more high end devastation in Encinitas

[sdrealtor]

Both great houses and both look like firmly 2001 pricing. it was a short sale and ended up selling a few hundred K below the list price. A “free open market” sale probably could have gotten a tad more. The second listing was actually the model and sold for $1.18M in 2000 so it was already landscaped and ready to go. I had a client look at it about a year ago when they were trying for $2.1M (we laughed). The $1M+ market is really tough now because there is the perception that there is no decent financing out there. Buyers look at at 8% rates and say they want 5% just like the conventional market. Of course they dont factor in that the 5% rate is gov’t subsidized by a percentage or two.

[an]

[quote=pemeliza]http://www.sdlookup.com/MLS-080060543-1685_Bella_Laguna_Encinitas_CA_92024

Well I have to say that the idea that the high end is immune has been completely debunked with this one. This closed under the May 2001 price. This would put it at 2000-2001 pricing. This has been my prediction for the bottom for some time. I did not expect this to happen so soon. I’m stunned. While the low to mid range is being supported by the government, the high end is falling off a cliff.

Here is a similar listing without the fancing landscaping but with more sq. footage for 1.3M. Fully approved short sale.

http://www.sdlookup.com/MLS-090031676-1717_Bella_Laguna_Encinitas_CA_92024%5B/quote%5D
The first one closed below late 2001 price but above 2002 price. So, is that 2001 price or 2003 price?

[quote=outtamojo]Those are some incredible homes- a whole acre of land too! Wonder how much it would cost to maintain the landscaping though…[/quote]
Seems like most of the acre is the hill, so I doubt they have to take care of that part.

[an]

[quote=pemeliza]http://www.sdlookup.com/MLS-080060543-1685_Bella_Laguna_Encinitas_CA_92024

Well I have to say that the idea that the high end is immune has been completely debunked with this one. This closed under the May 2001 price. This would put it at 2000-2001 pricing. This has been my prediction for the bottom for some time. I did not expect this to happen so soon. I’m stunned. While the low to mid range is being supported by the government, the high end is falling off a cliff.

Here is a similar listing without the fancing landscaping but with more sq. footage for 1.3M. Fully approved short sale.

http://www.sdlookup.com/MLS-090031676-1717_Bella_Laguna_Encinitas_CA_92024%5B/quote%5D
The first one closed below late 2001 price but above 2002 price. So, is that 2001 price or 2003 price?

[quote=outtamojo]Those are some incredible homes- a whole acre of land too! Wonder how much it would cost to maintain the landscaping though…[/quote]
Seems like most of the acre is the hill, so I doubt they have to take care of that part.

[an]

[quote=pemeliza]http://www.sdlookup.com/MLS-080060543-1685_Bella_Laguna_Encinitas_CA_92024

Well I have to say that the idea that the high end is immune has been completely debunked with this one. This closed under the May 2001 price. This would put it at 2000-2001 pricing. This has been my prediction for the bottom for some time. I did not expect this to happen so soon. I’m stunned. While the low to mid range is being supported by the government, the high end is falling off a cliff.

Here is a similar listing without the fancing landscaping but with more sq. footage for 1.3M. Fully approved short sale.

http://www.sdlookup.com/MLS-090031676-1717_Bella_Laguna_Encinitas_CA_92024%5B/quote%5D
The first one closed below late 2001 price but above 2002 price. So, is that 2001 price or 2003 price?

[quote=outtamojo]Those are some incredible homes- a whole acre of land too! Wonder how much it would cost to maintain the landscaping though…[/quote]
Seems like most of the acre is the hill, so I doubt they have to take care of that part.

[an]

[quote=pemeliza]http://www.sdlookup.com/MLS-080060543-1685_Bella_Laguna_Encinitas_CA_92024

Well I have to say that the idea that the high end is immune has been completely debunked with this one. This closed under the May 2001 price. This would put it at 2000-2001 pricing. This has been my prediction for the bottom for some time. I did not expect this to happen so soon. I’m stunned. While the low to mid range is being supported by the government, the high end is falling off a cliff.

Here is a similar listing without the fancing landscaping but with more sq. footage for 1.3M. Fully approved short sale.

http://www.sdlookup.com/MLS-090031676-1717_Bella_Laguna_Encinitas_CA_92024%5B/quote%5D
The first one closed below late 2001 price but above 2002 price. So, is that 2001 price or 2003 price?

[quote=outtamojo]Those are some incredible homes- a whole acre of land too! Wonder how much it would cost to maintain the landscaping though…[/quote]
Seems like most of the acre is the hill, so I doubt they have to take care of that part.

[an]

[quote=pemeliza]http://www.sdlookup.com/MLS-080060543-1685_Bella_Laguna_Encinitas_CA_92024

Well I have to say that the idea that the high end is immune has been completely debunked with this one. This closed under the May 2001 price. This would put it at 2000-2001 pricing. This has been my prediction for the bottom for some time. I did not expect this to happen so soon. I’m stunned. While the low to mid range is being supported by the government, the high end is falling off a cliff.

Here is a similar listing without the fancing landscaping but with more sq. footage for 1.3M. Fully approved short sale.

http://www.sdlookup.com/MLS-090031676-1717_Bella_Laguna_Encinitas_CA_92024%5B/quote%5D
The first one closed below late 2001 price but above 2002 price. So, is that 2001 price or 2003 price?

[quote=outtamojo]Those are some incredible homes- a whole acre of land too! Wonder how much it would cost to maintain the landscaping though…[/quote]
Seems like most of the acre is the hill, so I doubt they have to take care of that part.

[sdrealtor]

correct, about 1/2 or more of the acre is dedicated openspace that you can touch

[sdrealtor]

correct, about 1/2 or more of the acre is dedicated openspace that you can touch

[sdrealtor]

correct, about 1/2 or more of the acre is dedicated openspace that you can touch

[sdrealtor]

correct, about 1/2 or more of the acre is dedicated openspace that you can touch

[sdrealtor]

correct, about 1/2 or more of the acre is dedicated openspace that you can touch

[pemeliza]

Prices dipped after 9/11. There were some good deals for about 6 months after. So I would say it is an early 2001 price or even late 2000 price.

As far as the acre lots, some of that was sales hype but the benefit is that the views are protected. Usually the sloped areas are made common areas but in this case they were included in the building lots.

I remember when Pacific Crest and the neighboring Centex development Crestview were built. Top of the line view neighborhoods with 200k landscapes the norm. Big money, exclusive, and extremely low density. It is shocking to see these type of houses firmly under 1.4M. This can’t be good for the Bay Collection and Encinitas Ranch. Some of those houses sold for 2M from the builder and they are not near this prestige level.

Another factor to consider is the mello roos. While ER has 4k+ a year these houses in Pacific Crest have only $800 a year. Crestview has none. Big time bargains here IMHO.

[pemeliza]

Prices dipped after 9/11. There were some good deals for about 6 months after. So I would say it is an early 2001 price or even late 2000 price.

As far as the acre lots, some of that was sales hype but the benefit is that the views are protected. Usually the sloped areas are made common areas but in this case they were included in the building lots.

I remember when Pacific Crest and the neighboring Centex development Crestview were built. Top of the line view neighborhoods with 200k landscapes the norm. Big money, exclusive, and extremely low density. It is shocking to see these type of houses firmly under 1.4M. This can’t be good for the Bay Collection and Encinitas Ranch. Some of those houses sold for 2M from the builder and they are not near this prestige level.

Another factor to consider is the mello roos. While ER has 4k+ a year these houses in Pacific Crest have only $800 a year. Crestview has none. Big time bargains here IMHO.

[pemeliza]

Prices dipped after 9/11. There were some good deals for about 6 months after. So I would say it is an early 2001 price or even late 2000 price.

As far as the acre lots, some of that was sales hype but the benefit is that the views are protected. Usually the sloped areas are made common areas but in this case they were included in the building lots.

I remember when Pacific Crest and the neighboring Centex development Crestview were built. Top of the line view neighborhoods with 200k landscapes the norm. Big money, exclusive, and extremely low density. It is shocking to see these type of houses firmly under 1.4M. This can’t be good for the Bay Collection and Encinitas Ranch. Some of those houses sold for 2M from the builder and they are not near this prestige level.

Another factor to consider is the mello roos. While ER has 4k+ a year these houses in Pacific Crest have only $800 a year. Crestview has none. Big time bargains here IMHO.

[pemeliza]

Prices dipped after 9/11. There were some good deals for about 6 months after. So I would say it is an early 2001 price or even late 2000 price.

As far as the acre lots, some of that was sales hype but the benefit is that the views are protected. Usually the sloped areas are made common areas but in this case they were included in the building lots.

I remember when Pacific Crest and the neighboring Centex development Crestview were built. Top of the line view neighborhoods with 200k landscapes the norm. Big money, exclusive, and extremely low density. It is shocking to see these type of houses firmly under 1.4M. This can’t be good for the Bay Collection and Encinitas Ranch. Some of those houses sold for 2M from the builder and they are not near this prestige level.

Another factor to consider is the mello roos. While ER has 4k+ a year these houses in Pacific Crest have only $800 a year. Crestview has none. Big time bargains here IMHO.

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