New renter
You are correct that Carmel Knolls is in the heart of CV and I just happened to miss that post. If you read my f/u, I asked for someone to find one in the heart of CV and you did. I mentioned that I know they are there. I have a client who I spent about 8 months looking in CV. Ultimately, he decided the risk was too high there and that there wasnt anything unique about it other than location for his tastes. We are now looking in DM at much higher priced homes and have been for about 6 months. BTW, the ugly REO on Durango was an ugly house with DM Heights Rd as its backyard. I certainly wouldnt consider that representative of what is happening in Del Mar.
As for you comments about weakness in CV, I dont agree. Inventory is close to half of what it was last year and pending are up. Alot of the new construction in CV is finishing up as well minimizing competition for resales. I am not saying that prices are going up in CV because they arent as far as I can see. What I am seeing there is the same thing I see in Encinitas/South Carlsbad. Prices have fallen about 10% off the peak and buyers are coming back more decisively this year due to the new lower prices. Last year, sellers were in denial and buyers were scared. Sellers that priced appropriately last year sold. Sellers that didnt price appropriately last year are facing slightly lower prices if they still want to sell this year but stronger demand from more motivated buyers. I expect, this demand rally will sputter out by mid-August and that we will see a small price decline in Fall/Winter and then healthy demand again next Spring. This will continue on for many years.
