With limited amount of inventory and multiple bids; I really don’t see the housing market in San Diego falling further. In fact, I think we have already turned the corner late last year or early this year.
“• Carmel Valley will be hit hard with this second wave of foreclosure. Why? Because many homes in Carmel Valley, purchased during the 2000-2008 housing construction boom, when long lines formed to buy the properties, were purchased with zero down, or a small amount down, so there is very little equity in the property. Carmel Valley has a median income of $90,000 and while higher-end families have been able to withstand the initial housing meltdown, things are starting to change.”
Hit hard? seems like the opposite is currently happening.
Sounds like the UT is desparate for readship. That article could represent a new low. It wasnt written by a UT reporter it was written by the former realtor/CEO of an investment group of flippers. They call me all the time trying to lowball my short sale listings and I laugh at them as I always have plenty of higher offers. They need more foreclosures/distress to stay in business and that article was as self serving as they come trying to portray a doom and gloom scenario which isnt the current reality.
In a prior thread we looked at CV prices and determined they are pretty darn close to peak prices which means very low distress. The quoted median income is a joke also as the homes werent purchased by median and below residents who comprise the renters and condo owners for the most part.
I just checked the NOD list and there are 51 on it which is hardly a tsunami. More than half are condos. About 1/4 are homes built prior to 2000. Of the homes built after 2000 with the exception of about 5, they are in the far east portion of CV (Pacific Highlands Ranch and Torrey Del Mar). There is almost no distress in the prime newer areas of CV.
Shame on the UT for exercising such irresponsility.
I was gonna say, I would suspect a lot of the NOD in CV are from condos/townhomes. A lot of them probably in newer communities like Pell Place and condo converts likes The Heights, Carmel Pointe, Del Mar Villas(???was that the name)….
[quote=sdrealtor]Beleive it or not most of the condo converts have already cleared out their distress at least I dont see much in the NOD rolls.[/quote]
What???? Ok… I stand corrected. I was thinking the converts would have been the ones in the toilet….
That was the last 2 years. Looks like they got thru most of them already.
2 NOD in the Heights and 1 in DM Villas.
I just checked thr trustee sale list and its a bit longer (81) but similar in make up to the NOD list.
The fact that the trustee sale list is longer leads me to beleive we are likely approaching the end of any tsunami potential. After this year should be drips and drabs out of CV.
He was an agent and sold a fair amount but alot of it was condo conversions for developers he was the sole agent for. Looks like he did a decent amount of business though
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