A typical newer tract in Carmel Valley, 92130.
Even though there was some sentiment that these could be slipping in price (two sales in January were $815,000 and $825,000), partly because they are so similar – most are 2,600sf to 2,800sf – and hard to differentiate from each other. But the last two sales closed at $872,000 in April, and $885,000 last week.
The current sellers weren’t going to stand for that, and the four current actives are listed at $899,000, $928,000, $939,000, and $954,000, which represents virtually no discount from peak pricing.
Along comes an REO listing, and you can guess that neighbors want to believe that he is “undercutting the values”, and “distress sales don’t count”.
But it sure looks like a normal-sale price considering it’s location (it’s listed at $824,900 and went pending after 15 days), and the buyers are probably going to consider it as a regular comp. But will the sellers?
It’s in decent enough condition and close enough to the lowest of the actives that I would consider it a comp (assuming that it actually closes). But whether that means lower the price or take it off the market would depend on why I was thinking of selling in the first place.
I don’t get it. Sellers should be STOKED to use that as a comp! It’s a dreadful location that is a legit drag on its value.
Maybe all the other actives are located just as badly…?
Aztec-The issue is that buyers would use it as a comp without factoring in the “hi I’m in the middle of the intersection” location.
I’ve all but thrown in the towel for CV. People are throwing themselves at these mediocre homes. I think it’s a cultural thing – buyers want this school district at any price.
I think it’s dumb and a high risk. With all the taxes coming it’s too much of a risk. Also, f and freddie are trying to raise the mortgage insurance from an average of $180 per month to $580 – imagine that. There WILL be less buyers and I’m not happy about that because I too have property to sell.
Wish PAS would assign those listings based on location……
Jim sorry about the comment you had to delete from me. I try my best to stay within the boundary of this site. Thanks for the awesome info.
Some people, like myself, don’t mind street noise. Especially those of us coming from apartments in LA or other big cities. It gets so quiet around here that I’m sometimes scared I’ll encounter ghost twins while riding my big wheel around the house.
I still can’t fathom paying $800k+ for that place, but like Blur said, people will do anything for that school district. Maybe TPHS will turn your kids into millionaires and it will be worth the investment.
…and it’s still a way better deal than anything you’ll find in LA.
Wow, that house was just bad anyway you looked at it. Inside and out. Think for my money, I’ll keep trolling the bottom of the RSF homes.
mybleachhouse,
I don’t remember what you said, but no problem – did you put your name on it? I’ve been deleting the anonymous comments latley, coming from the stalkers I’m trying to run off.
This one had me laughing…
“I wouldn’t call this a quality location. Unless you were going to go to school across the street and wanted to time the lights perfectly.”
Imagine it’s the end of services at the church, and someone in the home forgot to close the window blinds next to the tub just as they climb out. 🙂
As for being desperate to move into a preferred school district, wouldn’t it be cheaper to buy elsewhere and send your kids to a private school? How much is that per year?