- This topic has 146 replies, 19 voices, and was last updated 8 years, 10 months ago by
FlyerInHi.
-
AuthorPosts
-
May 2, 2015 at 10:13 PM #785676May 2, 2015 at 10:23 PM #785678
bearishgurl
ParticipantJust for sh!ts and giggles, flu, can you post a listing in Derby Hills here (if there is currently one available)?
Is Derby Hills the highest-priced tract subdivision in CV?
I’m wondering what the presumed “8-figure set” is supposedly buying in CV for their principal residence when they have so many housing choices to choose from.
May 2, 2015 at 10:31 PM #785677
CoronitaParticipant[quote=bearishgurl]
Is the $4.5M home you posted about in Carmel Valley located in a tract subdivision?[/quote]$4.5 million isn’t usually tracts. Alta Del Mar is partially considered non-custom. They run probably starting around $2million, some are non-custom built by pardee. Some are custom…
Anyway, not sure what you’re trying to get at. Derby Hills in Pardee is tract homes, and while I don’t go door to door asking what people’s net worth is, I would assume some of them are in the 8 digit net worth bracket that like living in Derby Hills. Those run anywhere from $1.2-$1.5/6 and Pardee never had a problem selling most of them with the exception of a blip during 2009/10
Anyway, whatever. I’m not in the 8 digit bracket, and I live in a ghetto box. So there. And my point was, if I can afford to live here, I’m sure someone in an 8 digit bracket can. So I’m not sure why folks in an 8 digit bracket would be blink about a 2600 sqft home sold in 1.1 million back in 2011 being considered expensive, especially given the location, that particular home, etc. There’s probably some correlation for why people are in the 8 digit bracket being in CA versus somewhere else. In as much as worker-bees have better salaries here then elsewhere too, so it cuts both ways.
May 2, 2015 at 10:46 PM #785679Essbee
ParticipantHere’s one from Zillow:
Here’s another, just a few houses away:
May 2, 2015 at 11:04 PM #785681CoronitaParticipant[quote=Essbee]Here’s one from Zillow:
Here’s another, just a few houses away:
[/quote]
The funny part about these Plan 3 Derby Hills homes, was when I was looking at them (just for fun), the best ones on the corner lot with the largest backyard sold for $1.5m back years ago near peak prices. Now seeing a lot of these plan 3 owners trying to sell these around $1.7-$2million, even I think wow. That’s well above peak prices.
Maybe the economy really is better for a lot of people (except us enginerds that well, might have weathered the downturn ok, but well, didn’t exactly score in terms of larger compensations now that the worst is over)
Similarly, I see plenty of homes in the Saratoga community selling for $1.3-$1.5.. I’m likewise thinking wow, that’s a pretty big markup from 2006 too when they were around $950k-$1.1
I think what’s funny that it seems like homes in this area around Sage Canyon have such a bigger mark up versus the rest of Carmel Valley since before.
May 2, 2015 at 11:05 PM #785680CoronitaParticipant[quote=bearishgurl]Just for sh!ts and giggles, flu, can you post a listing in Derby Hills here (if there is currently one available)?
Is Derby Hills the highest-priced tract subdivision in CV?
I’m wondering what the presumed “8-figure set” is supposedly buying in CV for their principal residence when they have so many housing choices to choose from.[/quote]
Sure…
https://www.redfin.com/CA/San-Diego/5334-Foxhound-Way-92130/home/12153387IMHO, this home is way out of wack price, even today’s standards. I’d think a “fair” price for this home in even in today’s market is around $1.55-1.6million, because I know of people that paid roughly that that are in much better locations and with much better lots. But then again, I’m not an agent and am actively looking, so maybe this home can fetch more than that. If there are able get anything close to $1.6mil, that’s pretty darn good for owner occupied home purchased in 2006 for 1.2m.
But regardless, the friends that did buy into this community with their respective net worth liked being in this area, and didn’t want to spend considerably more for a custom home in this area, and weren’t interested in spending less for a custom home not in this area. They like the convenience of being here, of the school district (the schools in particular), and their friends being here, and I guess the general community of parents that seem to more or less all want the same thing for their kids and with roughly the same background. At least, that’s my understanding of it.
May 2, 2015 at 11:27 PM #785682spdrun
ParticipantFor $4.5 million, can’t you hire an architect and skip the scummy corporate builder?
May 2, 2015 at 11:32 PM #785683CoronitaParticipant[quote=spdrun]For $4.5 million, can’t you hire an architect and skip the scummy corporate builder?[/quote]
$4.5m is probably custom, as I stated. Seems like the tract homes these days go up to about $2m, if you consider Alta Del Mar still tract on that part that Pardee builds per their plan.
Anyway, homes out of my league (hopefully just for now)
May 2, 2015 at 11:38 PM #785684ParticipantIf I were spending that much on a home, I hope to G-d it wouldn’t be in some soulless burbclave tract.
May 2, 2015 at 11:59 PM #785686CoronitaParticipant[quote=spdrun]If I were spending that much on a home, I hope to G-d it wouldn’t be in some soulless burbclave tract.[/quote]
But the point is you aren’t spending that much money on a home, so that’s a matter of your opinion, which is fine. And for whatever reasons that others have, they have their reasons for spending *that* much on a home. But the fact is, people are and aren’t exactly hurting to do so.
I think if folks look at it this way, Del Mar, LJ, Carmel Valley, Encinitas, and a lot of other high net worth known places really didn’t go down *that* much during the RE correction relative to everywhere else. And the reason is probably because people in these areas probably can hold out longer to weather a financial storm more so than you average person. And i guess for different people that means something to them too.
May 3, 2015 at 12:21 AM #785687ParticipantAgreed, it’s a matter of opinion. But I maintain that for that price (or anything over $1 million), I better be able to walk and take a swim and be on the “proper” side of I-5 🙂
May 3, 2015 at 4:25 AM #785689CoronitaParticipant[quote=spdrun]Agreed, it’s a matter of opinion. But I maintain that for that price (or anything over $1 million), I better be able to walk and take a swim and be on the “proper” side of I-5 :)[/quote]
That’s wishful thinking.
May 3, 2015 at 4:25 AM #785685CoronitaParticipantFWIW: I really haven’t been checking out Carmel Valley stats recently, simply because prices 2 years ago reached a point above which I personally could feel comfortable affording, so I stopped looking and keeping in touch (the same philosophy why i don’t go to auto-shows. Why bother looking at things that you cannot obtain)….
Anyway, this thread made me interested on looking at what’s going on again in this area…. I found this stat interesting posted by Redfin.
Past 90 days
Median List Price: $1.25M
Median List $/Sqft: $428
Median Sale Price: $950k
Median Sale $/Sqft: $406k
Median Sale/List: 98%
Average # of Offers: 2.4
Average Down Payment: 32.1%
Number of Homes Sold: 187I don’t think people are struggling or necessarily stretching that much.
May 3, 2015 at 4:27 AM #785690CoronitaParticipantFWIW: let’s look at some other places that are high cost areas…
https://www.redfin.com/city/5844/CA/Encinitas-San-Diego-County-CA
Median List Price $1.37M
Median List $/Sq Ft $472
Median Sale Price $827K
Median Sale $/Sq Ft $437
Median Sale / List 97.6%
Avg. Number of Offers 3.1
Avg. Down Payment 34.7%
Number of Homes Sold 208Some similiar to CarmelV… Average downpayment 34.7% for example
May 3, 2015 at 5:56 AM #785691flyer
ParticipantPer the current topic. . .
HIGH END HOME SALES SURGING IN SOUTHERN CALIFORNIA
Business Finance Travel Real Estate Sales
LA Times“By most measures, the housing market these days is a bit sluggish. Prices are flat. Sales are drooping. A lot of people are priced out.
But not everyone. The high end is hopping.
Luxury home sales in Southern California are hitting levels not seen in decades. The number of homes bought for $2 million or more in recent months is the highest on record. Sales worth $10 million or more are on pace this year to double their number from the heights of the housing bubble.
“It’s pretty mind-blowing, to be honest,” said Cindy Ambuehl, an agent with the Partners Trust in Brentwood. “The luxury market has been completely on fire.”
Low interest rates, a strong stock market and waves of cash sloshing in from overseas are boosting demand for high-dollar homes.
“It’s just a completely different story between the two segments of the market,” she said. “Those who are doing well are doing really well.”
The biggest difference in the luxury market between now and a decade ago is that the world is smaller, said Drew Fenton, an agent who specializes in high-end homes at Hilton & Hyland in Beverly Hills. Wealthy international buyers are scooping up second homes, investment properties and safe havens for their cash. And it’s easier for them to scout — and travel — the world to do so.
“Everything’s just more global now,” he said. Ten years ago “it was much harder to reach those people and they didn’t travel as much.”
Now they are, and so are the agents who cater to them. Sandra Miller, a broker at Volker & Engels in Santa Monica, last week was jet-lagged from a trip to London, where she met with nearly two dozen brokerages that represent high-end buyers. At the end of the month, she’s off to Kuwait. Every week, she has a conference call with international agents.
The Southland scores points with these buyers for its weather, its glamour and a population diverse enough that nearly any transplant can feel at home. And despite its reputation as one of the nation’s least-affordable housing markets, Los Angeles can look like a steal compared with other high-end havens.
“We talk to private wealth managers around the world who think California is a very good market right now,” Miller said. “Compared to New York or London, L.A. real estate is a bargain.”
In San Diego, it’s not uncommon for sellers of homes priced at $2 million to $3 million to get offers within 30 days—unheard of a year or two ago, says Andrew E. Nelson, president and CEO of Willis Allen Real Estate.
Luxury buyers also are starting to skew younger, such as tech entrepreneurs and other wealthy shoppers in their 20s and 30s. They’re looking for different kinds of homes — often with more outdoor space — and in different neighborhoods. It’s predicted that they’ll be driving up the high end of the market for a long time.”
Although the excerpts from this article primarily highlight what’s going on in and around LA, we’ve been seeing evidence of this in RSF, and many areas of San Diego for quite awhile now, reinforcing the premise that, unlike in past decades, global competition for jobs, homes, etc., is growing more prevalent every day. It will definitely be interesting to see where things go from here.
-
AuthorPosts
- You must be logged in to reply to this topic.