Bay Collection - Carlsbad

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Submitted by waiting for bottom on November 2, 2008 - 11:02am

Is there anyone that can fill me in on the background of this 2006 development?

There have been a lot of recent listing, most are at or above the original 2006 prices.

Seems like a lot of distress in the area.

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bump
Submitted by waiting for bottom on November 8, 2008 - 9:33am.

bump

The Bay Collection probably
Submitted by sdrealtor on November 8, 2008 - 1:01pm.

The Bay Collection probably has the nicest tract built homes I have ever seen combined with a spectaular location. These properties were sold at the market peak to ravenous buyers. The market here is very different now. HIgh end properties are selling with $500K net losses to the sellers. Mid and Low end properties in the tract are selling with $100,000+ losses to the sellers. There is a fair amount of distress here and it is quickly growing. There are great opportunites ahead in this tract for well informed and represented buyers. I have a client that has been trying to buy one of them for over 6 months. The seller is in major denial and if they do end up selling it would be a record breaking loss. If the dont sell they will continue eating close to $200K in interest and opportunity costs for the foreseeable future. The only shot they have is if some idiot comes in and overpays. (HINT: It wont be my client).

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