[SD Realtor]

He has said many a time that his daughter refinanced with Mayram Aram… He never commented on the type of financing though.

SD Realtor

[SD Realtor]

He has said many a time that his daughter refinanced with Mayram Aram… He never commented on the type of financing though.

SD Realtor

[SD Realtor]

murf2222 that sounds like the exact same Prudential agent who I had to deal with a few weeks back at a listing in Rancho Bernardo… I wonder if it was the same home.

SD Realtor

[SD Realtor]

murf2222 that sounds like the exact same Prudential agent who I had to deal with a few weeks back at a listing in Rancho Bernardo… I wonder if it was the same home.

SD Realtor

[SD Realtor]

sdr –

I guess we are in different camps about correlation of value across zip codes. I am not saying it is illogical but I don’t agree. I believe that the profile of homeowner can vary drastically from Carmel Valley to Carlsbad so I do not think it is valid to say that since a 30 year old 4/2 in Carlsbad sold for this much, that a 10 year old home in CV should sell for that much.

Regarding Arbusto, I think what you said actually bolsters the argument to price aggressively. Let me ask you, did your clients offer more then 730k? I am not disputing that the sellers may or may not have been motivated however it sounds like a clear example of someone chasing the market. I have had plenty a seller who chased the market and lost more money then they would have if they had priced more aggressively at first. If these people priced in the 950k range or something of that order would they end up chasing the market down? In my opinion, yes, but that is only my opinion. In your opinion no and I respect that as well.

In regards to using a 20% bigger home, as a comp I checked the tax roll on 3935 Del Mar Glen and it is a 4 bed 3 bath home and as stated on the MLS it was listed as a 5 bed 3 bath. So that would imply a den or office of some sort. At the original sales price of 889k that is $335 per sq ft. So 500 sq ft at a sales price of 889k is $167k. I know in your example you used 100/sf or 200/sf. I would assume if you had a buyer looking at the two homes in CV that were 500 sq ft in size differential, but everything else was equal but the price difference was only about $100 a sq ft difference (for that 500 sq ft) you would hold the sellers feet to the fire for the smaller home, or recommend that the bigger home is a much better deal for the price.

SD Realtor

[SD Realtor]

sdr –

I guess we are in different camps about correlation of value across zip codes. I am not saying it is illogical but I don’t agree. I believe that the profile of homeowner can vary drastically from Carmel Valley to Carlsbad so I do not think it is valid to say that since a 30 year old 4/2 in Carlsbad sold for this much, that a 10 year old home in CV should sell for that much.

Regarding Arbusto, I think what you said actually bolsters the argument to price aggressively. Let me ask you, did your clients offer more then 730k? I am not disputing that the sellers may or may not have been motivated however it sounds like a clear example of someone chasing the market. I have had plenty a seller who chased the market and lost more money then they would have if they had priced more aggressively at first. If these people priced in the 950k range or something of that order would they end up chasing the market down? In my opinion, yes, but that is only my opinion. In your opinion no and I respect that as well.

In regards to using a 20% bigger home, as a comp I checked the tax roll on 3935 Del Mar Glen and it is a 4 bed 3 bath home and as stated on the MLS it was listed as a 5 bed 3 bath. So that would imply a den or office of some sort. At the original sales price of 889k that is $335 per sq ft. So 500 sq ft at a sales price of 889k is $167k. I know in your example you used 100/sf or 200/sf. I would assume if you had a buyer looking at the two homes in CV that were 500 sq ft in size differential, but everything else was equal but the price difference was only about $100 a sq ft difference (for that 500 sq ft) you would hold the sellers feet to the fire for the smaller home, or recommend that the bigger home is a much better deal for the price.

SD Realtor

[SD Realtor]

mixxalot I literally cannot listen to the chowd for more then 5 or 10 minutes. Between him and Mayram Aram I feel like my head will explode after a certain amount of time…I do feel sorry for those that fall under his spell.

SD Realtor

[SD Realtor]

mixxalot I literally cannot listen to the chowd for more then 5 or 10 minutes. Between him and Mayram Aram I feel like my head will explode after a certain amount of time…I do feel sorry for those that fall under his spell.

SD Realtor

[SD Realtor]

sdr –

I guess your post displays the different approaches we take. While you use comp analysis to show the upper limits and the higher end of the market, I do not. If you think that a home that is closer to 20% larger then the subject home is a valid comparable, then so bet it. I think that presenting data in that manner tends to portray a more optimistic approach. I am not saying that is good or bad, it is what it is. Your analysis is based on fact so I am not saying there is anything wrong with that.

As far as the home I sold in Carlsbad for 730k I think you may need to check your facts. If you are referring to the home on Arbusto Court I was actually representing the buyers and they were listed at 775k. We came in at 730k and with the rebate the buyers got they ended up paying approximately 720k. Yes it was a 30 yr old 4/2 but it was a total remodel with an addition added on to the back. The entire interior blew away all of the homes in the area. Did you go inside and have a look?

So it would be interesting to see what the Carlsbad listing agent used as comps. Obviously given that neighborhood a listing agent could have easily come up with a more optimistic analysis or a more pessimistic analysis. It really depends on the approach they took correct? Looking at the listing history of that home including how long it had been on the market, and how far away they actually sold for compared to what they initially listed at, the agent probably took a more optimistic approach.

SD Realtor

[SD Realtor]

sdr –

I guess your post displays the different approaches we take. While you use comp analysis to show the upper limits and the higher end of the market, I do not. If you think that a home that is closer to 20% larger then the subject home is a valid comparable, then so bet it. I think that presenting data in that manner tends to portray a more optimistic approach. I am not saying that is good or bad, it is what it is. Your analysis is based on fact so I am not saying there is anything wrong with that.

As far as the home I sold in Carlsbad for 730k I think you may need to check your facts. If you are referring to the home on Arbusto Court I was actually representing the buyers and they were listed at 775k. We came in at 730k and with the rebate the buyers got they ended up paying approximately 720k. Yes it was a 30 yr old 4/2 but it was a total remodel with an addition added on to the back. The entire interior blew away all of the homes in the area. Did you go inside and have a look?

So it would be interesting to see what the Carlsbad listing agent used as comps. Obviously given that neighborhood a listing agent could have easily come up with a more optimistic analysis or a more pessimistic analysis. It really depends on the approach they took correct? Looking at the listing history of that home including how long it had been on the market, and how far away they actually sold for compared to what they initially listed at, the agent probably took a more optimistic approach.

SD Realtor

[SD Realtor]

The MLS shows two sales, one in 2005 and one in 2004. The one in 2004 was for 722k and the one in 2005 was for 780k. The tax roll identifies the lot as 4500 sq ft and only 1 home with a garage. So no I do not believe this is a duplex nor was it ever sold as a duplex. The purchase in 2005 was financed 100% and the property went back to the lender on 4/26/07.

SD Realtor

[SD Realtor]

The MLS shows two sales, one in 2005 and one in 2004. The one in 2004 was for 722k and the one in 2005 was for 780k. The tax roll identifies the lot as 4500 sq ft and only 1 home with a garage. So no I do not believe this is a duplex nor was it ever sold as a duplex. The purchase in 2005 was financed 100% and the property went back to the lender on 4/26/07.

SD Realtor

[SD Realtor]

Hi Jimmyle –

I am familiar with this Masters Hill, (this complex). I do not believe that they will maintain your front lawn. You are not only responsible for maintaining it but if you do not maintain it you will be cited by the HOA. The exterior of the buildings is another issue but to be honest I did not ask about that when one of my clients was looking there. The insurance coverage provided through your HOA is a minimum policy but it is enough for you to get your financing done. While I would advise you to consider getting supplemental insurance but it is not mandatory so the direct answer is no you would not have to purchase additional insurance to get financing but your HOA provided policy is bare bones and most likely would not cover all the things you may think it would cover. The cable is basic cable and does not include ISP support.

[SD Realtor]

Hi Jimmyle –

I am familiar with this Masters Hill, (this complex). I do not believe that they will maintain your front lawn. You are not only responsible for maintaining it but if you do not maintain it you will be cited by the HOA. The exterior of the buildings is another issue but to be honest I did not ask about that when one of my clients was looking there. The insurance coverage provided through your HOA is a minimum policy but it is enough for you to get your financing done. While I would advise you to consider getting supplemental insurance but it is not mandatory so the direct answer is no you would not have to purchase additional insurance to get financing but your HOA provided policy is bare bones and most likely would not cover all the things you may think it would cover. The cable is basic cable and does not include ISP support.

[SD Realtor]

sdr perhaps when you return you will have time to reply. I looked at the comps you brought up… I apologize that I did not have time to run a more comprehensive analysis today. Your points have merit. I wanted to comment on the few comps you brought up…

“There is a 4BR/3BA/2 car gar 2438 sf home with 1200 in Mello Roos in escrow with a range of 850 to 875 that sold in 4 days. My guess is they got 875K.”

You are correct. This home does appear to be quite comparable to the home brought up in the post. Recall that vrud said that they purchased the home for 889k. At a range of 850k-875k they are below the sales price not even including closing costs and commissions. This home was not in the single mapcode I searched.

“There is a 5BR/3ba/3 car gar 2828 sq ft in escrow with a range of 899 to 999 that backed to a pretty busy street (Which is a KILLER!) and sold in 94 days.”

True that it backs to Carmel Country, a very busy street. and yes it is in escrow. Note that it is bigger then the home vrud posted about. Also we do not know the condition. Your point is well taken though, personally I cannot stand noise so I would rather have a marginally smaller home in a quiet neighborhood then a larger home backing to a noisy street. It will be interesting to see what they get for this home.

“There is a 5BR/3.5ba/3 car gar 3109 sf in escrow with a range of 950 to 1.05M after only 11 days. My guess would be $1M plus.”

Respectfully I disagree that this is a comparable home. It is clearly larger by more then a nominal amount. It also is on a larger lot.

A good example of someone trying to get the price range that vruds friends are hoping for would be the home on Intermezzo Way. It is a 4/2.5 that is 2492. So it is smaller, so perhaps your recommendation to the Del Mar Glen owners would be to price higher? There is even a second one on Intermezzo at 970k. These listings back up your points. Again these are active listings and not yet in escrow. I guess we will see…

Anyways one helpful piece of information vrud would be did the owners of Del Mar Glen upgrade the home?

sdr your points are well taken. I still tend to think that it will tough to get the home sold at the 2005 sales price but yes, pehaps I do have a more negative bias then most.

SD Realtor

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