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

[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.  

 

[zk]

Also, another Belmont plan 3 (Same as Gaylemont and Havenridge) on Sterling Grove Lane sold a month or two ago for $990k. Yes, the owner on Havenridge is in for a rude awakening. Unless, as still occasionally seems to be the case, he finds a buyer who has an agent who can’t or won’t protect him from paying too much.

[zk]

Also, another Belmont plan 3 (Same as Gaylemont and Havenridge) on Sterling Grove Lane sold a month or two ago for $990k. Yes, the owner on Havenridge is in for a rude awakening. Unless, as still occasionally seems to be the case, he finds a buyer who has an agent who can’t or won’t protect him from paying too much.

[zk]

Also, another Belmont plan 3 (Same as Gaylemont and Havenridge) on Sterling Grove Lane sold a month or two ago for $990k. Yes, the owner on Havenridge is in for a rude awakening. Unless, as still occasionally seems to be the case, he finds a buyer who has an agent who can’t or won’t protect him from paying too much.

[zk]

Also, another Belmont plan 3 (Same as Gaylemont and Havenridge) on Sterling Grove Lane sold a month or two ago for $990k. Yes, the owner on Havenridge is in for a rude awakening. Unless, as still occasionally seems to be the case, he finds a buyer who has an agent who can’t or won’t protect him from paying too much.

[[email protected]]

You are making me nervous! I’m in Derby Hill for the long haul but I hate to think that my housing value has gone down in the short time I’ve been there.

Did the house on Harvest Run close? I couldn’t find a closing price yet. The comp on Amberglades sold overnight for $1.125 and it didn’t have much going for it at all.

Derby Hill is substantially newer than Belmont and Lexington and I think that’s a big factor. I also disagree with the postings that the small garage on the Plan 1 don’t fit a car. Granted it doesn’t fit a big car but I am able to use it as well as the neighbors around me.

I appreciate your opinion.

[[email protected]]

You are making me nervous! I’m in Derby Hill for the long haul but I hate to think that my housing value has gone down in the short time I’ve been there.

Did the house on Harvest Run close? I couldn’t find a closing price yet. The comp on Amberglades sold overnight for $1.125 and it didn’t have much going for it at all.

Derby Hill is substantially newer than Belmont and Lexington and I think that’s a big factor. I also disagree with the postings that the small garage on the Plan 1 don’t fit a car. Granted it doesn’t fit a big car but I am able to use it as well as the neighbors around me.

I appreciate your opinion.

[[email protected]]

You are making me nervous! I’m in Derby Hill for the long haul but I hate to think that my housing value has gone down in the short time I’ve been there.

Did the house on Harvest Run close? I couldn’t find a closing price yet. The comp on Amberglades sold overnight for $1.125 and it didn’t have much going for it at all.

Derby Hill is substantially newer than Belmont and Lexington and I think that’s a big factor. I also disagree with the postings that the small garage on the Plan 1 don’t fit a car. Granted it doesn’t fit a big car but I am able to use it as well as the neighbors around me.

I appreciate your opinion.

[[email protected]]

You are making me nervous! I’m in Derby Hill for the long haul but I hate to think that my housing value has gone down in the short time I’ve been there.

Did the house on Harvest Run close? I couldn’t find a closing price yet. The comp on Amberglades sold overnight for $1.125 and it didn’t have much going for it at all.

Derby Hill is substantially newer than Belmont and Lexington and I think that’s a big factor. I also disagree with the postings that the small garage on the Plan 1 don’t fit a car. Granted it doesn’t fit a big car but I am able to use it as well as the neighbors around me.

I appreciate your opinion.

[Coronita]

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.

 

SD Native,

Perhaps my response was worded funny. I meant to say that the recent runup in prices have really messed up people's perception. It's quite common to expect track homes in $1+million range. I sort am use to this. $1-1.1, ok perhaps it's slightly uncomfortable for me. Anything above that is really uncomfortable for me.

My ideal nestegg would be $10million before 60, assuming that i work all the way until 60. Any earlier retirement forced or voluntary would mean more. It seems like a lot of money. But I'm putting this in perspective. There are going to be many more people in retirement than people working when I'm 40-50. And by the time I reach 60, there appears there will be far fewer people supporting me in the retirement ages. Hence, as a wage slave, I'm going to be taxed a lot during my earning years, and I'm going to get very little benefit when I'm 60ish. It's going to be ugly imho. Good news though is my wife and I have about 27 more years to worry about this. At that time, our 30year fixed should be paid off…lol….

 

 

[Coronita]

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.

 

SD Native,

Perhaps my response was worded funny. I meant to say that the recent runup in prices have really messed up people's perception. It's quite common to expect track homes in $1+million range. I sort am use to this. $1-1.1, ok perhaps it's slightly uncomfortable for me. Anything above that is really uncomfortable for me.

My ideal nestegg would be $10million before 60, assuming that i work all the way until 60. Any earlier retirement forced or voluntary would mean more. It seems like a lot of money. But I'm putting this in perspective. There are going to be many more people in retirement than people working when I'm 40-50. And by the time I reach 60, there appears there will be far fewer people supporting me in the retirement ages. Hence, as a wage slave, I'm going to be taxed a lot during my earning years, and I'm going to get very little benefit when I'm 60ish. It's going to be ugly imho. Good news though is my wife and I have about 27 more years to worry about this. At that time, our 30year fixed should be paid off…lol….

 

 

[Coronita]

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.

 

SD Native,

Perhaps my response was worded funny. I meant to say that the recent runup in prices have really messed up people's perception. It's quite common to expect track homes in $1+million range. I sort am use to this. $1-1.1, ok perhaps it's slightly uncomfortable for me. Anything above that is really uncomfortable for me.

My ideal nestegg would be $10million before 60, assuming that i work all the way until 60. Any earlier retirement forced or voluntary would mean more. It seems like a lot of money. But I'm putting this in perspective. There are going to be many more people in retirement than people working when I'm 40-50. And by the time I reach 60, there appears there will be far fewer people supporting me in the retirement ages. Hence, as a wage slave, I'm going to be taxed a lot during my earning years, and I'm going to get very little benefit when I'm 60ish. It's going to be ugly imho. Good news though is my wife and I have about 27 more years to worry about this. At that time, our 30year fixed should be paid off…lol….

 

 

[Coronita]

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.

 

SD Native,

Perhaps my response was worded funny. I meant to say that the recent runup in prices have really messed up people's perception. It's quite common to expect track homes in $1+million range. I sort am use to this. $1-1.1, ok perhaps it's slightly uncomfortable for me. Anything above that is really uncomfortable for me.

My ideal nestegg would be $10million before 60, assuming that i work all the way until 60. Any earlier retirement forced or voluntary would mean more. It seems like a lot of money. But I'm putting this in perspective. There are going to be many more people in retirement than people working when I'm 40-50. And by the time I reach 60, there appears there will be far fewer people supporting me in the retirement ages. Hence, as a wage slave, I'm going to be taxed a lot during my earning years, and I'm going to get very little benefit when I'm 60ish. It's going to be ugly imho. Good news though is my wife and I have about 27 more years to worry about this. At that time, our 30year fixed should be paid off…lol….

 

 

[Coronita]

You are making me nervous! I'm in Derby Hill for the long haul but I hate to think that my housing value has gone down in the short time I've been there.

Did the house on Harvest Run close? I couldn't find a closing price yet. The comp on Amberglades sold overnight for $1.125 and it didn't have much going for it at all.

Derby Hill is substantially newer than Belmont and Lexington and I think that's a big factor. I also disagree with the postings that the small garage on the Plan 1 don't fit a car. Granted it doesn't fit a big car but I am able to use it as well as the neighbors around me.

I doubt it would fit most sedan's mid-size, or any 2 door couple that requires decent side room. I sort of measured it with a short tape measure while I was looking at lot 90 last weekend. This eliminates camry,passat,a4,a6,s4,s5,m3. Guess you could probably squeeze in a 911…Humm….("Honey, only a 911 will fit in the workshop") Again, works great as a workshop, but I need a third car garage if I were to move.

Regarding belmont, there's also this one.

http://sandiego.houserebate.com/search/homeview.asp?id=1675117&p3=-1&ix=187

The previous one that NewRenter posted was very interesting. I never thought I'd see something 3400sqft in a relatively good location go for $1million this soon.

What is interesting for me is that Pardee isn't lowering prices on DH for now homes. But the way I look at it, someone that bought in 06 probably have about 0.75% lower mortgage rate than someone that buys now. For that reason, anyone buying now really is paying a lot more than 06.

The other thing I remind myself, as a home buyer from 2004…Unless you paid cash for the home, you aren't going come close to breaking even after interest payments, tax, etc in the coming years, even if you are able to sell the home at the same price you paid. So there's not point in thinking about my primary in terms of a "home value" or "investment". For example, we bought in a home in 2004 for $860k. We added about $20k in repairs/updates. Interest on mortgage and prop tax comes out to be about $30k/year. So if we were to hypothetically sell this year, breaking even is at least a list price of $970k, and doesn't include seller commision etc. No way in hell someone is going to buy our home at this price. Also there's no way in hell that this property can be converted in to a rental without paying off more equity and restructuring the existing mortgage….Using the current mortgage, we would need to subsidize renters $1500/month to break even each month. Uh, no thank you.

Why am I bringing this up? If you bought over the past 3 years, this waa to be expected. It's not going to be an "investment". Of course I'm not addressing the non-financial aspects of owning your primary, which is important too. That said, I like my home and don't really care what happens moving forward. (I just wish I had a three car garage).

[Author]

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