Thursday, October 28, 2010

One Seabourne Home May Sell - Another Seabourn Listing Fails in Crystal Cove

52 Sidney Bay was recently pulled from the market.  Listed at a lofty $2.9 million, it didn't sell and may have been rented for substantially less than the cost of owning at $2.9 million.  I saw a rental listing for this home recently, but cannot find it now.

The owners of 9 Atlantis Cove aggressively reduced their asking price to $2,395,000 and succeeded in drawing an offer from someone who is shopping the Seabourne models in Crystal Cove.  Surprisingly, 9 Atlantis Cove is now listed as pending on Redfin.  If it sells somewhere near the asking price, such a sale price probably would have been what the home would have sold for sometime in 2004, in my opinion.

Will the buyer stick around and close?  Time will tell.

The remaining Seabourne homes for sale have been on and off the market for an average of 688 days.
This is the real time since the homes were first listed, even if they were taken on and off the market.  Real estate agents commonly delist and relist properties so the days on the market (DOM) indicator from the MLS can be a lot less than reality.  I find that my way of looking at DOM a useful indicator of market weakness because it really shows how long the seller has been trying, on and off, to sell a home.

The raw data is:
11 Secret Cove - 1731 days - First listed on Jan 31, 2006.
2 Secret Cove - 552 days - First listed in April 2009.
24 Wharfside Drive - 995 days - First listed in February 2008.
62 Sidney Bay - 56 days
5 Atlantis Cove - 106 days


Anonymous said...

Mr. Blue:

Do you bellieve that any intelligent adult would actually make any conclusion on the market based on listings such as "24 Wharfside Drive - 995 days - First listed in February 2008".

Your continual lack of understanding of the market gives me and my buddies lots to laugh about at our weekly meetings at Javiers. Keep it coming, its good to have someone to laugh at!!

Mr. Blue said...

Anon, darn right. Entering a negotiation, I want to know everything about a seller. If that seller has been trying to sell the home for 2.5 years, that is highly relevant to my leverage and negotiating strategy.

Anonymous said...

Has it occurred to you that maybe, just maybe, this is not a seller, but someone who throws it out there like "make me move" on zillow?

Looking for a stupid offer?

You just cant draw any conclusions from this information.

Anonymous said...

It is not pending anymore. It is relisted for sale.

Anonymous said...

Yes, its costs nothing to list a home for sale.

Have you not figured that out yet?

Anonymous said...

Hey Javiers regular,

Based on what realtors have been saying for the last 5 years I'll stick to the nonprofessional opinion.

Anonymous said...

Which non-professional opinion....

The sky is falling?
All homes are worth 2003 prices?
You should always rent?
UP is down and down is up?

I love the margaritas at Javiers. I think if Blue had one, he would loosen up a little bit. In the meantime, we just sit back make money and laugh at the sophmoric analysis.

Anonymous said...

Baghdad Bob (AKA anon),

If I took advice from the assoc of realtors types like you I would have been slaughtered in the crash. With the shadow inventory, crappy economy, stimulus running out, unfriendly business environment in CA, ECT. please tell me what will be driving the prices up? Keep up the good work Mr. Blue!

Mr. Blue said...

Javier's bar sipper, I have never ever said the things you typed:

"The sky is falling?
All homes are worth 2003 prices?
You should always rent?
UP is down and down is up?"

I do, however, agree that the margies are good at Javier's.