Home › Forums › Housing › OT: Prevailing SFH rental prices in Carmel Valley. Anyone sign a lease recently or seen some recently??????
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Coronita.
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August 12, 2012 at 6:09 AM #20054August 12, 2012 at 9:35 AM #750091
earlyretirement
ParticipantHey flu,
I’m not sure about SFH rentals in CV but last year while we were waiting to move into our house we did a 6 month rental in CV. It was a 3 bedroom 2.5 bathroom townhouse. It came with a covered garage. It was furnished so that made it more expensive. We paid $2,700 a month and paid for the entire rental once we got the keys.
The owner was EASILY renting it out. Our house was ready ahead of schedule so I asked if there was the possibility of leaving the property early and getting some partial refund.
I was blown away when she allowed us to leave early and she refunded our unused portion of the rent saying she could easily rent it out again so she didn’t have any problems at all.
That was a true sign to me how strong the rental market was in CV. I’ve never seen anything like that before.
August 12, 2012 at 9:51 AM #750094dumbrenter
ParticipantFor you item #2, I was asked about $2500 for a 3-bedroom in that same apartment community 3 years ago. Thought it was too expensive and declined.
If I remember correctly, these were prices assuming a 1 year lease.August 12, 2012 at 11:25 AM #750099joec
ParticipantRents have been going up generally across most areas now. I’ve heard around 9%+ in the bay area and possibly more with lack of “desirable” inventory (such as CV, San Fran, Peninsular, etc…).
Good to be a landlord I hear.
August 12, 2012 at 3:36 PM #750105CoronitaParticipantThanks folks… Bump for more data….Bump again…
Come on. I know this is an off-topic on piggington now that politics, pensions, and “fair share” are more important discussions….But still…
There’s 229 posts on who pays more fair share of taxes in u.s…. All I’m asking for is 2 pages of data on this topic…
August 12, 2012 at 3:38 PM #750111CoronitaParticipant[quote=earlyretirement]Hey flu,
I’m not sure about SFH rentals in CV but last year while we were waiting to move into our house we did a 6 month rental in CV. It was a 3 bedroom 2.5 bathroom townhouse. It came with a covered garage. It was furnished so that made it more expensive. We paid $2,700 a month and paid for the entire rental once we got the keys.
The owner was EASILY renting it out. Our house was ready ahead of schedule so I asked if there was the possibility of leaving the property early and getting some partial refund.
I was blown away when she allowed us to leave early and she refunded our unused portion of the rent saying she could easily rent it out again so she didn’t have any problems at all.
That was a true sign to me how strong the rental market was in CV. I’ve never seen anything like that before.[/quote]
Do you remember what community it was in?
I see that near torrey hills elementary, they are building yet another luxury apartment complex…So that’s why I’m wondering what investors are predicting for them to suddenly start this project.
August 12, 2012 at 3:39 PM #750112CoronitaParticipant[quote=dumbrenter]For you item #2, I was asked about $2500 for a 3-bedroom in that same apartment community 3 years ago. Thought it was too expensive and declined.
If I remember correctly, these were prices assuming a 1 year lease.[/quote]If you don’t mind me asking, did you end up living in CarmelV? And if so, what does your lease look like?
August 12, 2012 at 5:40 PM #750116flyer
Participantflu
As I know I’ve mentioned before, we have quite a few rentals in CV. For the 2800SF SF type home you mentioned, we’re seeing our going rate up to the $4K+ range, so your example may be an exception, but, hey, they can try.
Looking at the photos, I’d guess the house you mentioned is probably in the San Remo development, near the Del Mar Highlands area.
With demand the way it is, anything is possible. If this flies, it will set a whole new standard–even for CV. If things continue as they are, we’ll probably be looking at some upward adjustments in the future.
August 12, 2012 at 7:06 PM #750121CoronitaParticipant[quote=flyer]flu
As I know I’ve mentioned before, we have quite a few rentals in CV. For the 2800SF SF type home you mentioned, we’re seeing our going rate up to the $4K+ range, so your example may be an exception, but, hey, they can try.
Looking at the photos, I’d guess the house you mentioned is probably in the San Remo development, near the Del Mar Highlands area.
With demand the way it is, anything is possible. If this flies, it will set a whole new standard–even for CV. If things continue as they are, we’ll probably be looking at some upward adjustments in the future.[/quote]
Thanks flyer. If you don’t mind me asking, by 4k+, do you mean closer to 4 or closer to 5:)
Doing the math on SFH’s. And as you say, it’s getting very interesting…..Cheap financing, low rates, high rental…Just getting interesting….Much more interesting than any CD’s that I know of.
I’ll be the first to say this… I envy you for having “quite a few rentals in CV”….I wish I was in your shoes.
August 12, 2012 at 7:19 PM #750122spdrun
ParticipantThe question remains if current rents are sustainable. Make sure you can break even after de-rating by 25% to account for this.
August 12, 2012 at 7:29 PM #750123Participantflu
Talking $4000-$4400 right now for that size home.
We just happened to be at the right place and the right time, and were in a position to do something. These homes were all purchased prior to 2000.
As sharp as you are, I have no doubt that you’d be in my position if you were my age–about 20 years older. Even at that, from what you’ve shared, I’m sure you’ll do just fine–give it time.
August 12, 2012 at 8:37 PM #750125CoronitaParticipant[quote=flyer]flu
Talking $4000-$4400 right now for that size home.
We just happened to be at the right place and the right time, and were in a position to do something. These homes were all purchased prior to 2000.
As sharp as you are, I have no doubt that you’d be in my position if you were my age–about 20 years older. Even at that, from what you’ve shared, I’m sure you’ll do just fine–give it time.[/quote]
Thanks for the reference point on the SFH right now. Just trying to grind some numbers…..If you don’t mind me asking, what are your clientele’s doing, profession-wise.
August 12, 2012 at 9:01 PM #750126edna_mode
ParticipantI note that your first rental mentions VIP passes to local events and no mention of long-term leases…could it be that some people in CV are renting out for either 1) well compensated geeks working in SV for months to a couple of years long stints; or 2) people attending longish events like the races?
August 12, 2012 at 11:10 PM #750127ParticipantYes, I did end up living in Carmel Valley & still renting as my name indicates. North of 56.
August 12, 2012 at 11:34 PM #750128Participant[quote=flu]
Do you remember what community it was in?I see that near torrey hills elementary, they are building yet another luxury apartment complex…So that’s why I’m wondering what investors are predicting for them to suddenly start this project.[/quote]
Absolutely flu. The name of the community was called Andalucia Townhomes. It was on Mykonos Lane right near the school there.
Nothing too special with a small pool and very small gym.
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