25% off in a very nice part of Carmel Valley

[zk]

http://www.zillow.com/homedetails/10573-Whispering-Hills-Ln-San-Diego-CA-92130/51079742_zpid/

This big, beautiful house on the canyon sold for 1,949,000 in 2005. It sold this week for 1,472,500.

That’s 25% off the peak in one of the more desireable parts of Carmel Valley.
The ones on Lago di Grata circle are also quite a bit off the peak.

Perhaps CV was immune to the subprime mortgage woes, but what’s been happening lately is just now starting to affect all of Carmel Valley. As jobs are lost and option arms reset, I’d say this trend will accelerate, and we’ll continue to see that Carmel, Valley, even the better parts, is absolutely not immune to this downturn.

[Coronita]

25% off peak 2005 is nothing. between 2004-2005, there was substantial (if not ridiculous )appreciation during 1 year. and plenty of people paying through their noses in 2006.

[Coronita]

25% off peak 2005 is nothing. between 2004-2005, there was substantial (if not ridiculous )appreciation during 1 year. and plenty of people paying through their noses in 2006.

[Coronita]

25% off peak 2005 is nothing. between 2004-2005, there was substantial (if not ridiculous )appreciation during 1 year. and plenty of people paying through their noses in 2006.

[Coronita]

25% off peak 2005 is nothing. between 2004-2005, there was substantial (if not ridiculous )appreciation during 1 year. and plenty of people paying through their noses in 2006.

[Coronita]

25% off peak 2005 is nothing. between 2004-2005, there was substantial (if not ridiculous )appreciation during 1 year. and plenty of people paying through their noses in 2006.

[zk]

[quote=flu]25% off peak 2005 is nothing. [/quote]

By this I assume you mean that you believe that there is a lot more to come. If that’s what you mean, I totally agree.

Any way you slice it, a half a million dollars (plus transaction costs) is a lot of money for some poor bastard to have lost in 3 years.

[zk]

[quote=flu]25% off peak 2005 is nothing. [/quote]

By this I assume you mean that you believe that there is a lot more to come. If that’s what you mean, I totally agree.

Any way you slice it, a half a million dollars (plus transaction costs) is a lot of money for some poor bastard to have lost in 3 years.

[zk]

[quote=flu]25% off peak 2005 is nothing. [/quote]

By this I assume you mean that you believe that there is a lot more to come. If that’s what you mean, I totally agree.

Any way you slice it, a half a million dollars (plus transaction costs) is a lot of money for some poor bastard to have lost in 3 years.

[zk]

[quote=flu]25% off peak 2005 is nothing. [/quote]

By this I assume you mean that you believe that there is a lot more to come. If that’s what you mean, I totally agree.

Any way you slice it, a half a million dollars (plus transaction costs) is a lot of money for some poor bastard to have lost in 3 years.

[zk]

[quote=flu]25% off peak 2005 is nothing. [/quote]

By this I assume you mean that you believe that there is a lot more to come. If that’s what you mean, I totally agree.

Any way you slice it, a half a million dollars (plus transaction costs) is a lot of money for some poor bastard to have lost in 3 years.

[jpinpb]

I’ve said before, during the ’90’s I saw 20% off the top like that!

I kept hearing how Carmel Valley is immune and I say it does not have its own sustainable economy, does not live in a protected bubble and will fall just like everyone else.

In fact, most of Carmel Valley’s McMansions were built during the bubble. Remember that back in 2000 you can still get a SFH in the 300k or so range.

In the ’90’s we did not suffer a world economic crisis, government wasn’t on a mission to bail out anybody and unemployment wasn’t anywhere near the road we’re on now. And yet CV still had a 20% decline.

Oh, there will be more to come. Alt-A and option ARMs recasting and resetting, unemployment rising, credit still tight, no more trick loans, no more musical chairs/buying up/flipping, should be interesting.

[jpinpb]

I’ve said before, during the ’90’s I saw 20% off the top like that!

I kept hearing how Carmel Valley is immune and I say it does not have its own sustainable economy, does not live in a protected bubble and will fall just like everyone else.

In fact, most of Carmel Valley’s McMansions were built during the bubble. Remember that back in 2000 you can still get a SFH in the 300k or so range.

In the ’90’s we did not suffer a world economic crisis, government wasn’t on a mission to bail out anybody and unemployment wasn’t anywhere near the road we’re on now. And yet CV still had a 20% decline.

Oh, there will be more to come. Alt-A and option ARMs recasting and resetting, unemployment rising, credit still tight, no more trick loans, no more musical chairs/buying up/flipping, should be interesting.

[jpinpb]

I’ve said before, during the ’90’s I saw 20% off the top like that!

I kept hearing how Carmel Valley is immune and I say it does not have its own sustainable economy, does not live in a protected bubble and will fall just like everyone else.

In fact, most of Carmel Valley’s McMansions were built during the bubble. Remember that back in 2000 you can still get a SFH in the 300k or so range.

In the ’90’s we did not suffer a world economic crisis, government wasn’t on a mission to bail out anybody and unemployment wasn’t anywhere near the road we’re on now. And yet CV still had a 20% decline.

Oh, there will be more to come. Alt-A and option ARMs recasting and resetting, unemployment rising, credit still tight, no more trick loans, no more musical chairs/buying up/flipping, should be interesting.

[jpinpb]

I’ve said before, during the ’90’s I saw 20% off the top like that!

I kept hearing how Carmel Valley is immune and I say it does not have its own sustainable economy, does not live in a protected bubble and will fall just like everyone else.

In fact, most of Carmel Valley’s McMansions were built during the bubble. Remember that back in 2000 you can still get a SFH in the 300k or so range.

In the ’90’s we did not suffer a world economic crisis, government wasn’t on a mission to bail out anybody and unemployment wasn’t anywhere near the road we’re on now. And yet CV still had a 20% decline.

Oh, there will be more to come. Alt-A and option ARMs recasting and resetting, unemployment rising, credit still tight, no more trick loans, no more musical chairs/buying up/flipping, should be interesting.

[Author]

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