A 2bed/2bath/1car/1211sqft/1 car garage at $400k seems pretty steep for 4s ranch area.
As far as the attached market. I’ve monitored the condo/townhome market in Carmel Valley starting since 2004. Prices have declined..It seems like recently, it’s happening at a faster rate (seeing more foreclosure/ short sales even in Carmel Valley )
1) A lot of people bought attached homes here on marginal financing.
2) A lot of places in CV converted from apartments to owner occupied==> lot of inventory.
To put things in perspective, Here’s a foreclosure in a relatively nice attached community.
1)
3762 MYKONOS LANE 89 (Andalucia)
2/2.5 1231 Sqft, TWO car garage
Plus located walking distance to a good elementary school, torrey pines middle school, a shopping mall with a movie theater, a city recreation center with a lap pool and playground.
$447k.
You might also compare the HOA/mello-ruse/property tax of this unit to what the 4s ranch unit is (NOTE 3762 MyKonos should have MellosRuse also, even though house rebate doesn’t list it).
Obviously, a property marketed at this price (still high imho) doesn’t help these folks(or possibly condo-convert owner) trying to unload roughly $36k-72k higher
It’s not a question of whether prices are falling for the attached market. It’s pretty clear it’s happening. Unfortunately, these were probably purchased with the least financially stable people during the peak.
