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Saturday, April 4th, 2009 at 7:59 AM

CV Squisssshhhhhh

For those who have been expecting a leg down (or two) in Carmel Valley, here’s some evidence that your day is coming.  Here are the 25 properties in foreclosure that are valued over $1,000,000 – only nine of them are on the MLS (6 actives and 3 pendings).

My job is to determine which of the remaining sixteen homeowners wants to sell, or just ride out the free rent – check with me if you’re interested in one! 

Click twice for a clear copy:

Posted on Saturday, April 4th, 2009 at 7:59 AM in Foreclosures, Thinking of Buying? | 9 Comments » | Print 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.

Reader Comments: 9 Responses

  1. I see one of the homes on your Lago di Grata video is on the list…

    Locomotive Breath | April 4th, 2009 at 9:24 am

  2. Thank you very much for this post.

    FirstTimeRenter | April 4th, 2009 at 9:35 am

  3. Jim,

    Haven’t you heard? Carmel Valley is invincible. Home values there will hold their prices because those people can wait it out. And let’s not forget about all the foreign investors paying cash. The high end homes aren’t subject to the same market forces as everywhere else. They’re special.

    The Blur | April 4th, 2009 at 9:36 am

  4. Beautiful Day out here in E. Vista, No “56″ noise and impact like CV. No Mega roads full stop lights each block. Ocean view looking west, Mt Palomar looking east. You have gotta love rural living in this day and age! I just did a one hour bike ride w/o a stop light on my entire route to be seen. Alot to be said about that…

    doughboy | April 4th, 2009 at 1:13 pm

  5. Good data!

    I see 6 with negative equity, 3 with zero, and 7 below 10%. That puts 65% of those properties with essentially no useful equity even if no additional costs were incurred.

    Can’t help but question those showing 30+% equity, too. Why couldn’t they have refi’d?

    IMHO they’re all eventually sold at a loss to the lender, and the longer it takes the more that loss will be.

    tj and the bear | April 4th, 2009 at 2:55 pm

  6. I know people who live in Carmel Valley and ABSOLUTELY LOVE IT–I can see why the demand makes it more expenseive realtive to other parts of SD–it is certainly cheaper than Del Mar. It you like a planned community, it is ocean close with arguably the best schools in the County and relatively close proximity to Downtown. We prefer Carlsbad, but the when we have to go to SD, it is a hike.

    Local Boy | April 4th, 2009 at 3:03 pm

  7. Just noticed something odd… what’s with those auction properties showing an “Estimated Bid” greater than the “Estimated Value”? Oh, and WTH is up with that $200K bid???

    BTW, does CV have HOAs or Mello-Roos? Just curious.

    tj and the bear | April 4th, 2009 at 3:35 pm

  8. Some of the oldest places have no Mello-Roos. Lots of HOAs here.

    I sold my 3/2/1360 house in the San Remo development two years ago, and AFAIK none of that plan have changed hands since then. I see only one house for sale (4176 Federman) that is in that development. Folks sure have done a good job of holding on.

    sosad | April 4th, 2009 at 6:04 pm

  9. CA = Ants Marchin’ and concrete ant hills.

    ‘Keep up with the Joneses is strong in that ‘hood’.

    3clicks from da Beach | April 5th, 2009 at 10:35 am

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