We’re over halfway through February and Valmonte is slowly waking from a winter slumber. This past week one new listing came on the market – 4208 Via Valmonte, a 3 bedroom, 2 bath, in 1625 square feet and priced at $1,140,000 ($702/foot). This is a well kept house with pleasant low maintenance landscaping. The house sits back from the street and once inside offers a welcoming floorplan. The house is mostly original so a new buyer would likely want to spend some money on updates, but the house is move-in ready as it stands. I expect this to sell quickly and at or over the asking price.
Price drops – Of the remaining 5 homes still on the market (and 2 accepting back-up offers), 2 recently saw price drops. 4240 Via Alondra dropped $100k to $1.399m. This is a nice home with beautiful canyon views and 2,700 square feet. 4256 Via Alondra, an updated home a few doors away dropped to $1,715,000. This too features a peaceful setting on the canyon and is updated throughout. Why aren’t these selling? Homes on Via Alondra, particularly on the canyon side of the street, don’t have backyards. With the large number of families looking to move to Valmonte, these homes are at a serious disadvantage. However, the views and price per foot are attractive and I’m sure a buyer will eventually step forward.
Accepted offer – after less than 2 weeks on the market 2544 Via Anita has an accepted offer. It’s still contingent on inspections, but it shows a nicely updated home with over 2,700′ with 4 bedrooms on a nice lot has wide appeal at $1.795m. Assuming this closes at or near asking, this represents a nice ROI since this house last sold in November 2013 for $1.399. After selling costs, that’s over a $200k return for a little less than 2 1/2 years. Not bad!
What sold? 300 Via Alcance, after 208 days on the market, finally has a new family. Originally sold in September of 2014 for $1.1m, the home was thoroughly updated, the master bedroom enlarged, and came back on the market at $1.899m in June 2015. While the updates were high end, the $1.899m for 2300′ square feet was pushing the upper limits for a 3 bedroom house in Valmonte on an average sized lot. After lots of patience and several significant price drops, it finally sold for $1.609m last week.
What’s Next? We should see another cluster of Via la Selva homes close in the next month or so with 3025 PV Drive North and 2544 Via Anita closing soon after. This should give us enough data to get an idea of how prices are looking, but so far 2016 is looking to be another good year for Valmonte real estate. Now if we can just get a few more on the market . . . call me!
Just for fun – It’s interesting to note the unusual groupings of homes on the market. Currently, there are 3 homes on Via Anita, 2 on Via Alondra, and 1 on Via Valmonte. (Via la Selva is so long, there always seems to be a couple there). While mostly circumstantial, I have noticed a common occurrence that homes sell in bunches on the same street in a short period of time. In late 2014, 6 came on the market on Via Solano. In 2015, there was only one new listing. I wonder what street will be the busy one this year?