Did you know that homes that have been upgraded/renovated sell for 15-25% higher than homes in their original condition in Santaluz?
We just wrapped up an off market sale at 7559 Delfina.
This home was completely remodeled after it was purchased in 2021. We helped the owners sell it post-remodel in September 2022 at a price of $2,700,000. The new seller decided to sell a few months later due to a change in circumstance; it sold for the third time on March 13th, 2023 for $2,830,000 with minimal improvements since the September 2022 resale.
- This new $2,850,000 sales price puts 7559 Delfina at $863/sq. ft., which is 25% higher than the average price per square foot in Santaluz! (4 bd. average = $661/sq. ft.).
- Prices have declined by 8% in Santaluz since Sept 2022 ($711/ sq.ft. in Sept 22 vs. $661/sq.ft. Feb 2023.)
- Not this house! During this same 6 month time frame, Delfina sold again for 5% higher than its September 2022 price with minimal additional improvements. The Delta between the decrease in the market and the increase in the Delfina sold price equates to a 13% increase within 6 months!
Remodeled homes tend to be shielded from declining market conditions.
There is a very similar floor plan in the same neighborhood that is listed at $810/sq. Ft. - 20% higher than the average price per square foot in Santaluz, and 5% lower per square foot than 7559 Delfina. The kitchen, bathrooms, and flooring are all original, circa 2003. It has been on the market for almost half of a year.
The difference between the 2 bungalows is that one was upgraded and renovated and the other one was in original condition. Two homes in the same neighborhood within Santaluz with a similar floor plan do not sell the same.
Santaluz is a very desirable neighborhood, however homes that are in original condition take longer to sell. These homes need to be priced lower than renovated homes, as evidenced in our example.
Don’t let this scare you however! You don’t need a whole house renovation to be more like 7559 Delfina! Even small changes like repainting cabinets, updating backsplashes, and repainting interiors or exteriors go a long way.
Our team includes Heather & Michelle, two experienced realtors with over 80 sales in 92127, a designer, and contractors/vendors.
WE ARE EXPERTS WHO KNOW HOW TO SELL HOMES QUICKLY AND AT RECORD PRICES in Santaluz.
If you are interested in a free consultation, please reach out directly to us!