George asked for an explanation of the frenzy-like conditions we’ve been seeing lately.
How do you explain it?
Lower prices are the #1 contributor, and in Carmel Valley that means roughly 20% off peak pricing. Buyers are tired of waiting, and if the deal is seems good enough, many will buy just to be able to get on with life.
Four of these houses sold at peak pricing, and had to endure haircuts of -17%, -18%, -20%, and -21%. A couple of the sellers had to write a check for $25,000 to $50,000 to close, but the others had equity. There were no short sales or foreclosures.
Here’s a video of nine houses that have recently sold under $300 per sf in Carmel Valley, 92130: