North County Coastal monitor

[DaCounselor]

[quote=ncsd760]The prices of condos/attached homes/zero lot line in the area astound me. Is it possible that the lower-end inventory — and I mean *relatively* since these units are closing in on 1mm and above in some cases — hold their ground more than the 4000sf tract homes? I can see demand for a 6 bedroom waning more than I can for a reasonable priced, low-maintenance attached home but also I’m not a realtor/broker and am just running off anecdotes.

For example, something in Summer Hill encinitas or Sea Point Tennis seems like it will be solid longer term even if we have “peaked”, no?[/quote]

Looking at attached vs. detached devaluation during the last crash may provide some insight as to which will fare better if this thing comes off the rails.

[sdrealtor]

I can look into it but kinda recall and some things are different now.

There is only one Summerhill and not much similar. They are also older and more prone to some long term owners. Generally speaking I think they held up better. I think the under 3K sf LCV homes did also as there arent many of those either in newer homes. Once LCV was built pretty much everything after was 3500 sf and bigger. There is a ton more of that. Those were also built at peak and likely had more upside and levered owners last time around.

This time around SH and newer homes (built in last 2 decades) of smaller sizes are still in shorter supply. But the bigger homes are now a decade or more old. Original owners have huge equity, massive potential cap gains taxes and should be in low rate loans giving them more staying power and incentive to stay this time than last. With that said in tighter times people tend to buy more what they need than what they want thus the lower end should do better

[ncsd760]

2.57 to 3.1 in less than a year feels a little arbitrary now, doesn’t it? https://www.redfin.com/CA/Encinitas/209-Coral-Cove-Way-92024/home/22420675

[sdrealtor]

[quote=ncsd760]2.57 to 3.1 in less than a year feels a little arbitrary now, doesn’t it? https://www.redfin.com/CA/Encinitas/209-Coral-Cove-Way-92024/home/22420675%5B/quote%5D

That’s about what the market had done. We’ll see if it sticks?

[matt]

Do you think we will ever see shacks west of 5 but east of Vulcan (Encinitas highlands area) with those larger lots back in the 1.5m range? There were few 3-4 years ago in the 1.25-5 range and I always regretted not picking one up.

[matt]

Do you think we will ever see shacks west of 5 but east of Vulcan (Encinitas highlands area) with those larger lots back in the 1.5m range? There were few 3-4 years ago in the 1.25-5 range and I always regretted not picking one up.

[matt]

At the time I bought this for $800k in San Jose Del Cabo and put another $250k in to renovate and build out the terraced gardens below the pool. Prices and bookings have been on fire but I sense that is also coming to an end due to ticket prices, the economy, and the disastrous Airbnb summer release.

I share the listing not to promote it but to give you a sense of what is / was possible south of the border.

https://www.airbnb.com/h/haciendadelmar

[sdrealtor]

I think it’s gonna be tough to get back there but a few reasons but won’t say impossible. The ones recently sold are being converted into high end modern homes selling in the millions which sets floors. With sb9 any lot can be split and effectively any lot can be a duplex or triplex. Any dump on a big lot could become 6 units and where is that any more likely to happen than a quintessential cute beach town?

[matt]

I agree – probably wishful thinking. Properties do seem to be sitting a lot longer in the Encinitas downtown area though.

[DaCounselor]

https://www.zillow.com/homedetails/2801-…

Looks like the Jacaranda house is re-listed for $1.1 with no takers at $1.35. Terrible location, floorplan and finishes. What is this one pre-pandemic – $850K?

[DaCounselor]

https://www.zillow.com/homedetails/7917-…

Also just noticed the Nueves house must have sold, wonder what he got after just paying $1.8 for it last month.

Also have seen two houses in Santa Fe Trails at around $1.6 mil for 2K sq. ft. just sitting. Not a fan of that neighborhood personally.

The big bomber on Corte Morero in LCV closed at $3.05 mil, looks pretty nice, but $3 mil in LCV, seems like yesterday i was trying to wrap my head around $2 mil there, oh well what’s an xtra mil LOL.

[matt]

3m in LCV is certainly hard to fathom. I don’t see that happening again in at least the next 2 years.

[sdrealtor]

[quote=DaCounselor]https://www.zillow.com/homedetails/7917-…

Also just noticed the Nueves house must have sold, wonder what he got after just paying $1.8 for it last month.

Also have seen two houses in Santa Fe Trails at around $1.6 mil for 2K sq. ft. just sitting. Not a fan of that neighborhood personally.

The big bomber on Corte Morero in LCV closed at $3.05 mil, looks pretty nice, but $3 mil in LCV, seems like yesterday i was trying to wrap my head around $2 mil there, oh well what’s an xtra mil LOL.[/quote]

Im guessing whatever they could but we’ll find out.

I think you mean SF Ridge not SF Trails. The issue with SFR is they are very 1980’s floorplans and there really isnt much flexibility to alter them. One is the 2 story 3BR which usually takes a little more time to sell. They are very much entry level homes for the size and area but pretty much are what they are. THe Ponderosa homes next door though older have more flexibility to alter the floorplans.

[sdrealtor]

x

[sdrealtor]

[quote=matt]3m in LCV is certainly hard to fathom. I don’t see that happening again in at least the next 2 years.[/quote]

I wouldnt make that bet. Camino Serbal was much nicer and went a couple weeks earlier though longer escrow. It will be a bit of an upset if it doesnt go for more though someone who lost out on it may have gone all in on Morera after that defeat

FWIW generally speaking LCV has the best location, lots, amenities and friendliest community feel of the 4 Villages of La Costa neighborhoods but the oldest homes. Like for like they have always traded at a nice premium to the Oaks, Ridge and Greens

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