North County Coastal monitor

[sdrealtor]

[quote=ncsd760]150k over asking. Front and back landscaping (and upgrades) were nothing crazy except for the kitchen where they swapped the fridge with the pantry though the lot is one of the better ones on the rim. There are ones facing due west with an even bigger and clearer view that I’m sure can go for 2mm+ now.

I think this is a record sale for that section of LCO.

https://www.redfin.com/CA/Carlsbad/7095-Sitio-Caliente-92009/home/22420814%5B/quote%5D

Know it well. Sold house next door twice (new and resale) and two a few doors down in each direction. Was actually there last night drinking wine with my clients that are now dear friends talking about it as those folks were packing up. This one actually had the entire kitchen redone, all new everything. I think they rushed it out and couldve gotten a little more. Not a great lot for one on the rim but still a good number for small lot and no pool which the prime view ones have. Agree some would go well over $2M now

[profhoff]

sdrealtor, what do you mean “they rushed it out and couldve gotten a little more?”

[sdrealtor]

will answer via PM

[profhoff]

Seems high to me. I’m no expert, but listing at $2.4m feels like it’s pushing it for a dated little house on a nice flat lot with no view. Plus, the buyer’s commission is only 2% – isn’t it usually 2.5%?

https://www.redfin.com/CA/Encinitas/835-San-Dieguito-Dr-92024/home/4118374

[sdrealtor]

Almost 10K sq ft lot. You can do a lot with that much usable land and its a great street. My next door neighbor’s family has been here for generations. Her brother got grandma’s house in Encinitas Highlands about 20 years ago. Finally knocked it down 5 years ago and built himself a killer place.

Even on east side of the street you could get a nice view from upstairs and roof top deck. Market will sort it out

[profhoff]

sdrealtor – this looks like some kind of record for a listing price, yes? An even $12m in the heart of downtown, steps to the beach, views. I don’t think I’ve seen much , if anything, on Neptune at this price point.
https://www.redfin.com/CA/Encinitas/225-4th-St-92024/home/4113563?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

[sdrealtor]

If it’s the one I think, a friend/client rented out while his home was getting remediated and remodeled after a flood. Does look aggressive and a high mark but I’d have to check. The highest I remember is the acre oceanfront estate on 4th st a few years but with all the spec homes I’m sure that’s been passed. I don’t really follow that market

[sdrealtor]

So not arecord. Two houses on Neptune were listed for $23.5M as a package. One was sold separately for 8.5M and other still in hands of owner/builder. The record sale was the concrete monstrosity aka Crescent House that was listed for $13M and closed for $11.1M.

The price on this one seems silly to me.

[sdrealtor]

Update time

New listings 34 – finally seeing some surge in new listings

New Pendings of 41 – buyers surging too!

Thats a -7 for the week.

Closed sales at 31 –

Price reductions at 7

Total houses for sale 57 with median of $1.9M.

A few anecdotes. Just heard another neighbor is moving. They have a house full of kids and no family. These prices make a triumphant return to the Midwest close to family with a lot of cash in ones pocket look more and more appealing. This is a phenomena I saw a lot of in 03 and 04. My kids and I lost lots of good friends who took the money anbd moved back home. Not my favorite trend but it is what it is.

When I look at for sale inventory in Encinitas over the years, it has traditionally been skewed toward the bread and butter family neighborhoods along the El Camino Real. Not anymore and homes there are getting harder and harder to come by. What I see is 70 to 80% of the inventory in Leucadia, West of the 5 and neighborhoods just east of the 5. These are the neighborhoods dominated by oldtimers and I have never seen so many cashing out. I think some could be the impending prop 19 impact but just as much this area continues to change fundamentally and very quickly as I predicted it would 15 years ago. Wealth is pouring in and old time locals arent loving that. The community character is changing dramatically. Welcome to NewPorsche Beach – San Diego edition

[ncsd760]

I am hearing lots of murmurs of sales myself…

We were original North LCO owners….many people cashing out now who can double their investment even on no-canyon-rim. Anecdotally there are a lot of people who bought new or newer homes here in the late 90’s or early to mid 00s for their “young” families…now the kids are moved out or at least in college and mom and dad want to be closer to the beach (or on one floor) and the prices make it worth it.

[sdrealtor]

I am firmly in that demographic as an orginal LCV guy approaching 4X. Between capital gains, liking where I am and hating to move I’ll probably be here for the duration. That is unless there is a downturn and something gets built new and right sized for me that makes sense. In that case, Id consider renting this out and picking up another. Im not counting on it.

[The-Shoveler]

IMO commuting no longer an issue for a lot of people (WFH is looking more and more like a permanent thing at least in my company).

If Old-timers (even those still in working years say 40-50’s) can find say a single Level close by maybe a little inland they may look to cash out.

Just a thought.

LOL “Welcome to NewPorsche Beach – San Diego edition”
I was at an open house in that area about a year or so ago (pre-covid), sales lady asked what I did for a living.
Her reaction was hysterical to me, “Oh you’re just an engineer”

LOL I was thinking nice hood, but not that nice.

[sdrealtor]

Just an FYI, in about 20 years of selling real estate I have yet to attend a networking event where somebody didn’t stand up, and ask if anyone had a nice one story house coming up for sale with a view. That is and always will be the most in demand and coveted thing along the coast. I sold one in one of the most coveted neighborhoods for them on the coast, Spinnaker Hills. It was near the bottom and there were still multiple offers on the house. We had a six-figure appraisal shortfall. I told my friend I was worried and he said this is my forever home I don’t care I’m going to be here forever. Over the next 10 years he went through two additions and remodels. It is now spectacular and I can’t even begin to say how right he was with what he did.

[Andrew32]

No view but a friend’s 1-story Encinitas home just went for above asking.

https://www.zillow.com/homedetails/1080-Balour-Dr-Encinitas-CA-92024/16720405_zpid/?

2 years and +$300k with no $ put into the home. It was purchased renovated as a flip (check the 2018 sale price).

[gzz]

A32, that back yard looks great.

The bathroom looks good too, except those tiny ugly mirrors where there should be a nice modern medicine cabinet.

[Author]

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