FYI: Current “deal” in Derby Hills, Carmel Valley

[New_Renter]

“Just heard from a neighbor that they are listing their Foxhound Way Derby Hill Plan 1B (French Country style) in the next couple of weeks for $1.299.”

To ILoveCarmelValley:
Your neighbor may be shocked to find out that a 3476 sq. ft. Belmont on Gaylemont Ln. just closed escrow for a flat $1M right across the street from the Derby Hill development. This was a nicely upgraded, fully landscaped newer Pardee home that (IMHO) is a nicer floor plan than the Plan 1 Derby Hill. Granted that the location backed up to Carmel Mountain Rd., I don’t see how a Derby Hill Plan 1 can command a $300K premium over that. The Gaylemont Lane Belmont is a “direct comp” for your neighbor’s house, so at best, it would appear your neighbors house is worth $1.1M (give it a $100K premium for a possibly better lot location) in today’s market. It will be interesting to see if your neighbor can find a blind “knife catcher”! Good luck to him/her.

[San Diego Native]

FLU

To each his own.

If you like tract homes, great. We don’t.
Plus, we love an ocean view. We bought our homes when we were in our twenties and paid cash.

You are SO right about the retirement scenario. We want at least $2MM in savings, with the house paid off–almost there. Even for dinosaurs in our 40’s that’s a pretty good nestegg.

[San Diego Native]

FLU

To each his own.

If you like tract homes, great. We don’t.
Plus, we love an ocean view. We bought our homes when we were in our twenties and paid cash.

You are SO right about the retirement scenario. We want at least $2MM in savings, with the house paid off–almost there. Even for dinosaurs in our 40’s that’s a pretty good nestegg.

[San Diego Native]

FLU

To each his own.

If you like tract homes, great. We don’t.
Plus, we love an ocean view. We bought our homes when we were in our twenties and paid cash.

You are SO right about the retirement scenario. We want at least $2MM in savings, with the house paid off–almost there. Even for dinosaurs in our 40’s that’s a pretty good nestegg.

[San Diego Native]

FLU

To each his own.

If you like tract homes, great. We don’t.
Plus, we love an ocean view. We bought our homes when we were in our twenties and paid cash.

You are SO right about the retirement scenario. We want at least $2MM in savings, with the house paid off–almost there. Even for dinosaurs in our 40’s that’s a pretty good nestegg.

[[email protected]]

I agree that the $1.299 is a bit ambitious but I think the Derby Hill house is worth at least $200K more than the Gaylemont comp. The busy road is a HUGE negative and Gaylemont had barely any landscaping, very average kitchen, and next to no upgrades. How do you get the closing prices on recent sales? The data I see is usually a couple of months lagged.

[[email protected]]

I agree that the $1.299 is a bit ambitious but I think the Derby Hill house is worth at least $200K more than the Gaylemont comp. The busy road is a HUGE negative and Gaylemont had barely any landscaping, very average kitchen, and next to no upgrades. How do you get the closing prices on recent sales? The data I see is usually a couple of months lagged.

[[email protected]]

I agree that the $1.299 is a bit ambitious but I think the Derby Hill house is worth at least $200K more than the Gaylemont comp. The busy road is a HUGE negative and Gaylemont had barely any landscaping, very average kitchen, and next to no upgrades. How do you get the closing prices on recent sales? The data I see is usually a couple of months lagged.

[[email protected]]

I agree that the $1.299 is a bit ambitious but I think the Derby Hill house is worth at least $200K more than the Gaylemont comp. The busy road is a HUGE negative and Gaylemont had barely any landscaping, very average kitchen, and next to no upgrades. How do you get the closing prices on recent sales? The data I see is usually a couple of months lagged.

[New_Renter]

The quickest way to find it is on the San Diego Daily Transcript (expensive to subscribe). I found it on a Google search for the address. Here is what it turned up:

San Diego Source > Real Estate07-0706942 — The house at 10586 Gaylemont Ln, San Diego, CA 92130, was sold on 11/06/07 at a tax value of $1000000. …

The problem, ILoveCarmelValley, is that we’re observing a moving target. Yes, maybe earlier this year $1.299 would be a decent listing price, but your neighbor is bringing their house on the market months after the Gaylemont house went on, and the market is just getting progressively worse. Not only will they have a $1M similar comp to deal with, but the bad seasonality (Nov/Dec/Jan).

Another Belmont (same plan as Gaylemont) recently came the market for $1.385 at 5560 Havenridge Way. It’s also backed up to Carmel Mountain Road. It’s nicely upgraded (incredible kitchen), but no way is it worth an extra $385K over the Gaylemont house. This seller has a serious reality check coming as well (IMHO).

If people want to sell their house in this market they need to price realistically for today’s market! Nearly everything I’m looking at in CV is priced $200K-$300K over market, and they’re just sitting there rotting away for the most part.

Again, I wish your neighbor luck. Maybe you can convince them to list for $1.199M (you did mention $1.2M in your post)? They’ll have a much better chance of getting it sold (again, IMHO).

Disclaimer: I’m not a real estate professional or market analyst, just an interested observer in CV!

[New_Renter]

The quickest way to find it is on the San Diego Daily Transcript (expensive to subscribe). I found it on a Google search for the address. Here is what it turned up:

San Diego Source > Real Estate07-0706942 — The house at 10586 Gaylemont Ln, San Diego, CA 92130, was sold on 11/06/07 at a tax value of $1000000. …

The problem, ILoveCarmelValley, is that we’re observing a moving target. Yes, maybe earlier this year $1.299 would be a decent listing price, but your neighbor is bringing their house on the market months after the Gaylemont house went on, and the market is just getting progressively worse. Not only will they have a $1M similar comp to deal with, but the bad seasonality (Nov/Dec/Jan).

Another Belmont (same plan as Gaylemont) recently came the market for $1.385 at 5560 Havenridge Way. It’s also backed up to Carmel Mountain Road. It’s nicely upgraded (incredible kitchen), but no way is it worth an extra $385K over the Gaylemont house. This seller has a serious reality check coming as well (IMHO).

If people want to sell their house in this market they need to price realistically for today’s market! Nearly everything I’m looking at in CV is priced $200K-$300K over market, and they’re just sitting there rotting away for the most part.

Again, I wish your neighbor luck. Maybe you can convince them to list for $1.199M (you did mention $1.2M in your post)? They’ll have a much better chance of getting it sold (again, IMHO).

Disclaimer: I’m not a real estate professional or market analyst, just an interested observer in CV!

[New_Renter]

The quickest way to find it is on the San Diego Daily Transcript (expensive to subscribe). I found it on a Google search for the address. Here is what it turned up:

San Diego Source > Real Estate07-0706942 — The house at 10586 Gaylemont Ln, San Diego, CA 92130, was sold on 11/06/07 at a tax value of $1000000. …

The problem, ILoveCarmelValley, is that we’re observing a moving target. Yes, maybe earlier this year $1.299 would be a decent listing price, but your neighbor is bringing their house on the market months after the Gaylemont house went on, and the market is just getting progressively worse. Not only will they have a $1M similar comp to deal with, but the bad seasonality (Nov/Dec/Jan).

Another Belmont (same plan as Gaylemont) recently came the market for $1.385 at 5560 Havenridge Way. It’s also backed up to Carmel Mountain Road. It’s nicely upgraded (incredible kitchen), but no way is it worth an extra $385K over the Gaylemont house. This seller has a serious reality check coming as well (IMHO).

If people want to sell their house in this market they need to price realistically for today’s market! Nearly everything I’m looking at in CV is priced $200K-$300K over market, and they’re just sitting there rotting away for the most part.

Again, I wish your neighbor luck. Maybe you can convince them to list for $1.199M (you did mention $1.2M in your post)? They’ll have a much better chance of getting it sold (again, IMHO).

Disclaimer: I’m not a real estate professional or market analyst, just an interested observer in CV!

[New_Renter]

The quickest way to find it is on the San Diego Daily Transcript (expensive to subscribe). I found it on a Google search for the address. Here is what it turned up:

San Diego Source > Real Estate07-0706942 — The house at 10586 Gaylemont Ln, San Diego, CA 92130, was sold on 11/06/07 at a tax value of $1000000. …

The problem, ILoveCarmelValley, is that we’re observing a moving target. Yes, maybe earlier this year $1.299 would be a decent listing price, but your neighbor is bringing their house on the market months after the Gaylemont house went on, and the market is just getting progressively worse. Not only will they have a $1M similar comp to deal with, but the bad seasonality (Nov/Dec/Jan).

Another Belmont (same plan as Gaylemont) recently came the market for $1.385 at 5560 Havenridge Way. It’s also backed up to Carmel Mountain Road. It’s nicely upgraded (incredible kitchen), but no way is it worth an extra $385K over the Gaylemont house. This seller has a serious reality check coming as well (IMHO).

If people want to sell their house in this market they need to price realistically for today’s market! Nearly everything I’m looking at in CV is priced $200K-$300K over market, and they’re just sitting there rotting away for the most part.

Again, I wish your neighbor luck. Maybe you can convince them to list for $1.199M (you did mention $1.2M in your post)? They’ll have a much better chance of getting it sold (again, IMHO).

Disclaimer: I’m not a real estate professional or market analyst, just an interested observer in CV!

[patientlywaiting]

Nearly everything I'm looking at in CV is priced $200K-$300K over market, and they're just sitting there rotting away for the most part.

That is absolutely correct.  Wait 'til the fall of 2008 and you'll still prices drop like flies.  

 

[patientlywaiting]

Nearly everything I'm looking at in CV is priced $200K-$300K over market, and they're just sitting there rotting away for the most part.

That is absolutely correct.  Wait 'til the fall of 2008 and you'll still prices drop like flies.  

 

[Author]

Posts