May 2021
35 closed SFR’s thus far with 22 under contract prior to May 1st which could close this week
Median of $1.81M
Carmel Valley is clearly a higher priced market and always has been. There are still a whole bunch that could close this week and pull that median up but as it stands it is looking like 20% y-o-y.
The price action up here is substantially faster this year. Id guess it is because location close to work is less important now. But more importantly our housing stock up here is newer with bigger homes and bigger lots that appeal more to refugees from the North. Just a guess but id bet a nice dinner on that if there was some way to prove it.
Every week that passes it seems like there is more of a fundamental shift going on up here. Im not gonna post all the numbers but 92127 (Del Sur/4S) is seeing almost as strong appreciation (27%) as NCC. There too the housing stock is newer with bigger homes though lot sizes are more similar to CV.
I have no idea where this going to end[/quote]
Can’t believe houses on my old street sold for 1.8 and 1.9m respectively. That’s more than 2x from my purchase that was close to peek before the Great Recession.
My neighbor who bought the house as a short sales scored big time shortly after the Great Recession from my then ahole neighbor that leveraged up the ying yang scored bigtime with a $880k purchase price. I’m happy for her. Very nice lady who owns her own biotech company.
I wish the insanity would stop. I’d rather have the ability to purchase more rentals than to see my equity go up, though I’m not complaining about it.
So is the lesson to learn. Hold real estate for the long term and there’s lesson of a chance to get burned??? And if you leveraged up the ying yang, can’t make payments…well then that’s on you….???
Kinda funny and sad at the same time that for as expensive as I thought it was back then to buy my SFH, it’s still less (at least in nominal terms)than how much one of my friends just sold their 3/3 townhome in Crest Del Mar 92130 for more, lol.
