I see that Poway homes are still selling pretty fast. Does anyone have an analysis of Poway price drops?
Nonetheless, if a Poway house worth $700K in 2000 is worth $1.4mil today, is that house likely to be worth $900K in 2009? What would make it keep its $1.2-1.3 mil price tag, despite the popularity of Poway? I’m thinking of the Grove and homes near Lake Poway in gated Bridlewood. How much will those drop?
Also consider how pricing will change in the upper ranges of Poway, in the multi-million dollar homes in Maderas and Lomas Verde Estates.
I’ve followed Poway foreclosures and I can tell you that most foreclosures are in the lower priced neighborhoods, where homes are under $600K. I found less than 5 homes in NOD status in the +$ 1 mil range. However, they do exist in Poway and La Jolla.
As far as Carmel Valley, which people believe is immune from foreclosure, I took the liberty of checking foreclosure.com. Zip code 92130 lists 168 tax liens, 13 bankruptcies, 42 preforeclosures, and 3 foreclosures. This is a sample of some of the larger homes in 92130.
Please correct me if these addresses are not the proper ones.
13166 Sunset Point Way, 5/4.5, 3922sq ft, William Welsome, amt of defaulted lien $972K
5136 Meadows Del Mar, 6/7.5, 6555 sq ft, orig loan amount $3.6 mil. This one is now inactive, but did at one point fall far enough behind to have a NOD filed.
13267 Larkfield Ct
Four homes on Meadows del Mar (right on the golf course?)
TAX LIEN
13425 El Presidio Way, Jeffrey and Melissa Clagg
I think it’s safe to say that people of all income levels are overextended. The lower income people are quicker to go into default, since they don’t have as good access to credit and savings to bring their payments up to date. I wonder how long the inactives can go before they become Active again…
If anyone has any requests for their zip code, let me know. Poway is full of NOD and foreclosures, too.
