A million bucks just isn't what it used to be.
It's still a heckuva lot of money, especially in terms of annual salary, but with regard to housing, at least here in California, a million dollars just doesn't buy what it used to. In some of the more expensive communities like La Jolla, Rancho Santa Fe, Del Mar and Coronado you can hardly buy any sort of detached home for under a million.
But with housing prices dropping in the last couple of years, one can certainly get more for a million dollars in my area than in the past, and with some short sales and foreclosures in the $1 million+ category you can get even more house than you could several years ago when prices were on the rise and multiple offers were the norn.
What does $1 million buy?
Here's a sampling Carlsbad and nearby real estate for home buyers in this price range.
$1 million or so in Carlsbad, based on sales in the last 6 months, will get you a 3420 SF home with 4 bedrooms and 4 baths. Right now there are 9 homes priced at about $1 million (a total of 161 Carlsbad homes are over $1 million). You can even get a distant waterview in this price range. Neighborhoods with these million dollar homes include La Costa Valley, La Costa Greens, La Costa Oaks, the Bay Collection, Cantata at Aviara and Rancho Carrillo. 4 of the 9 homes are short sales.
And what about in nearby communities? Are there more choices? Better views?
Encinitas - a 3 bedroom 3 bath home with 2707 SF ($419/SF) selling on average in 63 days is the typical million dollar home
Cardiff - a 3 bedroom 2 bath home wit 2776 SF ($376/SF) selling in 64 days will run you about a million
Solana Beach - a 2472 SF home with 3 bedrooms and 2 baths ($456/SF)
Del Mar - a 3 bedroom 2 bath home with 2233 SF ($474/SF)
La Jolla - a 3 bedroom 2 bath 1933 SF home ($578/SF)
Rancho Santa Fe - unfortunately there is nothing in the $1 million price range (except attached homes - condos and townhomes)
So What if your budget is $5 million or so?
In the Carlsbad real estate market as of this writing there are 2 homes to choose from in this price range. $5 million will get you 5 bedrooms and 5 baths (new construction BTW) with about 6000 SF and a great water view (but not frontage) - you have to go to $10 million for that. Keep in mind there is actually limited TRUE ocean frontage in Carlsbad because of where the Coast Highway is located. But if you don't mind behind just on the other side of the coastal road and looking at the water...
In Encinitas real estate $5 million will get you at 2800 SF home with water frontage on the bluff on Neptune with 4 bedrooms and 4.5 baths, or an inland estate (new) with about 6000 SF.
In the Del Mar real estate market you can acquire a 4 bedroom 3 bath 4300 SF home with ocean views (not frontage) for about $5 million; that same money gets you a 4 bedroom 3.5 bath ocean-front (bluff top) 3200 SF piece of Solana Beach real estate.
With 5 properties to choose from in the $5 - 5.5 million range in La Jolla (one is a unique development opportunity of two contiguous lots with small cottages), you could purchase a grand 8000+ SF 3 bedroom 3 bath palazzo with terrific ocean views (this is after a large price reduction); or you can acquire an ocean front (the only one) 3900 SF 5 bedroom 4.5 bath home for just under $5 million if you prefer.
The selection improves in the most expensive community, Rancho Santa Fe, with 14 homes in the $5 - $5.5 million range in some of the most exclusive enclaves such as Cielo and Fairbanks Ranch. Rancho Santa Fe Homes in this range offer up to 10,000 SF (but most are 7000 - 8000 SF), with 4 to 7 bedrooms and up to 8 full baths.
If you would like a DETAILED list of the homes in any of these communities (or others that interest you) that meet your criteria and budget, please feel free to call or email. Or search on my website at the link below.
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If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360
or email me at JDowler@remax.net.
All content copyright © 2008 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
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Passionate about solving buyer & seller real estate problems in Carlsbad & coastal North County San Diego communities. Relocation to Carlsbad and nearby is my forte! CALL or TEXT ME at (760) 840-1360.
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Yikes! The house you described would sell for about half as much, here. Maybe less. I like the way you gave the price per square foot for each area. I might have to do that. You don't mind if I steal your idea, do you? =P
Hi Jeff, This brings back to mind how valuable our real estate remains, even with all the hits about the decline in values. It is sort of remarkable when you quantify the numbers and show what the costs are after the adjusted drop in values. I ,like you appreciate the distortion out there because reading the press would have our homes so valueless as to be near giving them away ( to coin a phase of my sellers) when they say , I don't want to give it away. The last time I looked, supply and demand is alive and well.
Lisa - absolutely not. That's what this is all about, right? Glad you thought it was useful. I find that this is an interesting stat to watch, but you can't put too much stock in it. Too much variable in most areas.
William - so true. In some areas the rpicing just had not changed nearly what the media would portray. There's a piece of me that wants to really do a thorugh analysis but time doesn't allow it...nor my level of patience.
Jeff
Now where did I put my change purse... to scrape up about 5 million! I too have been keeping an eye on stats like this but hadn't actually put it in a post yet... I guess now I will have to LOL. I agree with you though that there are too much variable. ~Rita
Rita - LOL. Well despite the market shifts, some properties are still commanding some hefty prices and luxury home buyers have some great buying opportunities. Look for my high end luxury summary soon.
Jeff
Wow, those prices per square foot are absolutely amazing. I remember when a home could be built for $50 per square foot.
Lisa - yep, they area. And there are places here that are in the $2,000+ per SF range. Waterfront is commonly at least $1000/SF.
Jeff
I'm not one that wants that life, but it would be great to corner that market. Great information Jeff, and always an interesting subject.
Jeff,
My partners house is 4000 sq ft and has a pool and lakefront on an acre of land...they paid 500K new and at one time it was worth about 1.5 mil...now if he is lucky they could get about 7-800K for it.
$2,000 per square foot for waterfront - I am barely able to comprehend that number!
Jeff, hmmm...
For a smart investor with a measly Five Million lying around, it might be wise to buy 5 of those homes in the million dollar range and wait. Thanks for a good post and putting things in perspective.
Margaret - I like your thinking! I am an investor and wishing I could buy more homes right now!!
Jeff a million dollar house with a distant view of the Ocean .......... what more could you want ......... what a deal ......... what a bargin :) :)