The Castaways, a favorite Westcliff/Dover Shores area neighborhood, remains one of the most active and sought-after communities—even in this down market. A flurry of recent activity has resulted in numerous sales in the past few months, plus four new escrows in the past two months. This is great news in a market where homes above $1,250,000 tend to linger on the market because of buyer lack of confidence and/or the difficulty of securing jumbo financing. If you live in the Castaways, it signals that the community has much to offer. Of late, similar sized homes in Cliffhaven and Westcliff/Dover Shores areas have either NOT sold or are selling for less.
Perhaps most encouraging is that both interior and exterior (view) properties are selling. Two properties on the bluff, 2 and 29 Cape Andover, are in escrow. The other two properties in “Back-up” status are 14 and 22 Cape Danbury. Until the banks approve the short sale offers or counter for a new price, there is no way to predict the eventual closing price. Stay tuned to BixbyBlog for updated information on those short sales as it becomes available.
Two sales not on the RADAR (and therefore not in MLS) are worth noting. Last year, 18 Cape Woodbury SOLD for $1,710,000. This month, 28 Cape Andover just closed for $1,750,000. Also of note, 12 Cape Andover, which recorded at $1,750,000, and 16 Cape Woodbury, which sold for $1,625,000, BOTH had severely reduced Realtor commissions because of their participation as principals in each of those transactions. The latter two sales, under normal circumstances, might comp out at closer to $1.7M and $1.825M, respectively.
More information will be forthcoming as these Castaways homes close escrow or new homes come to market.