[profhoff]

Re: Fulvia, now we get to see what somebody does with the lot on Fulvia and Leucadia Blvd. Sold last year, but no action yet. My guess is several big bombers with ocean view.

[profhoff]

We intimately knew Azure Leucadia. I was following all the news about the developer for YEARS and when the last lawsuit finally fell away, I called the developer and begged them to add me to the list. They did and claimed I was “near the top.”

We really liked the lone single story on Fulvia but “near the top” doesn’t mean “at the top” so the single story went to somebody else. But we had our pick of the rest and decided on the one directly east of the single story. So things are chugging along, we have the contracts, it’s all good, and then our landscape guy goes over and gets very worried about the drainage and pipe situation. And if you know Fulvia, it floods at the corner of Fulvia and Hymmetus, so we were already a little worried, even though we weren’t at the corner.

Anyway, we passed, and they ended up selling it pretty quick. Ocean views were spectacular from the second story and it was west of 5.

But there wasn’t much backyard and the neighbors behind were in your face.

The one on the corner (where it floods) took forever to sell. we drove by last time it rained and you won’t believe what the owners of the corner house did – they put in another house in their side/back yard (ADU I guess), completely ruining the look and feel of what would have been our house.

You have to drive by there and look at it.

And the one on the north end of Fulvia is next to the biobasin and also was one of the last to sell. Neighbor impact is insane and that went pending quickly so we have to assume full price or close enough for $3.8m. THAT’S NUTS. FOR $3.8M, who wants that kind of crazy neighbor impact.

[profhoff]

ncsd760, if you live where I think you do, then we came so close to buying there too, though we never made it into escrow in that particular development.

There was one we just loved the look of – we called it the “koi pond” house, but by the time we could get some time to go over to see it, it was in escrow.

It’s on the market again and finally went pending though it took a while. there was another one in there that backed up to a house with RVs packed in the backyard and the sellers put some bushes up, but I think it wasn’t enough and they gave up trying to sell and are renting it.

That’s a great ‘hood because it will soon have the roundabout and train crossing. I can’t wait to see how it’s going to work getting rid of parking along the train tracks on the 101.

In my next post I’ll talk about Azure Leucadia – where the eye popper on Fulvia went pending with a RIDICULOUS list price. Just insane.

[profhoff]

Agent that sold us the c’bad house 8 years ago was a he. Started working with a diff agent about 4+ years ago once we got serious about finding a “coastal retreat suitable for eventual retirement.” She’s intimately familiar with the NCC area.

Yeah, 6992 Sweetwater closed for $1.575m and that had the hell buffed out of it. We’re a model match, but sellers did a boffo remodel and it sold instantly. That price was a shocker.

But wait, there’s more! 616 Saltgrass (bigger model and nice but not as buffed as 6992) just closed for $1.575m – $80k over list. Also went pending quick.

So, with comps like that, I don’t see anything listing in here that doesn’t start with $1.5Xm, do you?

Late last year, sales were in the $1.4xm range.

WOW WOW WOW.

[profhoff]

To add to your list sdrealtor of what’s going on, you can’t leave out the pandemic! I’ve noticed that places offering office space, good sized backyards, and areas in the house for different functions are moving quickly.

The ‘hood I’m in doesn’t really have backyards, but the proximity to the ocean is big plus and maybe makes up for the little backyards.

I’ll add that our new house is a single story! SCORE.

[profhoff]

I love to see the updates. Here’s one that popped my eyes out:

https://www.redfin.com/CA/Encinitas/2583-White-Owl-Dr-92024/home/4178611?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&riftinfo=ZXY9ZW1haWwmbD01NDAyOSZwPWxpc3RpbmdfdXBkYXRlc19kYWlseV8yNCZhPWNsaWNrJnM9c2F2ZWRfc2VhcmNoJnQ9dmlld19kZXRhaWxzJmVtYWlsX2lkPTU0MDI5XzE2MTUwMjUxMDdfMTQmdXBkYXRlX3R5cGU9NyZzYXZlZF9zZWFyY2hfaWQ9Mzg5NDE3ODImbGlzdGluZ19pZD0xMjc3NTcwNzkmcHJvcGVydHlfaWQ9NDE3ODYxMSZwb3NpdGlvbl9udW1iZXI9Ng==

Pending in 4 days and closed for $200k+ over list.

[profhoff]

ncsd760 – it is so fun to think about all the real estate we’ve trudged through over the years. We looked for almost 4 years to find the “right” house and I used to joke with our long-suffering agent that she would “fire” us. But we did make offers! And we did get into escrow! We just couldn’t get it to stick.

The place we finally bought is east of 5 – but it checks every other box and then some. We realized we really loved Leucadia and “funky town” and didn’t want to venture too far.

As soon as renovations are done, we’ll be selling our current house. I wonder what the market will look like in May? Will it slow down? Will there be even more frenzy? Realistically, how high can things go? And rates are already creeping up.

What does sdrealtor’s crystal ball say about the <$1.5m market in SW Carlsbad?

[profhoff]

Fun thread. When Channel Island opened up we went and got on the list, but were too far down for the list when the first lots off Quail Gardens came online. However, I called every week to see where I was and remarkably plenty of people came on and off that list. And we got offered a lot but didn’t like it. Then one day we got a call that the buyer on one of the west facing ocean lots fell through they offered it to us.

The problem was that the useable backyard was tiny compared to the ones on the side with the SW views and it kept getting smaller as they continued to mark the lots. It was the house directly south of what became the fire lane between the Saxony part of the tract and the Quail Gardens part of the tract. Plus, it was a big house and so the little backyard seemed out of balance.

Anyway, we didn’t buy it, but it goes to show that persistence can pay off.

[profhoff]

What is the big drama in Channel Island? We were in escrow on a house in there last year or year before, I can’t remember. Anyway, during disclosures, the seller (also the LA) disclosed that the neighbor to the east played music on the weekends that you could hear in the backyard. So we went by one weekend and boy, was it noisy! So, we cancelled escrow and it ended up selling the next selling cycle.

Now I see the noisy house was on the market and went pending quick for an eye-popping price. The listing remarks comment on the “restaurant-quality” sound system. The backyard on the noisy house is amazing – definitely built for serious entertaining.

We also considered another house in Channel Island but the backyard had an unpermitted loggia. That came back on the market this year and went pending recently. Not super quick, but quick enough.

I noticed the Sandalwood recent listing. Looks nice.

We ended up in a nice newer smaller semi-custom development in Leucadia that so far has no drama and is surrounded by funky town, which we love.

[profhoff]

The gated communities off Poinsettia have CCRs against weekly rentals. Right now, min rentals are monthly and the smallest houses go for ~$5k and up per month.

Poinsettia Cove has a listing over $1.6m right now that everyone is keeping an eye on.

A listing in Waters End in a poor location just went pending in 4 days at $1.21m list and it’s the smallest model.

Another house is Waters End recently closed over $1.35m – fully loaded.

[profhoff]

sdrealtor, what’s your sense of the tight SFH homes in the gated communities near the beach in c’bad off Poinsettia? The houses aren’t massive, the backyards are postage stamp tiny, but it’s west of the 5 and a few minutes walk from the beach.

[profhoff]

I also think you are right, sdrealtor, that as the masses come and discover the unique charms of Encinitas, they’ll buy what they can afford to buy to grab a little piece of the magic.

The I-5 won’t have the same connotation to them that it does to locals and I think the “wrong side of the tracks” perception will largely fade away.

Also agree that the “barefoot luxury” the new Alila Marea Beach Resort represents will be a real game changer for Leucadia, in particular.

https://www.alilahotels.com/about-alila/upcoming-developments/alila-marea

[profhoff]

We did, sdrealtor! We finally did. But I will say it took a lot of preparation. It also helped to have four years of experience looking and losing out on offers to snag the perfect one when it finally hit.

[profhoff]

Wondering how all this activity will impact west of 5/east of 5 values.

I’m wondering what all you real estate experts think about what will happen to east of 5 property values?

West of 5 is skyrocketing – I mean there are properties on Eolus in the high two – three millions!

Del Mar Heights is solidly at $3m+ for the fancy flips.

Cardiff homes near the composer district are flying off the shelf in mid-two millions.

Will this *permanently* influence values east of 5, or is east of 5 a bubble waiting to pop?

New construction off Urania near Leucadia Blvd and east of 5 is almost mid-2s. Shea just listed the model off Leucadia Blvd just north of Urania for $2.

Even Caudor, Sparta area is getting pretty pricey.

For as long as I can remember (decades and decades), west of 5 is like a meditation mantra for North County Coastal real estate.

Will the current real estate situation change that?

[profhoff]

This is a great PSA video on how to keep you and your family safe after grocery shopping.

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