Carmel Mtn is a nice area, fairly generic, good schools. The way the depreciation cycle will continue, IMO is that the first outlying areas and less desireable housing will get hit the hardest and continue to get whacked. We have definitely seen this and it is continuing. We have also seen the “nice” areas get hit to. These nice areas also have plenty of people who bought using risky financing vehicles thus they are going to pay in the end as well. They may be able to hold out longer because they are employed but they will eventually fail and be forced to sell as well. We have already seen price drops in nicer areas. Finally, yes this is CM and CM is nice, but it is pretty generic right? All the subdivisions are built out and have pretty standard designs. The best thing about CM is the school district for sure. So I am not saying anything bad about CM, I just think it will depreciate, or shall I say continue to depreciate.
