Carmel Valley Monitor

[cyphire]

Hey fat_lazy (no offense!) – you might be right – when you suggest that a 600K in Chula compared to a 800K in Carmel Valley. But what 800K’s are you talking about? There are some (few) 800-1M’s in CV, they are not the typical I was used to. My old neighbor has his home (exact same plan I had) up for 1.8M. He copied our plans (we added a room by putting up a ceiling in a double high master, and we sold our house for 1.4M 3 years ago.

When we redid our kitchen, we found out that the crappy crew in 1992 who had recently learned how to use a nail gun, had put 5 nails into the kitchen trap pipe. When we opened up the cabinets, there was mold everywhere. Luckily we had completely gutted the kitchen (down to the studs – and we replaced those as well), but when you open up a CV home (especially circa early 90’s) – these homes are built like paper-mache.

There have been countless problems with the CV homes, mostly swept under the rug by the homeowners and the Realtors. Luckily they don’t have any realistic requirement to disclose (sure legally they do, but for the 10 hours of training and 100$ fee doesn’t exactly bring a sense of ethical responsibility). Some of the builders in CV went out of business in the last bust, not having completed required landscaping of public areas and fixing of major problems. Leaky pipes, air conditioners which leaked, crooked homes, cracks, etc. these houses were built quickly and with terrible quality – remember, they only cost 300ishK new (including the land!)… Now, supposedly these McMansions on 5-7K of usable land are worth between 1.1 and 1.9M????

I got a real sense of satisfaction moving to a very-high end tract home (oh excuse me ‘production home’) and getting away from the paper thin, listen to your neighbors cough CV home (in supposedly the nicest area of CV by Ashely Falls). I got an even better sense of satisfaction selling my recent home in December… No one is showing up to buy the other houses in the neighborhood… I’m sitting this one out!

[cyphire]

Hey fat_lazy (no offense!) – you might be right – when you suggest that a 600K in Chula compared to a 800K in Carmel Valley. But what 800K’s are you talking about? There are some (few) 800-1M’s in CV, they are not the typical I was used to. My old neighbor has his home (exact same plan I had) up for 1.8M. He copied our plans (we added a room by putting up a ceiling in a double high master, and we sold our house for 1.4M 3 years ago.

When we redid our kitchen, we found out that the crappy crew in 1992 who had recently learned how to use a nail gun, had put 5 nails into the kitchen trap pipe. When we opened up the cabinets, there was mold everywhere. Luckily we had completely gutted the kitchen (down to the studs – and we replaced those as well), but when you open up a CV home (especially circa early 90’s) – these homes are built like paper-mache.

There have been countless problems with the CV homes, mostly swept under the rug by the homeowners and the Realtors. Luckily they don’t have any realistic requirement to disclose (sure legally they do, but for the 10 hours of training and 100$ fee doesn’t exactly bring a sense of ethical responsibility). Some of the builders in CV went out of business in the last bust, not having completed required landscaping of public areas and fixing of major problems. Leaky pipes, air conditioners which leaked, crooked homes, cracks, etc. these houses were built quickly and with terrible quality – remember, they only cost 300ishK new (including the land!)… Now, supposedly these McMansions on 5-7K of usable land are worth between 1.1 and 1.9M????

I got a real sense of satisfaction moving to a very-high end tract home (oh excuse me ‘production home’) and getting away from the paper thin, listen to your neighbors cough CV home (in supposedly the nicest area of CV by Ashely Falls). I got an even better sense of satisfaction selling my recent home in December… No one is showing up to buy the other houses in the neighborhood… I’m sitting this one out!

[cyphire]

Hey fat_lazy (no offense!) – you might be right – when you suggest that a 600K in Chula compared to a 800K in Carmel Valley. But what 800K’s are you talking about? There are some (few) 800-1M’s in CV, they are not the typical I was used to. My old neighbor has his home (exact same plan I had) up for 1.8M. He copied our plans (we added a room by putting up a ceiling in a double high master, and we sold our house for 1.4M 3 years ago.

When we redid our kitchen, we found out that the crappy crew in 1992 who had recently learned how to use a nail gun, had put 5 nails into the kitchen trap pipe. When we opened up the cabinets, there was mold everywhere. Luckily we had completely gutted the kitchen (down to the studs – and we replaced those as well), but when you open up a CV home (especially circa early 90’s) – these homes are built like paper-mache.

There have been countless problems with the CV homes, mostly swept under the rug by the homeowners and the Realtors. Luckily they don’t have any realistic requirement to disclose (sure legally they do, but for the 10 hours of training and 100$ fee doesn’t exactly bring a sense of ethical responsibility). Some of the builders in CV went out of business in the last bust, not having completed required landscaping of public areas and fixing of major problems. Leaky pipes, air conditioners which leaked, crooked homes, cracks, etc. these houses were built quickly and with terrible quality – remember, they only cost 300ishK new (including the land!)… Now, supposedly these McMansions on 5-7K of usable land are worth between 1.1 and 1.9M????

I got a real sense of satisfaction moving to a very-high end tract home (oh excuse me ‘production home’) and getting away from the paper thin, listen to your neighbors cough CV home (in supposedly the nicest area of CV by Ashely Falls). I got an even better sense of satisfaction selling my recent home in December… No one is showing up to buy the other houses in the neighborhood… I’m sitting this one out!

[Coronita]

There were plenty of 800k homes in Carmel V around 03 and 04. Still, it's overpriced. But the pattern I would like to know is folks income relative to borrowing here in CV versus other places. During 03 and early 04 when we were looking around, several times we were outbid by folks doing close to 50% down and/or 15 year conforming. Again, not saying everyone was in this boat, but it did seem like plenty of buyers were well financed. 

As far as the issues with CV. Yes, I would agree a lot of the manufactured homes have general issues, but I wouldn't say it's worse than other manufactured communities. A friend who purchased a new home had her toilet backed up. Turns out workers had threw a few beer cans down the drain why working. Go figure.

BTW, when was the last bust? I thought CV was around only circa early 90ies. 

[Coronita]

There were plenty of 800k homes in Carmel V around 03 and 04. Still, it's overpriced. But the pattern I would like to know is folks income relative to borrowing here in CV versus other places. During 03 and early 04 when we were looking around, several times we were outbid by folks doing close to 50% down and/or 15 year conforming. Again, not saying everyone was in this boat, but it did seem like plenty of buyers were well financed. 

As far as the issues with CV. Yes, I would agree a lot of the manufactured homes have general issues, but I wouldn't say it's worse than other manufactured communities. A friend who purchased a new home had her toilet backed up. Turns out workers had threw a few beer cans down the drain why working. Go figure.

BTW, when was the last bust? I thought CV was around only circa early 90ies. 

[Coronita]

There were plenty of 800k homes in Carmel V around 03 and 04. Still, it's overpriced. But the pattern I would like to know is folks income relative to borrowing here in CV versus other places. During 03 and early 04 when we were looking around, several times we were outbid by folks doing close to 50% down and/or 15 year conforming. Again, not saying everyone was in this boat, but it did seem like plenty of buyers were well financed. 

As far as the issues with CV. Yes, I would agree a lot of the manufactured homes have general issues, but I wouldn't say it's worse than other manufactured communities. A friend who purchased a new home had her toilet backed up. Turns out workers had threw a few beer cans down the drain why working. Go figure.

BTW, when was the last bust? I thought CV was around only circa early 90ies. 

[sdrealtor]

Time to update everyone’s favorite bellweather:

8/23 to 8/29

new listings – 12
back on market – 4

Total growth in inventory – 16

pendings – 5

expired – 4
withdrawn – 4
cancelled – 1

Total decrease in inventory – 14

Net change in inventory – plus 2

Not much growth in the inventory but new escrows are still pretty slow

[cyphire]

Does back on Market mean that it had been a pending, but it fell out of escrow? Or is it a home which had been listed, was not sold, was withdrawn, and then went back on?

[sdrealtor]

back on market could be a few things including fell out of escrow, withdrawn then back on or cancelled then back on.

[sdrealtor]

Time to update everyone’s favorite bellweather:

8/30 to 9/5

new listings – 14
back on market – 2

Total growth in inventory – 16

pendings – 5

expired – 11
withdrawn – 1
cancelled – 6

Total decrease in inventory – 23

Net change in inventory – minus 7

Are folks giving up after the Summer? Another week with 5 pendings.

[SD Realtor]

arrrrggg… your carmel valley monitor reminded me i forgot to update the scripps/mm monitor…

SD Realtor

[zk]

sdrealtor,

Back in June, I asked:

8 expired/withdrawn/cancelled to 7 pendings.
Is that a typical ratio?

I believe you said it sounded about normal.

I’ve noticed that the last few weeks the ratios have changed quite a bit (expired+withdrawn+cancelled/pending):
10/2, 9/5, 17/5.

Do you see any significance in this?

Thanks.

[sdrealtor]

Its pretty much in line with my general comments that alot of properties listed during Spring/Summer which didnt sell come off the market around the end of Summer and that pendings are going down.

[Carlmichael]

I recently began to rent a room in a home here in the CV “Del Mar Villas” and have been floored by the horrible quality of this home. The walls are paper thin, the AC does not work, I hear the neighbors talking at conversation level across the street and all the cheap metal surfaces and accent finishes in the restroom have rusted. The plastic used in the vent covers in the restrooms have turned yellow and smell horrible. There has been one ultra clean OCD owner this whole time so it not his neglect it’s just a low quality home. My house in Mira Mesa with the canyon view by Camino Santa Fe was better!

[cyphire]

Are those the ones by the shopping center? Just up the road from the 56?

[Author]

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