Upper MId to Lower High End Market in NCC

[sdrealtor]

Just thought I’d share an experience from the field. An REO popped up in my submarket at $1M. My estimate of value on it is somewhere between $1M and $1.2M. One of my clients submitted an offer on it. I just spoke to the listing agent and we were the 16TH offer in. There are more on the way and several are well over asking price. That pretty much sums up the demand for nice well priced homes around here. Looks like plenty of demand to me out there. I just dont see a squish down coming from above as the nice ones just need to be priced a little below market to attract an onslaught of offers. There are lots of people out there with income and assets who are poised to move up. Far more than the available and even potentially available inventory.

[zk]

A bank owned house in Carmel Valley (Great Meadow Drive) sold recently at near-peak pricing. They were asking 994.5k, which was less than what it was worth. It sold for $1.18m, which was, I think, somewhat more than it was worth. If I had to guess, I’d say the second-highest offer may have been 100k or more less than the highest offer. So there are definitely still people out there who will pay an awful lot for a nice house (it was a nice house). Too much, even.

[zk]

A bank owned house in Carmel Valley (Great Meadow Drive) sold recently at near-peak pricing. They were asking 994.5k, which was less than what it was worth. It sold for $1.18m, which was, I think, somewhat more than it was worth. If I had to guess, I’d say the second-highest offer may have been 100k or more less than the highest offer. So there are definitely still people out there who will pay an awful lot for a nice house (it was a nice house). Too much, even.

[zk]

A bank owned house in Carmel Valley (Great Meadow Drive) sold recently at near-peak pricing. They were asking 994.5k, which was less than what it was worth. It sold for $1.18m, which was, I think, somewhat more than it was worth. If I had to guess, I’d say the second-highest offer may have been 100k or more less than the highest offer. So there are definitely still people out there who will pay an awful lot for a nice house (it was a nice house). Too much, even.

[zk]

A bank owned house in Carmel Valley (Great Meadow Drive) sold recently at near-peak pricing. They were asking 994.5k, which was less than what it was worth. It sold for $1.18m, which was, I think, somewhat more than it was worth. If I had to guess, I’d say the second-highest offer may have been 100k or more less than the highest offer. So there are definitely still people out there who will pay an awful lot for a nice house (it was a nice house). Too much, even.

[zk]

A bank owned house in Carmel Valley (Great Meadow Drive) sold recently at near-peak pricing. They were asking 994.5k, which was less than what it was worth. It sold for $1.18m, which was, I think, somewhat more than it was worth. If I had to guess, I’d say the second-highest offer may have been 100k or more less than the highest offer. So there are definitely still people out there who will pay an awful lot for a nice house (it was a nice house). Too much, even.

[Anonymous]

Seriously, how many people have the income to purchase a 1 million dollar house.. now that you actually need significant downpayment and proof of income to get a loan..

[Anonymous]

Seriously, how many people have the income to purchase a 1 million dollar house.. now that you actually need significant downpayment and proof of income to get a loan..

[Anonymous]

Seriously, how many people have the income to purchase a 1 million dollar house.. now that you actually need significant downpayment and proof of income to get a loan..

[Anonymous]

Seriously, how many people have the income to purchase a 1 million dollar house.. now that you actually need significant downpayment and proof of income to get a loan..

[Anonymous]

Seriously, how many people have the income to purchase a 1 million dollar house.. now that you actually need significant downpayment and proof of income to get a loan..

[sdrealtor]

Alot more than you think. I was blown away by the interest level. I figured 3 to 5 offers. They must have gotten 20 in a weekend. I figure most were at, above or close to asking price. I also figure most if not all were taking loans on $697K or less telling me there are a sh*tload of people walking around with $300K or more looking for a nice house and this one was nice but hardly spectacular or a spectacular deal.

[sdrealtor]

Alot more than you think. I was blown away by the interest level. I figured 3 to 5 offers. They must have gotten 20 in a weekend. I figure most were at, above or close to asking price. I also figure most if not all were taking loans on $697K or less telling me there are a sh*tload of people walking around with $300K or more looking for a nice house and this one was nice but hardly spectacular or a spectacular deal.

[sdrealtor]

Alot more than you think. I was blown away by the interest level. I figured 3 to 5 offers. They must have gotten 20 in a weekend. I figure most were at, above or close to asking price. I also figure most if not all were taking loans on $697K or less telling me there are a sh*tload of people walking around with $300K or more looking for a nice house and this one was nice but hardly spectacular or a spectacular deal.

[sdrealtor]

Alot more than you think. I was blown away by the interest level. I figured 3 to 5 offers. They must have gotten 20 in a weekend. I figure most were at, above or close to asking price. I also figure most if not all were taking loans on $697K or less telling me there are a sh*tload of people walking around with $300K or more looking for a nice house and this one was nice but hardly spectacular or a spectacular deal.

[Author]

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