- This topic has 827 replies, 38 voices, and was last updated 5 months, 2 weeks ago by
sdrealtor.
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April 15, 2022 at 11:24 AM #825083April 15, 2022 at 1:51 PM #825085
sdrealtor
Participant[quote=matt]I own a rental on this street in La costa oaks. At the end of the street are power lines. Yet this one sold for 3.1m (700k over asking). Insane.
While houses like that generally go about 2.5ish that one had a huge nearly 1/2 acre lot with pool and entertainers yard. That and views are what gets the extra 500K of juice
April 16, 2022 at 9:32 AM #825090limkotir
Participant[quote=matt]I own a rental on this street in La costa oaks. At the end of the street are power lines. Yet this one sold for 3.1m (700k over asking). Insane.
This home is around 500 feet away from the power lines, so I think it wouldn’t affect its value too much; although some buyers may pause and back off. Insane large lot size!!
Having said that, in a much more normal market, all other variables being equal, how much would an exact house close to the power lines (say within 100 feet) be worth less, versus one that is not? 5%? 10%? 20%
Zillow and Redfin do not seem to “discount” the power line factor too much, so does that mean there will be less buyers / offers instead? Aka, just takes more time to sell that type of home.
April 16, 2022 at 11:23 AM #825092ParticipantIn a more typical market a house under not close to powerlines or backing to a busy street will discount 5 to 10%. A house this close would not but might take a few more buyers to see it to get a buyer that isn’t bothered looking at them down the street.
A lot that big can easily command a 10 to 20% premium in any market. After all most of what you are buying here is land value and more land is more value.
Zillow and Redfin valuations cannot account for things like powerlines with their algorithms. Perhaps someday they will but right now the answer is they dont. The only way they could is a house one or two away sold in the same situation in which the valuation of the subject house would impacted by that comp.
April 16, 2022 at 11:05 PM #825094matt
ParticipantThis house has no views (below the main La costa oaks hill) and most of the lot is the back slope and not really usable. Power lines definitely visible and only about 5 houses away. 3.1M. Just saying.
April 17, 2022 at 7:34 PM #825095ParticipantSo here’s your comp. I’ve been in both and know em both very well
This one still has 2006 Tuscan decor which is a dated look, lot under 10k but all usable and pretty much nothing in the backyard and no view
The one on your street is actually 8 houses away from power line and pretty much no impact that far. It’s been updated to have current look and even with slope about 15k of lot is flat and usable which is pretty rare in these parts. It has a pool/spa /swim up bar and lots of nice outdoor space. The updating inside and big yard with pool gets you the extra 500kish. Not saying it’s not a crazy price but it’s just how things have been going.
FWIW I have a client at top of neighborhood with big yard, pool, swim up bar and ocean view. He’s been asking and I’ve been saying conservatively he was over $3m. When that one closed I sent it to him and said welcome to $3m club no questions asked anymore
April 18, 2022 at 9:36 AM #825097ParticipantYep – he’s definitely in the 3m club. When I bought in 2010 I tried hard to close on a view home in the community but just couldn’t get one of those short sales to close. Ended up buying on Lima for 900k. Has been rented since.
April 18, 2022 at 9:38 AM #825096
CoronitaParticipant.
April 18, 2022 at 9:50 AM #825099Participant[quote=matt]Yep – he’s definitely in the 3m club. When I bought in 2010 I tried hard to close on a view home in the community but just couldn’t get one of those short sales to close. Ended up buying on Lima for 900k. Has been rented since.[/quote]
I have a friend on your street. Haven’t seen him in years though. Name is Vince
April 18, 2022 at 11:54 AM #825098CoronitaParticipantLot’s of people in north county nextdoor are pissed about housing
[img_assist|nid=27620|title=|desc=|link=node|align=left|width=500|height=]
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[img_assist|nid=27624|title=nd5|desc=|link=node|align=left|width=500]
Guy even offered to throw in his tesla //
April 18, 2022 at 12:56 PM #825102ParticipantOh wow, thanks for the insight.
Judging by the participants’ Nextdoor neighborhoods they are indexed to, folks complaining are in zip 92130 Carmel Valley, but with folks chiming in from Mira Mesa and the even more affluent beach communities.
For CV, I suspect it gets that extra oomph of demand due to the upper middle class families that try to push their kids into the best schools as possible, especially among certain groups of minorities from the other side of the globe. Truth to be told, I think most “starting” families aren’t in position looking at CV as their SFH these days at current price point and 5% interest rate for 30Y fixed loan, for that, join the rest of us and look in 92126, 92123, and south bay and way northern county zips that are still closer to the $1M range!! It’s a feasting frenzy.
On a side note, few replies ago, we were talking about that gorgeous Carlsbad home 5 houses away from power lines. Take a look at the below SFH in CV, powerlines are behind the backyard (50 feet away from property line?) — Redfin calculated if this home is sold for $2M, the monthly payment at 5% 30Y fixed mortgage, HOA, insurance and Prop Taxes (I used 1.09%) is around a cool ~$10,500 a month.
https://www.redfin.com/CA/San-Diego/11244-Laurelcrest-Dr-92130/home/22651174
But will it sell for $2M, over and under? Place your bets!!!
April 18, 2022 at 12:58 PM #825100Participantdupe post
April 18, 2022 at 12:58 PM #825101Participantdupe post
April 18, 2022 at 2:37 PM #825103CoronitaParticipant[quote=limkotir]Oh wow, thanks for the insight.
Judging by the participants’ Nextdoor neighborhoods they are indexed to, folks complaining are in zip 92130 Carmel Valley, but with folks chiming in from Mira Mesa and the even more affluent beach communities.
For CV, I suspect it gets that extra oomph of demand due to the upper middle class families that try to push their kids into the best schools as possible, especially among certain groups of minorities from the other side of the globe. Truth to be told, I think most “starting” families aren’t in position looking at CV as their SFH these days at current price point and 5% interest rate for 30Y fixed loan, for that, join the rest of us and look in 92126, 92123, and south bay and way northern county zips that are still closer to the $1M range!! It’s a feasting frenzy.
On a side note, few replies ago, we were talking about that gorgeous Carlsbad home 5 houses away from power lines. Take a look at the below SFH in CV, powerlines are behind the backyard (50 feet away from property line?) — Redfin calculated if this home is sold for $2M, the monthly payment at 5% 30Y fixed mortgage, HOA, insurance and Prop Taxes (I used 1.09%) is around a cool ~$10,500 a month.
https://www.redfin.com/CA/San-Diego/11244-Laurelcrest-Dr-92130/home/22651174
But will it sell for $2M, over and under? Place your bets!!![/quote]
Probably around that or more…
It has access to Sage Canyon Elementary and or Ocean Air, and lots of people don’t care about power lines (I do)…
April 19, 2022 at 7:52 PM #825126ParticipantWell its seems for now the winds of change I felt last week were merely a brief Santa Ana condition. Demand came roaring back this week
New listings 14 (16) – way back down likely due to tax season
New Pendings of 24 (39) – bounced back up but well below last year with limited choices. Call it part tax season slow down and part higher prices but we should be seeing 30+ soon as long as we get the inventory. We’ll know soon
Thats -10
Closed sales at 25 –
Total houses for sale 41 (49) with median of $2.625M ($2.1M)
When I look at active inventory its just skewed too much to big high end properties and not enough 3 to 4 BR homes between 1500 and 3000 sq ft. When I take out the beach properties and big lot redevelopment potential listings there are only about 10 so still pretty slim pickings for most.
A lot of them and others are listed at crazy prices pushing the comps which seems to be a recipe to sit. The key is to list at attractive price, gets tons of traffic through and let the buyers sort out market value.
I still think the market has begun shifting but its looking like we should have another 2-3 strong months at the least.
One thing that does stand out to me having gone through all the listings this year. I am seeing some truly special properties change hands. Great homes, great lots, great locations and more that have been owned for decades are turning over at rates Ive not seen before. A lot is due to the fact people that have been here 40 to 50 years are now aging out but damn Ive seen some homes Id love to live in come up which is not the norm. The newcomers are getting some great places albeit at high prices
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