Carmel Valley 92130 delusions -little boxes made of ticky-tacky

IT’S DIFFERENT HERE”

“take a look at the great schools

“how about that weather”

Carmel Valley is pretty much the definition of Southern California Mcmansion bubbleville. If you looked this up in a dictionary it would say=Carmel Valley.   A top ranked school system , easy access location , strong Asian demographics and mostly post 1999 construction has created a overall tulip mania mentality of :  “high ranking schools equals 200k value premium over similar sized homes in neighboring areas”

Remember the theme song from the show “Weeds”  – “Little boxes made of ticky tacky” – well that basically exemplifies Carmel Valley.

Yes Carmel Valley is all of that and more .  Why would you want to pay insane bubble prices for homes that all look the same?  Its pretty sad actually.  I guess if it was a great deal and priced low- combined with the local ameneties-then I could possibly see the reasoning for this -But not right now in the soon to be crashing Carmel valley bubble!

Lets take a look at Carmel  Valley :

Yes it would seem that Carmel Valley has basically stayed bubble inflated -But lets take a more recent look pricing activity:

Seems like we have a more recent trend here- List prices have been coming down substantially with sales price per st foot holding steady to slightly down- guess where this trend is going?

92130

Homes Sold Sep ’11 vs. Prev. Month vs. Prev. Year
# Homes Sold 58 -6.5% -19.4%
Median Sold Price $688K -15.9% -12.3%
Median Sold $/SqFt. $318 -1.2% -4.2%
% Sale to List 96.1% 0.1% 0.2%

11228 Vereda Mar De Corazon  92130   -$847000-reduced 4 times in 30 days!

http://www.redfin.com/CA/San-Diego/11228-Vereda-Mar-De-Corazon-92130/home/6293611

Beds: 4
Baths: 3
Sq. Ft.: 2,679
$/Sq. Ft.: $316
Lot Size: 5,663 Sq. Ft.
Property Type: Residential, Detached
Stories: 2
Year Built: 2000
Community: Montecito

“Come take a look at this great home! This 2679 sqft Montecito home with bright open floor-plan, gorgeous westward view to Torrey Pines preserve, and is ready for its new owners. Short walk to shopping, East Ocean Air School and 3 parks! ”

Property History for 11228 Vereda Mar De Corazon

Date Event Price Appreciation Source
Oct 10, 2011 Price Changed $847,000 SANDICOR #110054758
Oct 07, 2011 Price Changed $859,876 SANDICOR #110054758
Oct 03, 2011 Price Changed $865,876 SANDICOR #110054758
Sep 29, 2011 Listed (Active) $869,876 SANDICOR #110054758
May 09, 2005 Sold (Public Records) $1,050,000 16.1%/yr Public Records
Mar 23, 2000 Sold (Public Records) $489,000 Public Records

How are these bubble owners feeling right now? Bought in 2005- for $1.050 , better get out before its too late.  At least they are dropping the pricing quickly as despite the historic low interest rates-foot traffic has been beyond slow.

Whats this home really worth?  LETS LOOK AT THE “CALIFORNIA DREAMIN’ VALUE INDICATOR”  (VALUE ON 01/01/2000 +1/3 COST OF RENOVATIONS SINCE)

Home sold new on  03/2000 so we will use that price

$489000   + (1/3 of 45k in renovations-being generous again) 15k= $504000 current value.

Good luck to the “lucky person”  who picks up this Gem at a  still inflated price- but quickly falling price.   Maybe many individuals will start taking the cue from the show “Weeds”-   start growing some stuff on the side to help pay for your mortgage and Jonesing lifestyles.

5 Responses to “Carmel Valley 92130 delusions -little boxes made of ticky-tacky”

  1. PF Flyer says:

    Thanks- I bought in CV early (1988) and can’t believe where it went from there. I follow The Bridges of RSF closely since a friend owns there. “New money” seems to have been burned rapidly.

  2. Jack says:

    People should wait until interest rates rise to buy property. That’s right, I want to buy when interest rates are high, because high interest rates = low home price.

    It is much, much better to purchase low with high interest rates, because (i) you can always refinance when rates go lower, and (ii) when rates do move lower, someone can afford to pay you more for the house.

    Buying property when rates are low, especially if the property is overvalued, is a true economic disaster, as tens of millions of Americans have discovered. There is no recovering from this mistake.

  3. Hi Pf Yes , luck y for you that you got in on the ground floor of CV.

    Jack – you nailed that on the head to buy when rates are higher- to bad 95% of the population has no comprehension of this and likely most never will. But that is basically the smartest move you could make especially in th
    is current situation.

  4. Gen says:

    I’ve been using the Weeds theme song analogy for CV for a long time, it’s awesome to finally see someone like-minded. CV seems like a great place to raise kids, but it’s really boring and really expensive.

    I would love for rates to sky-rocket, but I don’t think that has a chance of happening.

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