The new homes being sold in Carmel Valley are about the best thing that could happen for the resale market.
Buyers get to secure their place on ‘the list’, and use it as a marker for resale comparisons over the next 3-6 months while waiting for their number to come up.
But it’s a long wait – if you are selected to purchase in the latest phase, then closings are scheduled for June, 2014. Resales offer occupancy months earlier, and for anxious buyers that is a big plus. Just the certainty of buying now vs. maybe-late-2014-or-2015 is worth something – probably 5% to 10%.
Pardee benefits too; they sell every house before they break ground, and can raise the prices steadily along the way: