When tracking the current market trends, let’s keep an eye on the most recent pendings to help gauge the demand. Are there still home shoppers willing to agree to a price, and deposit good-faith money into escrow? If so, those are marked pending in the MLS.
Sure, they don’t all close, and we don’t know what the final sales price will be – this is purely a gauge of whether there are still buyers with guts:
“slogfest”. Now that’s a word I can endorse. There are always 3 options with a given market. It goes up, it goes down, or it goes sideways (slogfest!). The sideways era has begun.
There is no rehearsing or second tries, they call me First-Take Jake.
Sometimes I say stuff and have to look it up later, like today. From wiktionary:
slogfest (plural slogfests)
1.(informal) An activity or event characterized by a long duration and an exhausting, wearisome perception by its participants.
Jim, did I head you give a “shout out” in this video? omg…rotfl 🙂
The strength of the market in Carmel Valley is truly stunning.
Do you ever solicit for sellers on the fence? Folks with lots of equity in desirable areas who really don’t follow the market. Drop a postcard to all the houses around each of these saying, hey, your neighbor sold for x, we have frustrated buyers, if you are thinking of moving in the next few years, maybe start considering that . . .
I understand Carmel Valley when I consider the other options in San Diego, which are not so good due to poor construction and design pre 1985 or so.
Case in point: University City. This should be one of the most desirable location due to close proximity to jobs, shopping, beach, etc. And the schools are very good.
But the homes were mostly built in the 70’s and early 80s and therefore the housing stock is dismal IMHO. Tiny, poorly constructed houses on small lots. Also, little cohesion between the homes with lots of patch development in all different styles. Some people buy and remodel at great expense, but then you have nicer (but still small homes) next to eyesores, and you probably paid a lot to get there.
San Diego’s older housing stock is, frankly, nasty and this makes Carmel Valley with its reasonable location and new homes attractive to many.
I would also recommend looking at Poway which does have many older homes, but they generally have large lots and can be fixed up into something very nice, which I have seen done many times. They also have a stock of newer, larger, homes as well that look positively palatial after viewing what is available closer to the coast.
I like to think of Carmel Valley as the ‘Slums of Del Mar’.
(Ten year CV resident.)
CV stays up for a myriad of highly logical reasons – one major factor today is the flood of RSF, Meadows, and Santa Luz folks trading down. Did I saw flood? I meant tsunami.
Oredart @ #8
Would you mind pointing us to some evidence? It is a good theory given the tsunami in those high-end areas.
It is very strange that people continue to question the demand for neighborhoods like Carmel Valley. Carmel Valley, in my opinion, looks most like Irvine (in OC) and Cupertino (in Bay Area). They are all close to employment center, looks cookie-cutter, manicured, and good schools. It’s not that surprising.
jeshappy, I personally would pay a premium NOT to live in something that was “cookie-cutter”.
If that is what is a million dollar house in San Diego then something is very very wrong there!