These are among the oldest houses in Carmel Valley, but at least they are relatively cheap. This listed on January 16th on the range $709,000-$749,000, and closed yesterday for $759,000 FHA:
It sold for $295,000 in 1994, then $387,000 in 1998, and $819,000 in 2005.
San Diego — where “relatively cheap” is 3 quarters of a mil!
It seems like the party always starts in so cal. As prices rise a lot of people seem to get left behind. They then start looking elsewhere. A lot of people simply dont have the money to pay 750k for a place to live. If it is FHA don’t they require 3% down? 750k x .03 = 22,500.00. I would venture to say that 75% of americans don’t have that amount of money saved. PHX lookn better all the time.