Thanks LateSummer for the bubbletracking blog info… For some reason I never noticed that one. Also very interesting reading some of the Carmel Valley posts and problems there.
I’m still amazed at the house that just came on directly on Carmel Country road. Zillow has it at 995-1.017, the house is for sale… Oh excuse me… Entertaining offers at 1.65-1.85M!!! It’s 3400 feet on a main road and has a pool… Are people insane? Jammed in with 5 other houses in a row.
I think that you can’t really predict how quickly the market will fall because not only is the data so poor, the selling data is so laggy, the givebacks and other incentives are not disclosed and more importantly – the pent-up and future pent-up desire to unload for those worried about their futures.
I used to live in CV and with all the speculation, the trading up, trading down, investment properties and everyone I knew buying a timeshare or second home to ski, etc. There is INCREDIBLE fear in the market there.
The denial stage is still firmly upon us. We lose site because we are in this blog. I never saw a real estate blog till Jan of this year! I sold my house in Dec 06 and still really didn’t know what was going on other than the Realtor told me things were pretty dead and we better price aggressively.
She was awesome – I applied my own analysis to what I saw going on with sales and didn’t want to be in the position my neighbors are in right now – It’s 5 months later and they still haven’t sold – have finally priced their homes where mine sold at or lower – and most importantly – are still waiting for buyers to show up.
If there was anyone I cared about I wouldn’t feel too badly about trying to get them to unload at any price – even 10% below what other sales are… That is of course, if they have any intention of moving in the next 5 years.
