How Ironic and timely. I was just packing up my truck for my road trip and thinking how what is happening serves as redemption for the predictions I made 5 to 6 years ago. The permabears and most negative put forth cute theories of how things would play out. Like old time poster Bugs and his Butterfly theory that everything was connected and the distress from the outlying areas would evenutally crush the prime areas just the same. The CAR et al theory that the coast wasnt immune and everyone would eventually get crushed. I argued against it all and get brutalized with rebuttals. The old do you think its different here? Nothing has changed about this area and prices need to go back to 2001 or lower pricing. Well my time to gloat is here and I’m going to.
Here we are at the early stages of a recovery and if nothing else with the worst behind us. The outlying areas got crushed with 50%+ declines and prime NCC areas took less than half that in declines at the most. Many faired even better than that.
Carmel Valley never got hit much more than 15% and prices are at, above or within 5% for most CV single family homes now.
My neighbor sold his house and moved to LC Oaks closing in early 2005 at the height of the frenzy. They just sold their lC Oaks house and after accounting for landscaping a new home still walked away with close to a $100K gain.
Its getting near time for some folks to sneak out the back door with their tails between their legs.
