After less than 2 months on the market, 1631 E Calle El Cid sold the other day for $1,050,000, from a $1,149,000 list price.
By any measure, a very successful sale. But one that I had bet would never happen, not in this market, and not with financing as squeaky tight and closely scrutinized as it is.
I saw this house when it came on the market in March and it looked like a very nice house and a lot of house for the money – built 2007/5407 sf/5 BDR/3.5 Bth/& just $194/sf@sale. But it also stuck out like a sore thumb.
Looking at the other homes in Santa Catalina Estates, where El Cid is located, the highest sale in the last 5 years was $671,500. With just a few other sales in the $6’s and $5’s, and most of them in the $4’s $3’s & $2’s. And everything for sale and under contract is also in the $4’s, $3’s & $2’s.
A few months ago, buyers I was working with asked me about El Cid, and after giving them the sales/price history for Santa Catalina, along with my opinion of it, they passed on it. As I thought they should. And though I still feel that was the right decision – the basic no-no of buying the biggest house on the block - now that it’s sold, and sold well and quickly, I can’t help wondering.
And why now. And how did they manage to get financing. There just aren’t any comps for this kind of sale in Santa Catalina Estates. And coincidentally, just last week a home in Shadow Hills – which borders the south side of Santa Catalina - sold for $1,120,000, breaking the all-time record in there. (see Cha-ching)
A few years ago, sales like this would not have gotten a mention, but it’s difficult to neatly fit them into the scheme of the market we’ve been in lately.
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