Carmel Valley Monitor

[unbiasedobserver]

People here in CV are digging in, deeply in denial. I was talking to my neighbor last week who was telling me prices will never go down since we’re so close to the beach, etc. He said he plans to list and quickly sell in a few months for 600K, even though there are identical units for sale nearby in the low 500K’s. I felt like asking where exactly was the beach 10 years ago when he purchased for 200K, but I decided to let it drop.

[unbiasedobserver]

People here in CV are digging in, deeply in denial. I was talking to my neighbor last week who was telling me prices will never go down since we’re so close to the beach, etc. He said he plans to list and quickly sell in a few months for 600K, even though there are identical units for sale nearby in the low 500K’s. I felt like asking where exactly was the beach 10 years ago when he purchased for 200K, but I decided to let it drop.

[unbiasedobserver]

People here in CV are digging in, deeply in denial. I was talking to my neighbor last week who was telling me prices will never go down since we’re so close to the beach, etc. He said he plans to list and quickly sell in a few months for 600K, even though there are identical units for sale nearby in the low 500K’s. I felt like asking where exactly was the beach 10 years ago when he purchased for 200K, but I decided to let it drop.

[unbiasedobserver]

People here in CV are digging in, deeply in denial. I was talking to my neighbor last week who was telling me prices will never go down since we’re so close to the beach, etc. He said he plans to list and quickly sell in a few months for 600K, even though there are identical units for sale nearby in the low 500K’s. I felt like asking where exactly was the beach 10 years ago when he purchased for 200K, but I decided to let it drop.

[LA_Renter]

“Active inventory is at 126 which is lower than it ws at any point in time in 2007. This time last year it was 156. Pendings are at 32 which is also lower. This time last year it was at 52.”

Fewer people selling and fewer people buying. Fewer dollars being transacted. In this environment I also imagine fewer luxury cars are being purchased along with large flat screen TV’s, cosmetic surgery, etc. Thats the real story, people in the Carmel Valley’s of the world are hunkering down. These areas are the creme la creme of the American consumer. Carmel Valley’s biggest threat in 08 and 09 are the effects of a significant recession. We have not really truly experienced that up to this point in time.

[LA_Renter]

“Active inventory is at 126 which is lower than it ws at any point in time in 2007. This time last year it was 156. Pendings are at 32 which is also lower. This time last year it was at 52.”

Fewer people selling and fewer people buying. Fewer dollars being transacted. In this environment I also imagine fewer luxury cars are being purchased along with large flat screen TV’s, cosmetic surgery, etc. Thats the real story, people in the Carmel Valley’s of the world are hunkering down. These areas are the creme la creme of the American consumer. Carmel Valley’s biggest threat in 08 and 09 are the effects of a significant recession. We have not really truly experienced that up to this point in time.

[LA_Renter]

“Active inventory is at 126 which is lower than it ws at any point in time in 2007. This time last year it was 156. Pendings are at 32 which is also lower. This time last year it was at 52.”

Fewer people selling and fewer people buying. Fewer dollars being transacted. In this environment I also imagine fewer luxury cars are being purchased along with large flat screen TV’s, cosmetic surgery, etc. Thats the real story, people in the Carmel Valley’s of the world are hunkering down. These areas are the creme la creme of the American consumer. Carmel Valley’s biggest threat in 08 and 09 are the effects of a significant recession. We have not really truly experienced that up to this point in time.

[LA_Renter]

“Active inventory is at 126 which is lower than it ws at any point in time in 2007. This time last year it was 156. Pendings are at 32 which is also lower. This time last year it was at 52.”

Fewer people selling and fewer people buying. Fewer dollars being transacted. In this environment I also imagine fewer luxury cars are being purchased along with large flat screen TV’s, cosmetic surgery, etc. Thats the real story, people in the Carmel Valley’s of the world are hunkering down. These areas are the creme la creme of the American consumer. Carmel Valley’s biggest threat in 08 and 09 are the effects of a significant recession. We have not really truly experienced that up to this point in time.

[LA_Renter]

“Active inventory is at 126 which is lower than it ws at any point in time in 2007. This time last year it was 156. Pendings are at 32 which is also lower. This time last year it was at 52.”

Fewer people selling and fewer people buying. Fewer dollars being transacted. In this environment I also imagine fewer luxury cars are being purchased along with large flat screen TV’s, cosmetic surgery, etc. Thats the real story, people in the Carmel Valley’s of the world are hunkering down. These areas are the creme la creme of the American consumer. Carmel Valley’s biggest threat in 08 and 09 are the effects of a significant recession. We have not really truly experienced that up to this point in time.

[Coronita]

People here in CV are digging in, deeply in denial. I was talking to my neighbor last week who was telling me prices will never go down since we're so close to the beach, etc. He said he plans to list and quickly sell in a few months for 600K, even though there are identical units for sale nearby in the low 500K's. I felt like asking where exactly was the beach 10 years ago when he purchased for 200K, but I decided to let it drop.

 

You should say "CV attached homeowners" are in denial. A lot of overleveraged, sketchy financed attached owners. I don't have data to back this up. I wish it could find it, but looking at some of the offers that we saw for attached units, I would say in CV there's far more sketchy financed attached owners than detached owners. When we sold our attached home, I couldn't believe how many offers were going to be close to 100% financing. These people had no business spending $600k+ on an attached community, and probably only did so because of loose financing in the past. What's making matters worse is the number of apartment converts that's been thrown onto the markets in CV. I don't deny that the detached markets are also in decline in CV, but frankly the big drops you will probably see are going to be in the attached markets first. Too much inventory that's available, too many people with sketchy financing.  

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

People here in CV are digging in, deeply in denial. I was talking to my neighbor last week who was telling me prices will never go down since we're so close to the beach, etc. He said he plans to list and quickly sell in a few months for 600K, even though there are identical units for sale nearby in the low 500K's. I felt like asking where exactly was the beach 10 years ago when he purchased for 200K, but I decided to let it drop.

 

You should say "CV attached homeowners" are in denial. A lot of overleveraged, sketchy financed attached owners. I don't have data to back this up. I wish it could find it, but looking at some of the offers that we saw for attached units, I would say in CV there's far more sketchy financed attached owners than detached owners. When we sold our attached home, I couldn't believe how many offers were going to be close to 100% financing. These people had no business spending $600k+ on an attached community, and probably only did so because of loose financing in the past. What's making matters worse is the number of apartment converts that's been thrown onto the markets in CV. I don't deny that the detached markets are also in decline in CV, but frankly the big drops you will probably see are going to be in the attached markets first. Too much inventory that's available, too many people with sketchy financing.  

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

People here in CV are digging in, deeply in denial. I was talking to my neighbor last week who was telling me prices will never go down since we're so close to the beach, etc. He said he plans to list and quickly sell in a few months for 600K, even though there are identical units for sale nearby in the low 500K's. I felt like asking where exactly was the beach 10 years ago when he purchased for 200K, but I decided to let it drop.

 

You should say "CV attached homeowners" are in denial. A lot of overleveraged, sketchy financed attached owners. I don't have data to back this up. I wish it could find it, but looking at some of the offers that we saw for attached units, I would say in CV there's far more sketchy financed attached owners than detached owners. When we sold our attached home, I couldn't believe how many offers were going to be close to 100% financing. These people had no business spending $600k+ on an attached community, and probably only did so because of loose financing in the past. What's making matters worse is the number of apartment converts that's been thrown onto the markets in CV. I don't deny that the detached markets are also in decline in CV, but frankly the big drops you will probably see are going to be in the attached markets first. Too much inventory that's available, too many people with sketchy financing.  

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

People here in CV are digging in, deeply in denial. I was talking to my neighbor last week who was telling me prices will never go down since we're so close to the beach, etc. He said he plans to list and quickly sell in a few months for 600K, even though there are identical units for sale nearby in the low 500K's. I felt like asking where exactly was the beach 10 years ago when he purchased for 200K, but I decided to let it drop.

 

You should say "CV attached homeowners" are in denial. A lot of overleveraged, sketchy financed attached owners. I don't have data to back this up. I wish it could find it, but looking at some of the offers that we saw for attached units, I would say in CV there's far more sketchy financed attached owners than detached owners. When we sold our attached home, I couldn't believe how many offers were going to be close to 100% financing. These people had no business spending $600k+ on an attached community, and probably only did so because of loose financing in the past. What's making matters worse is the number of apartment converts that's been thrown onto the markets in CV. I don't deny that the detached markets are also in decline in CV, but frankly the big drops you will probably see are going to be in the attached markets first. Too much inventory that's available, too many people with sketchy financing.  

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

People here in CV are digging in, deeply in denial. I was talking to my neighbor last week who was telling me prices will never go down since we're so close to the beach, etc. He said he plans to list and quickly sell in a few months for 600K, even though there are identical units for sale nearby in the low 500K's. I felt like asking where exactly was the beach 10 years ago when he purchased for 200K, but I decided to let it drop.

 

You should say "CV attached homeowners" are in denial. A lot of overleveraged, sketchy financed attached owners. I don't have data to back this up. I wish it could find it, but looking at some of the offers that we saw for attached units, I would say in CV there's far more sketchy financed attached owners than detached owners. When we sold our attached home, I couldn't believe how many offers were going to be close to 100% financing. These people had no business spending $600k+ on an attached community, and probably only did so because of loose financing in the past. What's making matters worse is the number of apartment converts that's been thrown onto the markets in CV. I don't deny that the detached markets are also in decline in CV, but frankly the big drops you will probably see are going to be in the attached markets first. Too much inventory that's available, too many people with sketchy financing.  

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[DWCAP]

This sounds alot like what the rest of SD did in late 2006, early 2007. Attached units falling, detached units just not selling very much. Crazy/terrible/destructive financing creaping into the picture, but stong economy of the past giving a sales history that doesnt indicate the pending drop. Belief that the end (of the correction) is near and that Uncle ben and his easy bake interest rate rice will spur consumer hunger again. Denial and entitlement abounding, holding everything together.
And look where the rest of SD is…..

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