House in Mirasol at Santaluz Sold

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This single-story home in the upscale gated community of Mirasol at Santaluz in Rancho Bernardo, San Diego 92127 sold for $960,000 in March 2015.  The home features three bedrooms, two and a half bathrooms in the main house, plus an attached one bedroom, one bathroom guest casita with its own living room.  The casita is attached to the main house but is separated by an interior courtyard which has a seating area and an outdoor fireplace.  Children attend the new Willow Grove Elementary School in Rancho Bernardo, then graduate to Black Mountain Middle School and Westview High School.  All three are top-rated schools in North County San Diego.  Families are drawn to the Mirasol neighborhood by the great schools, and the clean, safe and quiet atmosphere of the gated community.  Aside from the gate at the front entrance and well-manicured common areas, there are no amenities such as a community swimming pool or tennis courts.

Mirasol House at Santaluz

Santaluz Realtor and Mirasol House Sale

Selling this house in Santaluz – Mirasol was challenging for several reasons.  The most recent sale of this same single-story floorplan at Mirasol had been in July, 2013 with a sale price of $910,000.  Prices of homes in the 92127 area had risen by about 10% by the time this listing was put on the market, so the estimated value was around $1 Million, and possibly as high as $1,050,000 in the still-rising real estate market.  Acting against the advice of their experienced Santaluz Realtor, the sellers decided to put the home on the market at $1,199,000.  Overpricing a home is always a bad idea, as the most motivated home buyers come to see new listings as soon as they hit the market, and if a home is overpriced they will immediately move on to explore other options.  Eventually the sellers realize that their price is indeed too high, and they reduce the list price.  By that time, the initial wave of interest is gone, and prospective home buyers have begun to suspect that there is something wrong with the property.  And that is exactly what happened with this home.

Another major factor affecting the sale price of Rancho Bernardo homes is the condition of the property.  The sellers had purchased this property new from the builder in 2004.  Rather than select quality upgrades such as hardwood floors and granite, the sellers had installed less expensive Pergo floors, ceramic tile, and inexpensive carpet.  The paint on the walls was primer-white, with no wall colors anywhere in the home.  The window coverings were slatted venetian blinds rather than plantation shutters, and there were no draperies.  There were stone pavers laid in the back yard, but the hardscape was unfinished.  As a result, prospective buyers who visited the property felt that they would need to replace all of the flooring, paint the entire house, and install new landscape and hardscape.

Home at Mirasol 92127Lessons to take from the sale of this property in Mirasol at Santaluz in Rancho Bernardo:  First, list your property for the right price at the outset.  In a real estate market with limited inventory and high demand, it is essentially impossible to underprice a home.  If the list price is at or below the estimated market value, prospective home buyers will see the value and will overbid for the property.  Sellers select the best San Diego Realtors for their market knowledge, so don’t fail to take the advice of the real estate professional when deciding upon a list price.  Second, when selecting upgrades for a new home, especially an upscale luxury home, choose high quality finishes such as hardwood floors, granite countertops, plantation shutters, designer paint colors, and professional landscape and hardscapes.  You will enjoy the home much more in the time you live there, and when it is time to sell, the high quality finishes will help you realize a higher sales price.  Last, but not least, remember that no matter what the challenges or the condition of the property, your San Diego Realty Pros will get the job done and get your home SOLD!