Carmel Valley Single Family Home below 600K

[Eugene]

Last sale on 10/31/2003 was for $494,621. So, did they borrow another $100K+ on top? Wow! a lot of middle and upper middle class families with negative net worth.

It gets much worse than that. I’ve been researching the situation in 92122 a couple of days ago. It’s basically a big island of denial, stable prices, very few listings, low foreclosure rates, etc.. What caught my attention was the kind of foreclosures they were getting.

2/3 of all foreclosures are coming from condo conversions in Nobel Drive area. The ones coming from single family houses are more interesting.

5135 Maynard St: purchased for $455,000 in 2000; estimated default $683,453
4311 Robbins St: purchased for $275,000 in 1998; estimated default $617,765
5131 Bothe Ave: purchased for $218,000 in 1984; estimated default $628,123
6294 Lakewood St: purchased for $191,700 in 1983; estimated default $798,027

[Eugene]

Last sale on 10/31/2003 was for $494,621. So, did they borrow another $100K+ on top? Wow! a lot of middle and upper middle class families with negative net worth.

It gets much worse than that. I’ve been researching the situation in 92122 a couple of days ago. It’s basically a big island of denial, stable prices, very few listings, low foreclosure rates, etc.. What caught my attention was the kind of foreclosures they were getting.

2/3 of all foreclosures are coming from condo conversions in Nobel Drive area. The ones coming from single family houses are more interesting.

5135 Maynard St: purchased for $455,000 in 2000; estimated default $683,453
4311 Robbins St: purchased for $275,000 in 1998; estimated default $617,765
5131 Bothe Ave: purchased for $218,000 in 1984; estimated default $628,123
6294 Lakewood St: purchased for $191,700 in 1983; estimated default $798,027

[Eugene]

Last sale on 10/31/2003 was for $494,621. So, did they borrow another $100K+ on top? Wow! a lot of middle and upper middle class families with negative net worth.

It gets much worse than that. I’ve been researching the situation in 92122 a couple of days ago. It’s basically a big island of denial, stable prices, very few listings, low foreclosure rates, etc.. What caught my attention was the kind of foreclosures they were getting.

2/3 of all foreclosures are coming from condo conversions in Nobel Drive area. The ones coming from single family houses are more interesting.

5135 Maynard St: purchased for $455,000 in 2000; estimated default $683,453
4311 Robbins St: purchased for $275,000 in 1998; estimated default $617,765
5131 Bothe Ave: purchased for $218,000 in 1984; estimated default $628,123
6294 Lakewood St: purchased for $191,700 in 1983; estimated default $798,027

[blackbox]

Carmel Valley is on the clock!
I knew this place well. Lots of upper middle class folks with plenty of savings. I’m sure some are facing resets, but they figure they can use their savings until the markets restarts the upward trend. All you need is one solid 10% down in the older part of CV, and that will get the dominos to start falling. These people in CV actually think they are immune from the greats housing bust in recent history so they are burning cash and hope to keep CV pricing stable for now! Condos are showing cracks, and SFR will follow soon.

Looks like SFR on the outer edges of CV are showing some hairline fractures. The crack will start widening and head for the 5 freeway, and then all hell will break loose!

[blackbox]

Carmel Valley is on the clock!
I knew this place well. Lots of upper middle class folks with plenty of savings. I’m sure some are facing resets, but they figure they can use their savings until the markets restarts the upward trend. All you need is one solid 10% down in the older part of CV, and that will get the dominos to start falling. These people in CV actually think they are immune from the greats housing bust in recent history so they are burning cash and hope to keep CV pricing stable for now! Condos are showing cracks, and SFR will follow soon.

Looks like SFR on the outer edges of CV are showing some hairline fractures. The crack will start widening and head for the 5 freeway, and then all hell will break loose!

[blackbox]

Carmel Valley is on the clock!
I knew this place well. Lots of upper middle class folks with plenty of savings. I’m sure some are facing resets, but they figure they can use their savings until the markets restarts the upward trend. All you need is one solid 10% down in the older part of CV, and that will get the dominos to start falling. These people in CV actually think they are immune from the greats housing bust in recent history so they are burning cash and hope to keep CV pricing stable for now! Condos are showing cracks, and SFR will follow soon.

Looks like SFR on the outer edges of CV are showing some hairline fractures. The crack will start widening and head for the 5 freeway, and then all hell will break loose!

[blackbox]

Carmel Valley is on the clock!
I knew this place well. Lots of upper middle class folks with plenty of savings. I’m sure some are facing resets, but they figure they can use their savings until the markets restarts the upward trend. All you need is one solid 10% down in the older part of CV, and that will get the dominos to start falling. These people in CV actually think they are immune from the greats housing bust in recent history so they are burning cash and hope to keep CV pricing stable for now! Condos are showing cracks, and SFR will follow soon.

Looks like SFR on the outer edges of CV are showing some hairline fractures. The crack will start widening and head for the 5 freeway, and then all hell will break loose!

[blackbox]

Carmel Valley is on the clock!
I knew this place well. Lots of upper middle class folks with plenty of savings. I’m sure some are facing resets, but they figure they can use their savings until the markets restarts the upward trend. All you need is one solid 10% down in the older part of CV, and that will get the dominos to start falling. These people in CV actually think they are immune from the greats housing bust in recent history so they are burning cash and hope to keep CV pricing stable for now! Condos are showing cracks, and SFR will follow soon.

Looks like SFR on the outer edges of CV are showing some hairline fractures. The crack will start widening and head for the 5 freeway, and then all hell will break loose!

[ocrenter]

I was going to feature this house too.

but here’s what I found:

13564 Lavender Way San Diego CA 92130
–06/2007: sold for $670,000

same model, with one major difference, this one is one house away from the slope of the 56.

if only I waited…

[ocrenter]

I was going to feature this house too.

but here’s what I found:

13564 Lavender Way San Diego CA 92130
–06/2007: sold for $670,000

same model, with one major difference, this one is one house away from the slope of the 56.

if only I waited…

[ocrenter]

I was going to feature this house too.

but here’s what I found:

13564 Lavender Way San Diego CA 92130
–06/2007: sold for $670,000

same model, with one major difference, this one is one house away from the slope of the 56.

if only I waited…

[ocrenter]

I was going to feature this house too.

but here’s what I found:

13564 Lavender Way San Diego CA 92130
–06/2007: sold for $670,000

same model, with one major difference, this one is one house away from the slope of the 56.

if only I waited…

[ocrenter]

I was going to feature this house too.

but here’s what I found:

13564 Lavender Way San Diego CA 92130
–06/2007: sold for $670,000

same model, with one major difference, this one is one house away from the slope of the 56.

if only I waited…

[justbought]

you know, it seems that some folks on this forum are just waiting to cash-in on misfortunes of others, no matter what the circumstances are. While I am also upset about flippers, I wouldn’t be rubbing my hands waiting for the whole market to crash so that I can have a home while many families (who made some bad decisions) become “homeless”. It’s not like everyone who buys a home is a flipper.

[justbought]

you know, it seems that some folks on this forum are just waiting to cash-in on misfortunes of others, no matter what the circumstances are. While I am also upset about flippers, I wouldn’t be rubbing my hands waiting for the whole market to crash so that I can have a home while many families (who made some bad decisions) become “homeless”. It’s not like everyone who buys a home is a flipper.

[Author]

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