Upper MId to Lower High End Market in NCC

[CA renter]

[quote=sdrealtor]CAR
Just curious as to what you think a fair market price for the Parkwood house should have been. I expect that as conservative a buyer as you are, there are likely plenty others who would pay more but think a price you would pay really speaks to a bottomline value for a house like that. Of course you would love to pay that or less but what would you have been willing to pay for that house?

sdr

P.S. Unfortunately the market doesnt always get a chance to speak its mind and this was one of those cases.[/quote]

sdr,

With the limited knowledge I had about that property (structural problems, etc.), it’s hard to say for sure; but if there was very little structural work to be done, we probably would have paid up to $650K.

One thing I have to say, though…believe it or not, we *are* willing to pay a premium for the right location/lot/layout, so our price might not be a true “bottom” price.

We have enough money to do some major repairs or to do some adding-on, etc. Because of this, we might be willing to pay a bit more for a fixer than a flipper would (maybe). Also, because we don’t need to finance upgrades or repairs (which is what buyers do when they pay a premium to flippers), we are very open to fixers with the right location/lot — a good layout is icing on the cake. In other words, our price would probably lie somewhere between what a flipper would pay (only for the right location/lot), and what another end-user — without the means to fix it up — might pay.

[sdrealtor]

Got it and just to clarify when referring to a bottom it was in regards to end users only not flippers. I was thinking 650 to 700K for that myself so we seem to be of similar minds on it.

[sdrealtor]

Got it and just to clarify when referring to a bottom it was in regards to end users only not flippers. I was thinking 650 to 700K for that myself so we seem to be of similar minds on it.

[sdrealtor]

Got it and just to clarify when referring to a bottom it was in regards to end users only not flippers. I was thinking 650 to 700K for that myself so we seem to be of similar minds on it.

[sdrealtor]

Got it and just to clarify when referring to a bottom it was in regards to end users only not flippers. I was thinking 650 to 700K for that myself so we seem to be of similar minds on it.

[sdrealtor]

Got it and just to clarify when referring to a bottom it was in regards to end users only not flippers. I was thinking 650 to 700K for that myself so we seem to be of similar minds on it.

[CA renter]

[quote=CA renter]sdr,

This is the one I was thinking of.

http://www.sdlookup.com/MLS-090069499-677_Camino_De_Orchidia_Encinitas_CA_92024

It sold for $1.1MM in 2002, and the price just dropped to $1MM, and it went contingent.

I’ve seen homes in the $1MM+ range that are priced around 2000/2001 levels. It’s no surprise these would sell.

In the meantime, it looks like close to half of the SFHs in Encinitas (??didn’t count exact numbers??) are listed for $900K and up. Many of these homes have been sitting for a long, long time. While some homes do sell, I’m not seeing nearly the demand you are for these properties.

What *is* strong is the $500K-$750K market. If a decent home is priced in this range, it goes quickly.[/quote]

Just wanted to point out yet another one. Now, I’m sure there were some issues with the house for it to sell for such a relatively low price, but…it’s another large custom with a *real* ocean view (not standing on the toilet in the second story bathroom).

Sold 7/11/2002 for $1,325,000

sold 9/15/2010 for $1,000,000

Almost 25% below its 2002 price!

This is what I, as a buyer, am seeing — and it’s more common than some might think. When these true million-dollar homes (large customs on large lots with ocean views) are going for 2000-2002 prices, it seems to me that the level beneath them (large tract homes on small lots) will be crushed at some point…and the rest will follow.

Maybe we’re unusual because we like the older, custom homes on large lots with no HOAs or Mello-Roos, but I have a hard time believing that these higher-end homes moving into this range won’t affect the tiers beneath them. I could be wrong, though.

[CA renter]

[quote=CA renter]sdr,

This is the one I was thinking of.

http://www.sdlookup.com/MLS-090069499-677_Camino_De_Orchidia_Encinitas_CA_92024

It sold for $1.1MM in 2002, and the price just dropped to $1MM, and it went contingent.

I’ve seen homes in the $1MM+ range that are priced around 2000/2001 levels. It’s no surprise these would sell.

In the meantime, it looks like close to half of the SFHs in Encinitas (??didn’t count exact numbers??) are listed for $900K and up. Many of these homes have been sitting for a long, long time. While some homes do sell, I’m not seeing nearly the demand you are for these properties.

What *is* strong is the $500K-$750K market. If a decent home is priced in this range, it goes quickly.[/quote]

Just wanted to point out yet another one. Now, I’m sure there were some issues with the house for it to sell for such a relatively low price, but…it’s another large custom with a *real* ocean view (not standing on the toilet in the second story bathroom).

Sold 7/11/2002 for $1,325,000

sold 9/15/2010 for $1,000,000

Almost 25% below its 2002 price!

This is what I, as a buyer, am seeing — and it’s more common than some might think. When these true million-dollar homes (large customs on large lots with ocean views) are going for 2000-2002 prices, it seems to me that the level beneath them (large tract homes on small lots) will be crushed at some point…and the rest will follow.

Maybe we’re unusual because we like the older, custom homes on large lots with no HOAs or Mello-Roos, but I have a hard time believing that these higher-end homes moving into this range won’t affect the tiers beneath them. I could be wrong, though.

[CA renter]

[quote=CA renter]sdr,

This is the one I was thinking of.

http://www.sdlookup.com/MLS-090069499-677_Camino_De_Orchidia_Encinitas_CA_92024

It sold for $1.1MM in 2002, and the price just dropped to $1MM, and it went contingent.

I’ve seen homes in the $1MM+ range that are priced around 2000/2001 levels. It’s no surprise these would sell.

In the meantime, it looks like close to half of the SFHs in Encinitas (??didn’t count exact numbers??) are listed for $900K and up. Many of these homes have been sitting for a long, long time. While some homes do sell, I’m not seeing nearly the demand you are for these properties.

What *is* strong is the $500K-$750K market. If a decent home is priced in this range, it goes quickly.[/quote]

Just wanted to point out yet another one. Now, I’m sure there were some issues with the house for it to sell for such a relatively low price, but…it’s another large custom with a *real* ocean view (not standing on the toilet in the second story bathroom).

Sold 7/11/2002 for $1,325,000

sold 9/15/2010 for $1,000,000

Almost 25% below its 2002 price!

This is what I, as a buyer, am seeing — and it’s more common than some might think. When these true million-dollar homes (large customs on large lots with ocean views) are going for 2000-2002 prices, it seems to me that the level beneath them (large tract homes on small lots) will be crushed at some point…and the rest will follow.

Maybe we’re unusual because we like the older, custom homes on large lots with no HOAs or Mello-Roos, but I have a hard time believing that these higher-end homes moving into this range won’t affect the tiers beneath them. I could be wrong, though.

[CA renter]

[quote=CA renter]sdr,

This is the one I was thinking of.

http://www.sdlookup.com/MLS-090069499-677_Camino_De_Orchidia_Encinitas_CA_92024

It sold for $1.1MM in 2002, and the price just dropped to $1MM, and it went contingent.

I’ve seen homes in the $1MM+ range that are priced around 2000/2001 levels. It’s no surprise these would sell.

In the meantime, it looks like close to half of the SFHs in Encinitas (??didn’t count exact numbers??) are listed for $900K and up. Many of these homes have been sitting for a long, long time. While some homes do sell, I’m not seeing nearly the demand you are for these properties.

What *is* strong is the $500K-$750K market. If a decent home is priced in this range, it goes quickly.[/quote]

Just wanted to point out yet another one. Now, I’m sure there were some issues with the house for it to sell for such a relatively low price, but…it’s another large custom with a *real* ocean view (not standing on the toilet in the second story bathroom).

Sold 7/11/2002 for $1,325,000

sold 9/15/2010 for $1,000,000

Almost 25% below its 2002 price!

This is what I, as a buyer, am seeing — and it’s more common than some might think. When these true million-dollar homes (large customs on large lots with ocean views) are going for 2000-2002 prices, it seems to me that the level beneath them (large tract homes on small lots) will be crushed at some point…and the rest will follow.

Maybe we’re unusual because we like the older, custom homes on large lots with no HOAs or Mello-Roos, but I have a hard time believing that these higher-end homes moving into this range won’t affect the tiers beneath them. I could be wrong, though.

[CA renter]

[quote=CA renter]sdr,

This is the one I was thinking of.

http://www.sdlookup.com/MLS-090069499-677_Camino_De_Orchidia_Encinitas_CA_92024

It sold for $1.1MM in 2002, and the price just dropped to $1MM, and it went contingent.

I’ve seen homes in the $1MM+ range that are priced around 2000/2001 levels. It’s no surprise these would sell.

In the meantime, it looks like close to half of the SFHs in Encinitas (??didn’t count exact numbers??) are listed for $900K and up. Many of these homes have been sitting for a long, long time. While some homes do sell, I’m not seeing nearly the demand you are for these properties.

What *is* strong is the $500K-$750K market. If a decent home is priced in this range, it goes quickly.[/quote]

Just wanted to point out yet another one. Now, I’m sure there were some issues with the house for it to sell for such a relatively low price, but…it’s another large custom with a *real* ocean view (not standing on the toilet in the second story bathroom).

Sold 7/11/2002 for $1,325,000

sold 9/15/2010 for $1,000,000

Almost 25% below its 2002 price!

This is what I, as a buyer, am seeing — and it’s more common than some might think. When these true million-dollar homes (large customs on large lots with ocean views) are going for 2000-2002 prices, it seems to me that the level beneath them (large tract homes on small lots) will be crushed at some point…and the rest will follow.

Maybe we’re unusual because we like the older, custom homes on large lots with no HOAs or Mello-Roos, but I have a hard time believing that these higher-end homes moving into this range won’t affect the tiers beneath them. I could be wrong, though.

[pemeliza]

Even though you didn’t mention the listing I knew exactly which one you were talking about immmediately.

http://www.sdlookup.com/MLS-100019830-7143_Babilonia_St_Carlsbad_CA_92009

I tell you what CAR, the short sale on Obelisco Pl that went low seems to have crushed this area of La Costa:

http://www.zillow.com/homedetails/2637-Obelisco-Pl-Carlsbad-CA-92009/16656942_zpid/

This shows what a couple of distressed properties can do to a local submarket. That sale price of 1M is unquestionably a 2000 price. I was looking in the area during that time. The power line and school district hurt the value but that was a great deal IMHO. That is my favorite part of La Costa because as you said those are true custom ocean view estates.

We put a strong bid on this REO but got outbid by a wide margin:

http://www.zillow.com/homedetails/2618-Obelisco-Pl-Carlsbad-CA-92009/16656946_zpid/

Looking at the direction that neighborhood is headed, it is a good thing we didn’t get the house.

Save your ammo CAR. Things seem to be going your way.

[pemeliza]

Even though you didn’t mention the listing I knew exactly which one you were talking about immmediately.

http://www.sdlookup.com/MLS-100019830-7143_Babilonia_St_Carlsbad_CA_92009

I tell you what CAR, the short sale on Obelisco Pl that went low seems to have crushed this area of La Costa:

http://www.zillow.com/homedetails/2637-Obelisco-Pl-Carlsbad-CA-92009/16656942_zpid/

This shows what a couple of distressed properties can do to a local submarket. That sale price of 1M is unquestionably a 2000 price. I was looking in the area during that time. The power line and school district hurt the value but that was a great deal IMHO. That is my favorite part of La Costa because as you said those are true custom ocean view estates.

We put a strong bid on this REO but got outbid by a wide margin:

http://www.zillow.com/homedetails/2618-Obelisco-Pl-Carlsbad-CA-92009/16656946_zpid/

Looking at the direction that neighborhood is headed, it is a good thing we didn’t get the house.

Save your ammo CAR. Things seem to be going your way.

[pemeliza]

Even though you didn’t mention the listing I knew exactly which one you were talking about immmediately.

http://www.sdlookup.com/MLS-100019830-7143_Babilonia_St_Carlsbad_CA_92009

I tell you what CAR, the short sale on Obelisco Pl that went low seems to have crushed this area of La Costa:

http://www.zillow.com/homedetails/2637-Obelisco-Pl-Carlsbad-CA-92009/16656942_zpid/

This shows what a couple of distressed properties can do to a local submarket. That sale price of 1M is unquestionably a 2000 price. I was looking in the area during that time. The power line and school district hurt the value but that was a great deal IMHO. That is my favorite part of La Costa because as you said those are true custom ocean view estates.

We put a strong bid on this REO but got outbid by a wide margin:

http://www.zillow.com/homedetails/2618-Obelisco-Pl-Carlsbad-CA-92009/16656946_zpid/

Looking at the direction that neighborhood is headed, it is a good thing we didn’t get the house.

Save your ammo CAR. Things seem to be going your way.

[pemeliza]

Even though you didn’t mention the listing I knew exactly which one you were talking about immmediately.

http://www.sdlookup.com/MLS-100019830-7143_Babilonia_St_Carlsbad_CA_92009

I tell you what CAR, the short sale on Obelisco Pl that went low seems to have crushed this area of La Costa:

http://www.zillow.com/homedetails/2637-Obelisco-Pl-Carlsbad-CA-92009/16656942_zpid/

This shows what a couple of distressed properties can do to a local submarket. That sale price of 1M is unquestionably a 2000 price. I was looking in the area during that time. The power line and school district hurt the value but that was a great deal IMHO. That is my favorite part of La Costa because as you said those are true custom ocean view estates.

We put a strong bid on this REO but got outbid by a wide margin:

http://www.zillow.com/homedetails/2618-Obelisco-Pl-Carlsbad-CA-92009/16656946_zpid/

Looking at the direction that neighborhood is headed, it is a good thing we didn’t get the house.

Save your ammo CAR. Things seem to be going your way.

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