Sunday, May 23, 2010

Crystal Cove Listing Fail


Recently, 2 Baffin Bay was listed for $2,995,000. Several open houses were held. Much gushing about the extra rooms in this home, which was renovated to add square footage. This was touted as a "GREAT VALUE IN CRYSTAL COVE" Hah. Right.

No sale. Fail. Now being rented out.

What does this mean? This is more evidence of weakness in Crystal Cove. This especially demonstrates the falling home values in the "Seabourne" models on the lower part of the hill. They are all pretty much the same - interchangeable comps. If the listing price was somewhere close to the real market value of this home, it would have sold.

Someone could conclude then that the value of this home is much less than $2.9 million. $2.5 million? $2.4 million? The real value of these single family homes is probably lower than the high priced condo sale that happened earlier in the year. Ooops - wouldn't want to be that buyer. Any thoughts out there?

5 comments:

Anonymous said...

Is this all you have? One listing failed, therefore, "This is more evidence of weakness in Crystal Cove."

Here is a list of 17 sales accorindg to Refin:

6 TIDELINE Blf
31 TIDE WATCH
14 WHALERS Blf
38 SURFSPRAY Blf
20 TIDELINE Blf
5 GREENS Blf
8 WHALERS Blf
16 DUNES Blf
24 SIDRA COVE Cv
9 CURRENTS
31 OFFSHORE
2 Sea Glass
4 CAPE FRIO
No Address Provided
68 TWILIGHT Blf
18 CAPE FRIO


So, once again, you have basically twisted the facts only to support your bizarre view of the world.

Keep ignoring the facts, it suits you just fine.

Anonymous said...

SOrry, THAT WAS IN THE LAST THREE MONTHS!!!!

YOU MUST BE IN COMPLETE DENIAL NOW...

Mr. Blue said...

???? Anon, are you going to post any Seabourne model comps? Thought not. Because there are NONE. None that is except for the subject of my post. This is highly relevent information to anyone interested in this area.

If you have any real data, feel free to post it. Otherwise I say your comments amount to the same old realtor spin doctoring.

Anonymous said...

So, lets see if I can get this right.

This one house did not sell; hmmm...are you smart enough to know the real reason why?

Becuase plenty of houses are selling in Crystal Cove as the data shows.

Your data shows that a listing was pulled. This happens all the time. In fact, just replace Seabourne with about any other community.

Unmotivated seller?

How do you take one datapoint and turn it into a mass generalization. This is like high school debating.

Gives us something better.

Homes in Crystal are Selling. Thats the facts!

Sorry if it does not fit your thesis.

Mr. Blue said...

Anon, "houses are selling"????
That's all you got?

Hardly guidance to buyers.
I've posted a relevant datapoint on the Seabourne models in Crystal Cove and I stand by that.

Save your "buy now buy now buy now" hype for your poor poor clients who really deserve better data.