Upper MId to Lower High End Market in NCC

[sdrealtor]

FWIW, the agent didnt do a particularly good job and what he did was very typical. The agent didnt pick the price the lender’s asset manager did. While it was a bit low I dont think it was cheap. It’s a lower end Olivenhain home and that is the range they have been selling in.

There were 24 offers and my point was not that if its a good price it’ll move. My point is that there were 24 BUYERS WHO SUBMITTED OFFERS IN ONE WEEKEND! That is a TON of ready, willing and able buyers ready to pony up $1M+ for a home. One of them got it and there are still 23 buyers out there looking for another. I dont know how anyone can say with a straight face that we are heading for another leg down in the face of that kind of demand.

[bearishgurl]

[quote=permabear]I read through this whole thread, but IMO what was missed is: it’s always about price.

[quote=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.[/quote]

I know that property. It was a short sale in Olivenhain for 6+ months, finally foreclosed. One reason there were 16+ offers was the listing agent did a great job of building buzz. He listed it at 999k (cheap for the area) and put up flyers saying “house will be sold to highest bidder in 14 days.” It worked, apparently.

I’m one of the people mentioned in this thread that makes over 200k and has 300k cash down, so I’ve been in all those areas. I’ve found several properties in nice areas (Del Mar, Solana Beach, RSF) that have been sitting on the market for 150+ days. Each of them is worth about 20% less than listed (due to condition, etc), so they’re ripe for lower offers. Many have not received a single offer.

The problem with many of these is that they’re carrying a ton of paper. Some have been refi’ed by the trustees; eg, Mom and Dad left the kids a nice home by the beach, and they used it as an ATM. So they can’t “afford” a lower offer, because they would have to bring cash to the table (which they don’t have). My guess is they’ll become REO’s in the near future.

But if it’s a good price, it’ll move, which was sdr’s original point.[/quote]

permabear, I, too, saw the listing the OP is referring to and it is very light but a cavern-like monstrosity on the inside with all-original appls, baths, etc. The seller will have to lower the price more because there is one active and one sold comp (Olive Crest subd) on the other side of RSF Rd. which, even though smaller in sf, are superior to this listing:

Active: Listed for $875K:

http://www.sdlookup.com/MLS-100029773-1027_Summer_Holly_Ln_Encinitas_CA_92024

Above has superior lot, remodeled kitchen

Sold 7/30/10 for $899K:

http://www.sdlookup.com/MLS-100035883-1028_Summer_Holly_Ln_Encinitas_CA_92024

Above has superior backyard incl. BBQ and cabana, slightly smaller lot (wider and shallower), VERY much on the order of South County properties. Absolutely fabulous mediterranean!

When I think of Olivenhain, I think of a ’50’s or ’60’s sprawling ranch with sunken LR with possible low cantilevers, pine or mahogany paneling and floor to ceiling rock fireplace with a 1 AC+ horse corral out back (on the order of Mt. Helix but with a flat, usable lot).

The listing sdr is referring to, and comparables I’m showing, IMO, are very “cookie cutter” for this community and not keeping with its original character. I guess that’s what “sprung up” when it was folded into the incorporation of Encinitas and it needed $$ bad. When it grabbed the 3 other communities and incorporated in 1986, Enc had to start paying the county for its own sheriff services, among other things :={. It probably had no choice but to open it’s doors wide open to developers, left and right.

I stand by my previous assertion on this thread that the subject listing will sell for $875K. This is ONLY due to its sheer size and for no other compelling reason.

permabear, I agree that some heirs can’t even wait until an estate is properly liquidated (and be realistic enough to liquidate it) before diving into the kitty. I’ve seen this too, on properties much less valuable, and I find it ridiculous. This just goes to show you what can happen when the administrator or executor is ALSO an heir . . . lol.

[bearishgurl]

[quote=permabear]I read through this whole thread, but IMO what was missed is: it’s always about price.

[quote=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.[/quote]

I know that property. It was a short sale in Olivenhain for 6+ months, finally foreclosed. One reason there were 16+ offers was the listing agent did a great job of building buzz. He listed it at 999k (cheap for the area) and put up flyers saying “house will be sold to highest bidder in 14 days.” It worked, apparently.

I’m one of the people mentioned in this thread that makes over 200k and has 300k cash down, so I’ve been in all those areas. I’ve found several properties in nice areas (Del Mar, Solana Beach, RSF) that have been sitting on the market for 150+ days. Each of them is worth about 20% less than listed (due to condition, etc), so they’re ripe for lower offers. Many have not received a single offer.

The problem with many of these is that they’re carrying a ton of paper. Some have been refi’ed by the trustees; eg, Mom and Dad left the kids a nice home by the beach, and they used it as an ATM. So they can’t “afford” a lower offer, because they would have to bring cash to the table (which they don’t have). My guess is they’ll become REO’s in the near future.

But if it’s a good price, it’ll move, which was sdr’s original point.[/quote]

permabear, I, too, saw the listing the OP is referring to and it is very light but a cavern-like monstrosity on the inside with all-original appls, baths, etc. The seller will have to lower the price more because there is one active and one sold comp (Olive Crest subd) on the other side of RSF Rd. which, even though smaller in sf, are superior to this listing:

Active: Listed for $875K:

http://www.sdlookup.com/MLS-100029773-1027_Summer_Holly_Ln_Encinitas_CA_92024

Above has superior lot, remodeled kitchen

Sold 7/30/10 for $899K:

http://www.sdlookup.com/MLS-100035883-1028_Summer_Holly_Ln_Encinitas_CA_92024

Above has superior backyard incl. BBQ and cabana, slightly smaller lot (wider and shallower), VERY much on the order of South County properties. Absolutely fabulous mediterranean!

When I think of Olivenhain, I think of a ’50’s or ’60’s sprawling ranch with sunken LR with possible low cantilevers, pine or mahogany paneling and floor to ceiling rock fireplace with a 1 AC+ horse corral out back (on the order of Mt. Helix but with a flat, usable lot).

The listing sdr is referring to, and comparables I’m showing, IMO, are very “cookie cutter” for this community and not keeping with its original character. I guess that’s what “sprung up” when it was folded into the incorporation of Encinitas and it needed $$ bad. When it grabbed the 3 other communities and incorporated in 1986, Enc had to start paying the county for its own sheriff services, among other things :={. It probably had no choice but to open it’s doors wide open to developers, left and right.

I stand by my previous assertion on this thread that the subject listing will sell for $875K. This is ONLY due to its sheer size and for no other compelling reason.

permabear, I agree that some heirs can’t even wait until an estate is properly liquidated (and be realistic enough to liquidate it) before diving into the kitty. I’ve seen this too, on properties much less valuable, and I find it ridiculous. This just goes to show you what can happen when the administrator or executor is ALSO an heir . . . lol.

[bearishgurl]

[quote=permabear]I read through this whole thread, but IMO what was missed is: it’s always about price.

[quote=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.[/quote]

I know that property. It was a short sale in Olivenhain for 6+ months, finally foreclosed. One reason there were 16+ offers was the listing agent did a great job of building buzz. He listed it at 999k (cheap for the area) and put up flyers saying “house will be sold to highest bidder in 14 days.” It worked, apparently.

I’m one of the people mentioned in this thread that makes over 200k and has 300k cash down, so I’ve been in all those areas. I’ve found several properties in nice areas (Del Mar, Solana Beach, RSF) that have been sitting on the market for 150+ days. Each of them is worth about 20% less than listed (due to condition, etc), so they’re ripe for lower offers. Many have not received a single offer.

The problem with many of these is that they’re carrying a ton of paper. Some have been refi’ed by the trustees; eg, Mom and Dad left the kids a nice home by the beach, and they used it as an ATM. So they can’t “afford” a lower offer, because they would have to bring cash to the table (which they don’t have). My guess is they’ll become REO’s in the near future.

But if it’s a good price, it’ll move, which was sdr’s original point.[/quote]

permabear, I, too, saw the listing the OP is referring to and it is very light but a cavern-like monstrosity on the inside with all-original appls, baths, etc. The seller will have to lower the price more because there is one active and one sold comp (Olive Crest subd) on the other side of RSF Rd. which, even though smaller in sf, are superior to this listing:

Active: Listed for $875K:

http://www.sdlookup.com/MLS-100029773-1027_Summer_Holly_Ln_Encinitas_CA_92024

Above has superior lot, remodeled kitchen

Sold 7/30/10 for $899K:

http://www.sdlookup.com/MLS-100035883-1028_Summer_Holly_Ln_Encinitas_CA_92024

Above has superior backyard incl. BBQ and cabana, slightly smaller lot (wider and shallower), VERY much on the order of South County properties. Absolutely fabulous mediterranean!

When I think of Olivenhain, I think of a ’50’s or ’60’s sprawling ranch with sunken LR with possible low cantilevers, pine or mahogany paneling and floor to ceiling rock fireplace with a 1 AC+ horse corral out back (on the order of Mt. Helix but with a flat, usable lot).

The listing sdr is referring to, and comparables I’m showing, IMO, are very “cookie cutter” for this community and not keeping with its original character. I guess that’s what “sprung up” when it was folded into the incorporation of Encinitas and it needed $$ bad. When it grabbed the 3 other communities and incorporated in 1986, Enc had to start paying the county for its own sheriff services, among other things :={. It probably had no choice but to open it’s doors wide open to developers, left and right.

I stand by my previous assertion on this thread that the subject listing will sell for $875K. This is ONLY due to its sheer size and for no other compelling reason.

permabear, I agree that some heirs can’t even wait until an estate is properly liquidated (and be realistic enough to liquidate it) before diving into the kitty. I’ve seen this too, on properties much less valuable, and I find it ridiculous. This just goes to show you what can happen when the administrator or executor is ALSO an heir . . . lol.

[bearishgurl]

[quote=permabear]I read through this whole thread, but IMO what was missed is: it’s always about price.

[quote=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.[/quote]

I know that property. It was a short sale in Olivenhain for 6+ months, finally foreclosed. One reason there were 16+ offers was the listing agent did a great job of building buzz. He listed it at 999k (cheap for the area) and put up flyers saying “house will be sold to highest bidder in 14 days.” It worked, apparently.

I’m one of the people mentioned in this thread that makes over 200k and has 300k cash down, so I’ve been in all those areas. I’ve found several properties in nice areas (Del Mar, Solana Beach, RSF) that have been sitting on the market for 150+ days. Each of them is worth about 20% less than listed (due to condition, etc), so they’re ripe for lower offers. Many have not received a single offer.

The problem with many of these is that they’re carrying a ton of paper. Some have been refi’ed by the trustees; eg, Mom and Dad left the kids a nice home by the beach, and they used it as an ATM. So they can’t “afford” a lower offer, because they would have to bring cash to the table (which they don’t have). My guess is they’ll become REO’s in the near future.

But if it’s a good price, it’ll move, which was sdr’s original point.[/quote]

permabear, I, too, saw the listing the OP is referring to and it is very light but a cavern-like monstrosity on the inside with all-original appls, baths, etc. The seller will have to lower the price more because there is one active and one sold comp (Olive Crest subd) on the other side of RSF Rd. which, even though smaller in sf, are superior to this listing:

Active: Listed for $875K:

http://www.sdlookup.com/MLS-100029773-1027_Summer_Holly_Ln_Encinitas_CA_92024

Above has superior lot, remodeled kitchen

Sold 7/30/10 for $899K:

http://www.sdlookup.com/MLS-100035883-1028_Summer_Holly_Ln_Encinitas_CA_92024

Above has superior backyard incl. BBQ and cabana, slightly smaller lot (wider and shallower), VERY much on the order of South County properties. Absolutely fabulous mediterranean!

When I think of Olivenhain, I think of a ’50’s or ’60’s sprawling ranch with sunken LR with possible low cantilevers, pine or mahogany paneling and floor to ceiling rock fireplace with a 1 AC+ horse corral out back (on the order of Mt. Helix but with a flat, usable lot).

The listing sdr is referring to, and comparables I’m showing, IMO, are very “cookie cutter” for this community and not keeping with its original character. I guess that’s what “sprung up” when it was folded into the incorporation of Encinitas and it needed $$ bad. When it grabbed the 3 other communities and incorporated in 1986, Enc had to start paying the county for its own sheriff services, among other things :={. It probably had no choice but to open it’s doors wide open to developers, left and right.

I stand by my previous assertion on this thread that the subject listing will sell for $875K. This is ONLY due to its sheer size and for no other compelling reason.

permabear, I agree that some heirs can’t even wait until an estate is properly liquidated (and be realistic enough to liquidate it) before diving into the kitty. I’ve seen this too, on properties much less valuable, and I find it ridiculous. This just goes to show you what can happen when the administrator or executor is ALSO an heir . . . lol.

[bearishgurl]

[quote=permabear]I read through this whole thread, but IMO what was missed is: it’s always about price.

[quote=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.[/quote]

I know that property. It was a short sale in Olivenhain for 6+ months, finally foreclosed. One reason there were 16+ offers was the listing agent did a great job of building buzz. He listed it at 999k (cheap for the area) and put up flyers saying “house will be sold to highest bidder in 14 days.” It worked, apparently.

I’m one of the people mentioned in this thread that makes over 200k and has 300k cash down, so I’ve been in all those areas. I’ve found several properties in nice areas (Del Mar, Solana Beach, RSF) that have been sitting on the market for 150+ days. Each of them is worth about 20% less than listed (due to condition, etc), so they’re ripe for lower offers. Many have not received a single offer.

The problem with many of these is that they’re carrying a ton of paper. Some have been refi’ed by the trustees; eg, Mom and Dad left the kids a nice home by the beach, and they used it as an ATM. So they can’t “afford” a lower offer, because they would have to bring cash to the table (which they don’t have). My guess is they’ll become REO’s in the near future.

But if it’s a good price, it’ll move, which was sdr’s original point.[/quote]

permabear, I, too, saw the listing the OP is referring to and it is very light but a cavern-like monstrosity on the inside with all-original appls, baths, etc. The seller will have to lower the price more because there is one active and one sold comp (Olive Crest subd) on the other side of RSF Rd. which, even though smaller in sf, are superior to this listing:

Active: Listed for $875K:

http://www.sdlookup.com/MLS-100029773-1027_Summer_Holly_Ln_Encinitas_CA_92024

Above has superior lot, remodeled kitchen

Sold 7/30/10 for $899K:

http://www.sdlookup.com/MLS-100035883-1028_Summer_Holly_Ln_Encinitas_CA_92024

Above has superior backyard incl. BBQ and cabana, slightly smaller lot (wider and shallower), VERY much on the order of South County properties. Absolutely fabulous mediterranean!

When I think of Olivenhain, I think of a ’50’s or ’60’s sprawling ranch with sunken LR with possible low cantilevers, pine or mahogany paneling and floor to ceiling rock fireplace with a 1 AC+ horse corral out back (on the order of Mt. Helix but with a flat, usable lot).

The listing sdr is referring to, and comparables I’m showing, IMO, are very “cookie cutter” for this community and not keeping with its original character. I guess that’s what “sprung up” when it was folded into the incorporation of Encinitas and it needed $$ bad. When it grabbed the 3 other communities and incorporated in 1986, Enc had to start paying the county for its own sheriff services, among other things :={. It probably had no choice but to open it’s doors wide open to developers, left and right.

I stand by my previous assertion on this thread that the subject listing will sell for $875K. This is ONLY due to its sheer size and for no other compelling reason.

permabear, I agree that some heirs can’t even wait until an estate is properly liquidated (and be realistic enough to liquidate it) before diving into the kitty. I’ve seen this too, on properties much less valuable, and I find it ridiculous. This just goes to show you what can happen when the administrator or executor is ALSO an heir . . . lol.

[sdrealtor]

ROTFLMAO-Please disregard everything BG said because she is wrong about everything on every level and I dont have time to begin to dissect how wrong she is. The only question I will address is how can a house with offers above $1.1M sell for the 875K she aserted? Move along that was the most nonsensical post I have ever seen on this blog including the bits about paying for sheriff services causing the city to open its doors to developers.

FWIW: Olivecrest is the bottom of the barrel entry level neighborhood in Olivenhain. It struggles to even be considered Olivenhain.

[sdrealtor]

ROTFLMAO-Please disregard everything BG said because she is wrong about everything on every level and I dont have time to begin to dissect how wrong she is. The only question I will address is how can a house with offers above $1.1M sell for the 875K she aserted? Move along that was the most nonsensical post I have ever seen on this blog including the bits about paying for sheriff services causing the city to open its doors to developers.

FWIW: Olivecrest is the bottom of the barrel entry level neighborhood in Olivenhain. It struggles to even be considered Olivenhain.

[sdrealtor]

ROTFLMAO-Please disregard everything BG said because she is wrong about everything on every level and I dont have time to begin to dissect how wrong she is. The only question I will address is how can a house with offers above $1.1M sell for the 875K she aserted? Move along that was the most nonsensical post I have ever seen on this blog including the bits about paying for sheriff services causing the city to open its doors to developers.

FWIW: Olivecrest is the bottom of the barrel entry level neighborhood in Olivenhain. It struggles to even be considered Olivenhain.

[sdrealtor]

ROTFLMAO-Please disregard everything BG said because she is wrong about everything on every level and I dont have time to begin to dissect how wrong she is. The only question I will address is how can a house with offers above $1.1M sell for the 875K she aserted? Move along that was the most nonsensical post I have ever seen on this blog including the bits about paying for sheriff services causing the city to open its doors to developers.

FWIW: Olivecrest is the bottom of the barrel entry level neighborhood in Olivenhain. It struggles to even be considered Olivenhain.

[sdrealtor]

ROTFLMAO-Please disregard everything BG said because she is wrong about everything on every level and I dont have time to begin to dissect how wrong she is. The only question I will address is how can a house with offers above $1.1M sell for the 875K she aserted? Move along that was the most nonsensical post I have ever seen on this blog including the bits about paying for sheriff services causing the city to open its doors to developers.

FWIW: Olivecrest is the bottom of the barrel entry level neighborhood in Olivenhain. It struggles to even be considered Olivenhain.

[permabear]

[quote=sdrealtor]There were 24 offers and my point was not that if its a good price it’ll move. My point is that there were 24 BUYERS WHO SUBMITTED OFFERS IN ONE WEEKEND! [/quote]

There is demand there for good VALUE. I am basically agreeing with you.

But smart, well-to-do people (I will arrogantly include myself in this demographic) don’t throw their money away. Innumerable studies have shown that the wealthy are actually stingier with their money than the average person (which is why they have it).

So yes, there is pent-up demand, and it will come out for good VALUE purchases.

But, I could paste several URL’s of listings that are already cheap, and still have no offers. They need updating, or a new roof, etc. I’m not going to paste the URL’s because I am actively negotiating them, but two of them have been sitting idle for 6+ months with NO offers.

[permabear]

[quote=sdrealtor]There were 24 offers and my point was not that if its a good price it’ll move. My point is that there were 24 BUYERS WHO SUBMITTED OFFERS IN ONE WEEKEND! [/quote]

There is demand there for good VALUE. I am basically agreeing with you.

But smart, well-to-do people (I will arrogantly include myself in this demographic) don’t throw their money away. Innumerable studies have shown that the wealthy are actually stingier with their money than the average person (which is why they have it).

So yes, there is pent-up demand, and it will come out for good VALUE purchases.

But, I could paste several URL’s of listings that are already cheap, and still have no offers. They need updating, or a new roof, etc. I’m not going to paste the URL’s because I am actively negotiating them, but two of them have been sitting idle for 6+ months with NO offers.

[permabear]

[quote=sdrealtor]There were 24 offers and my point was not that if its a good price it’ll move. My point is that there were 24 BUYERS WHO SUBMITTED OFFERS IN ONE WEEKEND! [/quote]

There is demand there for good VALUE. I am basically agreeing with you.

But smart, well-to-do people (I will arrogantly include myself in this demographic) don’t throw their money away. Innumerable studies have shown that the wealthy are actually stingier with their money than the average person (which is why they have it).

So yes, there is pent-up demand, and it will come out for good VALUE purchases.

But, I could paste several URL’s of listings that are already cheap, and still have no offers. They need updating, or a new roof, etc. I’m not going to paste the URL’s because I am actively negotiating them, but two of them have been sitting idle for 6+ months with NO offers.

[permabear]

[quote=sdrealtor]There were 24 offers and my point was not that if its a good price it’ll move. My point is that there were 24 BUYERS WHO SUBMITTED OFFERS IN ONE WEEKEND! [/quote]

There is demand there for good VALUE. I am basically agreeing with you.

But smart, well-to-do people (I will arrogantly include myself in this demographic) don’t throw their money away. Innumerable studies have shown that the wealthy are actually stingier with their money than the average person (which is why they have it).

So yes, there is pent-up demand, and it will come out for good VALUE purchases.

But, I could paste several URL’s of listings that are already cheap, and still have no offers. They need updating, or a new roof, etc. I’m not going to paste the URL’s because I am actively negotiating them, but two of them have been sitting idle for 6+ months with NO offers.

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