“Tale of Three Suburbs, Part II
We got quite a lively discussion going yesterday regarding the price premium between Carmel Valley, 4S Ranch, and Temecula. I agree that the Carmel Valley example yesterday was not true Carmel Valley, it was picked simply because it was the price leader in 92130. I also stand corrected regarding the lot size of the 4S Ranch home, I used the ziprealty’s listed lot size as provided by the REALTOR, I should have known better. =)”
“Here’s three more examples for you guys to chew on. I’ve included neighboring comps in parenthesis.”
“These three homes are not price leaders. They were all purchased in 2001 and are currently for sale. Looking at the 2001 CV-4S-Temecula pricing, we see $670k-$515k-$330k (difference of $160k between Ocean Ridge vs Fox Valley, and difference of $185k between Fox Valley vs Abbey).”
“Currently, the asking price for these CV-4S-Temecula examples are $1,100k-$840k-$400k. The CV premium is significantly increased to $260k in comparison to the 4S example. And we have an even larger $440k differential between the 4S and Temecula examples.”
