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One of the best ways to measure the price trend is to examine houses that have sold again since the peak.  Here are a few of the same-house sales from the last 30 days around Carmel Valley (OLP = original list price):

7631 McGonigle

4 br/3 ba, 2,797 sf

$925,000  SP 9/04

$824,800  OLP 2/08

$800,000  SP 3/08

-14%  REO

It looked like a mortgage broker had bought this one in 2004, but things didn’t work out.  Back to the bank it went.

YB: 2003  HOA = $56 MR = $173

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3688 Torrey View

4 br/3.5 ba 2,541 sf

$1,045,000  SP 4/06

$950,000  LP 1/08

$868,000  SP 3/08

-17%

The seller obtained a loan of $800,000 when purchased in 2006, so something drastic must have happened in the meantime.  You don’t see a house too often that’s only been on the market 24 days that sells for 9% less than list price.  The agent represented both buyer and seller, so maybe there was a commission deal in there, but to drop $82,000 on price and end up with close to nothing seems unusual in such a short time on the market.

YB: 1999  HOA = $160, MR = $71

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4918 Sterling Grove

5 br/4 ba, 3,476 sf

$995,000 SP 4/04

$1,195,000 OLP 1/08

$1,175,000 SP 3/08

+18%

Move-in ready on a culdesac – this one helps illustrate how prices jumped in CV from early-2004 to peak.

YB: 1999  HOA = $47, MR = $104

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5840 Blazing Star Lane

5 br/4 ba, 2,961 sf

$1,213,000  SP 5/07

$1,350,000  OLP 1/08

$1,250,000  SP 3/08

+3%

This price may seem reasonable when compared to the two active listings on the street – another view home is listed for $1,595,000, and a non-view same model has been listed for almost a year for around $1.2 million.  When houses a block away are selling in the $700,000s and $800,000s, this seems like a big premium for a canyon view – maybe they were comparing to Derby Hill?  Listing agent was happy to add that this was a cash transaction.

YB: 2007  HOA = $210, MR = $385

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4754 Sunset Heights

5 br/4.5 ba, 3,922 sf

$962,000 SP 8/04 (new)

$1.199 to 1.399M OLP 2/08

$1,250,000 SP 3/08

+30%

Even though this sold for 30% more thanit did in 2004, it was a short sale.  Some of the refi dough must have been used to build a 100ft stream/waterfall that they call the ‘Niagara Falls of CV’:

YB: 2004  HOA = $106, MR = $104

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6515 Cmto. Stella

4 br/4.5 ba, 4,879sf

$2,035,000 SP 7/05

$1,499,000 OLP 1/08

$1,625,000 SP 2/08

-20% REO

We’ve covered this one, 15 offers, sold 8% over list price, etc.

YB: 2005, HOA = $372, MR = $164

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6473 Mesa Norte

5 br/5.5 ba, 5,417 sf

$2,275,000 SP 11/05

$1,899,000 LP  1/08

$1,775,000 SP 3/08

-22% REO

Every comp nearby except Stella was $1,950,000 or higher, and by the time the bank cleaned it up nice, it was a deal at $327/sf, though getting insurance for a canyon-front home these days is quite a challenge.  I represented the buyers, who are blog readers – thank you!

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14181 Caminito Vistana

5 br/4.5 ba 4,429sf

$2,350,000 SP 4/05

$2,275,000 OLP 2/08

$2,100,000 SP 3/08

-11%

Another one in a hurry – drops $175,000 after ponly seven days on the market.  The buyer used a down payment of over 50%, so that probably encouraged the sellers to make the deal.

YB: 2002 HOA = $400, MR = $386

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More evidence scattered around – though it seems like the sellers are scooting closer to the exits.

Posted on Sunday, March 30th, 2008 at 1:29 PM in Same-House Sales | 6 Comments » |  Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.