Updated July 25th with Video – Video at bottom
In May we all learned the sad news of Junior Seau committing suicide and now it appears that the estate has listed Seau’s beachfront Oceanside home for sale. According to the MLS the home has been listed for sale with a price of $2,295,000. Public records show the home features 3 bedrooms, 2.5 baths, 2,238 square feet (assessor shows 2,010 square feet) with an attached 3 car garage located on a 4,726 square foot lot. The home located at 604 South The Strand Oceanside CA 92054 was purchased in August of 2005 for $3.2 million and purchased with no loan but it appears a loan has been taken out since the original purchase. The home is listed with John Beran of ERA Ranch & Sea Realty. According to the listing the home features “amazing ocean views”, a large deck facing the Pacific Ocean and large lower level bonus room.
I thought I would share some photos below but I also wanted to give you my opinion of value since this is in fact what I do for a living and thought it may be a bit more interesting to show you how an agent might come up with a list price of $2.2 million.
As of today there are only 8 other listings for sale with similar panoramic ocean views within a quarter mile of the subject located in the same zip code. Of those homes only 5 others are similar in age, style, size and location. Those values range from $1,025 to $1,279 a square foot. When you consider what is currently for sale Seau’s home seems to be priced very aggressively based on other comparable listings.
There could be a few reasons for an aggressive list price. First, you only have so many buyers in this price range and you want to capture every opportunity. Second, the estate may want to sell this property quickly to recover as much money as possible to pay off any existing liens that are incurring interest every month until they are paid in full. An aggressive list price may net more money today compared to 12 months from now with another $100-250K in additional debt. Lastly, a quick sale is easier and will likely gain less attention in the media – I’m sure the family wants to put this behind them and move on as quickly as possible.
When it comes to value you always look for sales first because those were purchased by buyers willing to pay that price and sometimes sellers will list a home for sale with a pie in the sky price that makes no sense compared to other similar properties. So we always look for closed sales first. Of the closed sales we look for homes as similar to the subject as possible and look at those values on a price per square foot basis. Obviously you need to look at features, location, views, etc but your starting point will always be based on square feet / price. As for sales, we only have 1 similar sale in the last 12 months. 1235 South Pacific sold for $3,895,000 at $1,196 a square foot. Sale comparisons are always the best way to determine value but unfortunately we only have 1 sale comp to work with.
Based on the surrounding comparable listings and the current list price I think this home will sell rather quickly. You simply cannot find beach front property for sale in San Diego County for $2 million dollars.