I speak only in terms of CV by itself. I follow the area very closely. CV is no 4Closure Ranch. But it’s still overpriced. My opinion (no claim to be a psychic or anything) is that CV is going to see its biggest declines in the next 6-12 months. More sharp percentage drops in price per sq ft.
You’re right that those who are selling are the ones who really need to. But what’s left there right now is going to be stuck that way unless they lower their prices. We all know the value of some parts of CV with respect to its location (proximity to freeways, beach, schools etc.) But any of those houses just sitting there unsold (especially in the “heart” area – the Carmel Creek, Carmel Country, Del Mar Heights Rd) means they are overpriced and/or something is just “wrong” with the house (which means they should lower the price anyway until the “wrong” is worth it to prospective buyers).
With the coming aftermath of ARM resets CV will no longer appear to be as “immune” to the regional decline.
