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

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?