Things aren’t showing any signs of slowing down here in the Valmonte real estate market. In just the last few weeks we’ve seen most new listings go into escrow with multiple offers. The sweet spot seems to be move-in ready homes under $1.6 million. Houses in need of significant repairs or updates seem to be lingering around longer until there is a notable price drop. In the last week we saw 3908 Via Picaposte show up with a for sale sign in front and it was quickly in escrow at a price indicated as “over asking” by listing agent Ginni Lee of RE/MAX. Meanwhile, 4109 Via Picaposte was under contract again after a $100k price drop. Considering it closed in January 2013 at $1,060k, a new price of $1.299m isn’t a bad return for a hold and flip. Lastly a nicely upgraded family home, 4304 Via Nivel, had multiple offers and is reportedly on its way to closing over asking. So far, our micro market is on pace with the general market in Southern California, albeit at a higher priced entry point to move in.
2014 So Far Since the new year, 5 homes have closed at prices between $1.296m and $2.15m at a price per square foot of $547. 2 of those sold homes have closed over the asking suggesting that competition for homes in Valmonte is tough. Currently there are 6 homes available in Valmonte priced from $1.13m on the low end to $2.48m on the high end going into the selling season. What’s on the horizon? While time will certainly tell, for now, if you are a buyer, I would find a solid rate with a good mortgage banker and be ready to write a strong offer when your dream house is on the market. If you are considering selling? Well, of course, I would suggest you call me to get your home sold while the market is hot!
For more tips on buying or selling a home, please go to my website at www.kyledanielsrealestate.com or feel free to email directly at firstname.lastname@example.org.