Most of what you see north of 56, south of del mar heights, and along El Camino Real are attached homes or starter homes. This is the area near the Ralphs shopping mall, library, etc. This includes condo converts like Heights, Analucia, Carmel Pointe, and other attached complexes (Crest Del Mar) AS well a small pocket of "starter homes (3/3 bedrooms- Antares)". The price range for this area was probably around 600-700k, and like i said in another thread a lot of these buyers were on sketchy financing who really really stretched to have the privilege of "owning" in CV. These are people who predominantly had normally no financial means of buying something $500-699K. In fact the few REO/forclosures you see along el camino real north of del mar heights also also attached/starter homes. If you don't believe me, do a search based on price range, and you'll see most of this hot fallout area are attached or small detached starter homes. Before you get excited about all this opportunity, if you visit most of these homes, you'll be disappointed that even as REO/foreclosures, they're still ways away from being "deals".
We use to live around this area, when it started out as a community of professionals of pretty good income. As close to 2004-2005, people started moving in to this neighborhood that seemingly of the not-so-professional background, on really weird financing, some people with 2-3 years of work were doing 100% financing moving into as neighbors. So this doesn't surprise me at all. In fact, i think we're still pretty far away, as a lot of apartment owners converted in this area, adding even more to the supply. Heights for example is one such condo convert, and they are having problems selling. So that's why they're doing an auction February (forget the date, but it was posted here).
The fewer foreclosures you see along 56 and south of 56 are areas of single family homes, south of 56 is predominantly areas like Torrey Hills, each pocket having their respective issues.
The few SFH homes along 56 are crap locations, because they are situated really close to 56, and the noise will be an issue. Whoever bought into these places paid a lot for crappy location. The REO's near the golf course being the complex "Palacio" which have many issues (one of them being unexpected HOA price rise, mold, water drainage,etc). The REO's next south of 56 next to the 5 on the east side are Torrey Court homes that are situated right above the 5 freeway. You get an ocean view, at the expense of freeway noise. There's one unit in Sasalito next to a good elementary school, but the home is realy a starter home.
This map seems to illustrate my suspicion, attached markets in CV are getting hit the hardest, and probably have the most sketchiest financing.
