Big reduction in Carmel Valley

[zk]

“Could the folks who are really interested please give me reasons why this is so as opposed to say Del Mar, or PQ which border it on either side?”

The only reason I live in CV and not Del Mar is that I can afford CV, while I can’t afford Del Mar (a house I would want to live in, anyway). I prefer CV to PQ because it’s newer (personal preference), closer to the ocean (and therefore cooler in the summer), and it has better schools.

[powayseller]

asianautica, Most of Poway is not tract homes, and I’ve seen many neighborhoods throughout San Diego where each home is unique, usually they are older homes. Maybe I will build again.

[PerryChase]

Big loss in Carmel Valley.
I now see the losses on high -end properties starting to pop up. This property’s yard is not even finished yet and at 5500sf, you need a maid to clean it — not a low maintenance house.

6473 MESA NORTE DRIVE, SD – Carmel Valley, CA 92130**
List Price: $1,900,000 – $1,900,000

Bedrooms: 5
Full Baths: 5
Partial Baths: 1
Square Feet: 5,500
Lot Size: 3.7 Acres
Year Built: 2005
Listing Date: 01/26/07
On Market: 5 days
Type: SFR

Status: ACTIVE
MLS #: 076007878

http://sdlookup.com/PropertyDetails/tabid/53/forumid/206/postid/393/view/topic/pid/DA714F22/Default.aspx
http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=076007878&mls=mls_sandiego&cKey=fx24rksq&source=SANDICOR

[sdrealtor]

OUCHHH!!!!!
Thats nearly $500K below the purchase price in 2005 and is short over $400K on the loans. Can you say Owner/Realtor in trouble? I thought you could neighbor.

[zk]

Ouch, indeed. Can you say lender in trouble?

Owner loss (if it sells at 1.9, which is a gigantic if) = 100k (down payment) plus 95k selling costs at 5% = 195k.

Lender loss = 400k.

[sdrealtor]

I think they are trying to genreate offers. Even if they get an offer at that price the lender may turn down the short sale unless its actually been foreclosed on already. Its been under a NOD for some time already.

I just re-checked and the LTv isnt as bad as I thought. They put 10% down on it new ($2.275M). Loan is ONLY about $2.05M;) But there is probably at least another 50K in arrears. If they get $1.9M the 1st gets paid off and the 2nd gets wiped out. Countrywide made both loans.

Imagine how the 2 neighbors feel with their homes on the market for $400K more but 600 and 1200 sq ft less.

[InCarmelValley]

In the community in CV I watch, 2700+ sf single family houses, built in 2005, were sold over 1.05M at peak, now sold around $870K in the last 3 transactions in No and Dec.

How far it can go?

[Andrast]

Which community is that?

[heavyd]

Is this place on Mesa Norte Dr even in Carmel Valley? Mapquest suggests it’s closer to Mira Mesa…’course Mapquest gets a lot of things wrong…HD

[ocrenter]

PC, this one was featured on my blog in November.

http://bubbletracking.blogspot.com/2006/11/premier-expression-of-flippers-greed.html

the owner was asking for $2.3 mil to $2.6 mil at the time. purchase price was $2.275 mil, with 90% loan at $2 mil in 11/05. it became a REO in early January.

the bank is only taking a $100,000 hit on this one if it sells for $1.9 mil as the prior owner had 10% down on this thing.

[PerryChase]

You’re just too cool OCrenter. 🙂

This development is a must watch for Carmel Valley. If the prices on these houses keep on dropping the whole valley will move down a notch.

Hard to believe that people who bought $2 million houses in reality can’t afford them. What were they thinking? Or not?

I just looked on ziprealty and somone is selling 9 lots in the same neighborhood. 9 lots for $6.6 million equals $733k each lot. How much would a developer have to sell new spec houses for in order to make a profit?
http://www.ziprealty.com/buy_a_home/logged_in/search/my_home_detail.jsp?listing_num=061077067&property_type=LAND&mls=mls_sandiego&cKey=f7srgpqd&source=SANDICOR

[sdrealtor]

Builder traditionally like to keep land aquisition costs at or below 33%.

[PerryChase]

This past weekend, I was visiting a friend so at the same time, I stopped by some of the models at Pacific Highlands Ranch in Carmel Valley. Pardee’s Santa Rosa at $1M – $1.2M is way overpriced as you can get better value on the resale market.

People looking to purchase in a new development should be looking in the sales history of previously sold houses. I see new houses selling for $100k+ less than the same floor plan previously sold for. Zillow will not show developer sales info. Look at the County website or sdlookup.com

[Author]

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