5 Bedrooms + 2 Optional, 3.5 Bath, and approx. 4,612 Square Feet

Large spacious executive style residence, custom marble flooring in the foyer, downstairs office, dining room with designer chandelier, dual staircase off entry and family room, bonus room with view balcony. Oversized gourmet kitchen: granite counters, stainless steel GE Monogram appliances, two sinks, dual ovens, and eat in bar. The large family room offers a built in entertainment center and custom stone fireplace and mantle. Master suite: separate retreat/study area, private balcony with ocean and golf course views. Master bath: Jacuzzi tub, marble enclosed shower, bronze fixtures, walk-in-closet and dual vanities. The inviting rear yard has mature landscape, covered patio, outdoor kitchen, and built in spa.

For pricing and more information contact The Lund Team:

REO@lundteam.com or call (760) 438-0800

And Zell followed in the interview to predict a turnaround in the broader real estate market : “I think the direction of the real estate market will change in the first part of next year (2009)”.  (video below)

His contrarian prediction has since proven true.   

And Zell’s larger macro-concept of restricted supply articulates clearly the current real estate market in Carlsbad.  A restricted supply of Carlsbad housing halted the downward trend in pricing in 2009.  In 2008, Carlsbad had 12+ months of sellable homes.  Buyers had a number of choices and were demanding steep discounts off already lower prices.  But as fewer homes came onto the market in 2009.  Sellable inventory shrank to 2.5 months of supply.  Buyers would search for months and find the same few “dog” or undesirable properties.  More desirable homes in the $800’s and under had multiple parties willing to bid near full asking price to be the winning bid.  In mid-2009, the ‘bid’ to ‘asking-price’ went from a 96% average in 2008 to 99%.       

The final three months of the 2009 Carlsbad real estate saw an increase in sales and lower market time when compared to the previous year.    Over 206 homes went under contract and/or sold from October to December.   A 36% increase in sales when compared to the same period in 2008.  The average time to sell a home decreased from near 90 days down close to 60 days.  And even as buying activity is comparatively stronger than the previous year, prices have stayed relatively flat.  Conservative appraisals are keeping housing appreciation low and steady.  Buyers should not feel pressured to buy because of low rates or tax credits.  Buyers should take their time and focus on the area they want to live and find a home that fits all of their needs.   

But if you are waiting for prices to decrease further, it could be a long wait.

Housing bears are hoping for a double dip in housing prices.  This is predicated on the sudden release of large amounts of “shadow inventory” from banks and a sharp increase in mortgage rates.  Banks have shown that, although they do have an unknown number of homes sitting vacant and unsold, their intent is not to flood the market with their own property and compete with themselves.  And mortgage rates will rise when federal stimulus ends and the government withdraws from the secondary mortgage market.  But as of January 15^th 2010, the Federal Reserve plans continued stimulus until the broader economy shows clear signs of sustainability and recovery.  And with recovery comes confidence and income.  And according to Zell, since inventory is expected to remain restricted, buyers will reluctantly pay the higher cost associated with increased mortgage rates.

3 bedroom, 2.5 bathroom and approx. 1,538 sq. ft. – Price likely in the low $400s.  We are excited to see!

Call today to join interest list and to schedule a private tour at reo@lundteam.com

Stunning Views To Pacific Ocean

Gourmet Kitchen

Front of 6426 Terraza Portico

The remaining 3% of the bank owned inventory goes to high-end homes in the most desirable areas of the county such as La Jolla and Rancho Santa Fe. The highest priced REO home at 18117 Aliso Canyon is located in Rancho Santa Fe and listed for $5,495,000. One property at 18787 Heritage Drive in Poway is currently on the market for $2,595,000. This same home was sold less than one year ago on 7/2/09 for $3,400,000, equaling a total savings of $805,000 or 23.7% from the July purchase price. In the Bay Collection (community in the Aviara area) of Carlsbad two properties have recently closed near the 1,000,000 mark. 7089 Marsh Wren Street (5 bedroom, 4.5 baths, 3484 square foot home) sold for $1,551,000 in 2005. The next time this property was sold on 6/26/09 as a bank owned foreclosure the price would be $976,000, a 37% savings. Also, in the Aviara area, 1372 Corvidae Street sold for $785,000, other like properties listed as regular sales are priced at $1,029,000 and $1,150,000. Buyers purchasing bank-owned properties can get amazing deals and it needs not to be forgotten that these same deals are also widely available in the luxury home market.