -at least 2000 sq ft and 4BR’s under $1M (if a range was used I took the midpoint of the range). Here is what I found:
1 home for sale which is a 4br/2.5ba/3car/2500 sq ft rental property for 970K to 995K (there was 1 more priced at 999,500 to 1.05M which just missed). Thats all!
7 homes are in escrow of which 4 sold in 2 weeks or less.
In the last 30 days there have been 7 closed sales there. The average down payment was 157K. The smallest downpayment was 5% (50K) and there were 2 with 10% down (75K and 95K). The remaining 4 buyers put down between 175K and 310K.
I’m pretty comfortable with my price opinion.
The attached market inventory was a net minus 6 this week howevewr most of the activity is in Andalucia which seems to be selling about 10 homes per week.
