I’ve been monitoring The Heights in Carmel Valley.
It’s a condo convert. But, no it’s not a POS apartment convert. These were originally built to be owner occupied but then was converted into apartments only to be reconverted back to owner occupied now.
Original price at the peak was $500k+ for 2bed/2bath
1 month ago offering $429k + 3% rebate to agent + 10k rebate to use a preferred lender. We jokingly said that we would consider once they are ready to sell in the $390 range. They laughed. I checked last week, units haven’t sold yet. I think they are considering around $400k before all the incentives.
It’s a nice complex, looking for a positive cash flow without sinking too much of a down. It almost works out for us, but not quite. Plus one disadvantage is this complex is three stories but doesn’t have elevators.
SFH:
I have *heard* Portico off of 56 is offering to buy down your loan to 3%apr for 30 years, but haven’t confirmed this myself.
Most high end new developments in CV (old carmel valley) have *not* drastically lowered prices yet. They are offering to buy down loan interest payments and throw in rebates, to prop up the home prices. Namely because these are in phase 2-3, and have a few more phases to go.
Derby Hills (Pardee Homes): some cancellations + about 2-3 more phases coming…Two new home started $1.35M but was discounted by $200k (buyer backed out-couldn’t sell his home first). Don’t know if it’s still available. Most likely yes.
Saratoga (Pardee Homes) : Mostly sold out, but a few corner homes in around 900k: 3% rebate + loan rate buy down. I think there is about an additional $25k wiggle room. The homes sit adjacent to busy street. Big lot, but not the best location. Plus it faces the wrong direction (too warm)
Saratoga at the Ridge (Pardee Homes): No incentive when I checked (these were premium locations). I don’t know about availability. They was a waiting list for this about 2 months ago.
Carriage Run (Pardee homes): 700k-800k: No incentive when i checked 1 month ago….BUT….This place isn’t selling well at all. It’s one of those homes that really don’t fit in the neighborhood imho. It’s too small and it’s overpriced for what you get relative to everything around it. I wouldn’t be surprised if we start seeing hidden discounts. Location is excellent.
