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?