OT: Prevailing SFH rental prices in Carmel Valley. Anyone sign a lease recently or seen some recently??????

[flyer]

flu

In the early years, our tenants ran the full gamut of professionals, with minimum 1-year leases, but for the last several years, we’ve tried to stabilize things even further by trying to only rent to people with whom we have some connection, and whom we feel will stay long-term.

Two of the homes are rented to young retirees from the east coast who wanted to live in the area without making long-term investments–a friends of friends situation. They have, however, signed long leases, and we think they’ll be with us for a long time. They’ve even talked to us about having their kids rent from us in the future when they relocate out here.

Other homes are rented to extended family members who are stable, working, and are happy to be raising their families in the area. We think they, and/or their kids will also most likely be with us for a very long time. We do still have some other properties rented to other professionals–again, who are friends of friends.

I know this scenario isn’t possible for everyone who owns rental property, but over the years, it has worked out well for us, and we feel it has also worked out very well for our tenants.

[Coronita]

[quote=dumbrenter]Yes, I did end up living in Carmel Valley & still renting as my name indicates. North of 56.[/quote]

Thanks. Do you mind sharing what your rental is like. Sqft, size, price? It’s ok if you don’t.

[Coronita]

[quote=earlyretirement][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.[/quote]

Ok. I know this complex. it’s right behind the middle school, and close to The Heights….Good to know.

[Coronita]

[quote=edna_mode]I 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?[/quote]

Good point. Me thinks I’ll call and find out today….

[Anonymous]

All these 4K-4.5K talk are in fantasy land. A 2800 square feet single familiy house rents for $3500-3800/month in Carmel Valley. If you end up with 4500/month, pay me $3K and I will find you a similar one within a month for $3800/month.

I search for 92130 on Craiglist and this is the cheapest, 13053 Candela Place, San Diego CA 92130, $2500/month for 2555 square feet.

For those comments of being landlord in Carmel Valley. If you choose to be a landlord in Oceanside out of similar capital case in 1997, you already triple your money and retire somewhere much more luxurious than Carmel Valley.

Best regards,

[Coronita]

[quote=brightyan]All these 4K-4.5K talk are in fantasy land. A 2800 square feet single familiy house rents for $3500-3800/month in Carmel Valley. If you end up with 4500/month, pay me $3K and I will find you a similar one within a month for $3800/month.

I search for 92130 on Craiglist and this is the cheapest, 13053 Candela Place, San Diego CA 92130, $2500/month for 2555 square feet.

For those comments of being landlord in Carmel Valley. If you choose to be a landlord in Oceanside out of similar capital case in 1997, you already triple your money and retire somewhere much more luxurious than Carmel Valley.

Best regards,[/quote]

Ok, find me a few real tenants and what they are actually paying in the past year.. Candela has two listings for roughly the same home
One is at $2500/month per your post
http://sandiego.craigslist.org/esd/apa/3203194889.html

The other one same sqft is $3800/month
http://sandiego.craigslist.org/csd/apa/3187442166.html

Given that homes here I believe are lower tier, I would assume the second one is overpriced, and the first one (if it’s still on the market) maybe has issues.

Ignoring outliers, I’m curious what’s average.. Do you have more data besides craigslist (which I can do myself, thank you)…I mean, do you have actual tenants/renters/etc who have rented or have rented in the past year or even stretching to 2 years ago…

Again, please no theoretical post about “what I think it can rent for.” We have enough of those posts elsewhere.

Your comment about oceanside is well noted, except it isn’t very useful, unless you have a time machine I can get into and turn the clock back 17 years. It’s like saying If I bought shares in Qualcomm when it first IPO’ed, I would be owning all of oceanside…Kinda pointless. inactionable, except the fact that it reminds me probably I’m 17 years younger or so and wish I was born earlier…

[flyer]

Of course not all of the rentals in CV are in the $4K range–ours happen to be in the $3K-$4K range– some lower–depending on size–but since we got a great price on all of the homes prior to 2000, we’re happy with that.

None of them have been available for years, since they’ve always been leased by family and friends, and since we happen to live near CV in RSF, they have been very easy to manage.

[Anonymous]

For your average question, you seem to have 4K somehow fixed on your mind. If it is lower than that, it is because it is lower-tiered or it has issues. If I tell you 5K, you are happy to accept. If you want 5K/month, pay me 6K and I can find you a place renting for 5K.

Craigslist is the average in the market, or sometimes over-priced because some landlords are in fantasy land.

You do not really understand my comment about landlording, as I am trying to say landlording in Carmel Valley is a bad choice as investment, since other places have much better return. But I tend to think this point will be very hard for you to understand, after I realize you fix your mind on 4K average in Carmel Valley.

[Coronita]

[quote=brightyan]For your average question, you seem to have 4K somehow fixed on your mind. If it is lower than that, it is because it is lower-tiered or it has issues. If I tell you 5K, you are happy to accept. If you want 5K/month, pay me 6K and I can find you a place renting for 5K.

Craigslist is the average in the market, or sometimes over-priced because some landlords are in fantasy land.

You do not really understand my comment about landlording, as I am trying to say landlording in Carmel Valley is a bad choice as investment, since other places have much better return. But I tend to think this point will be very hard for you to understand, after I realize you fix your mind on 4K average in Carmel Valley.[/quote]

I don’t have anything fixed on my mind frankly. But craiglist’s listings (1) are few (2) doesn’t necessarily represent all the locations in CarmelV. I’ve posted on craiglist before for rental, and rented it that way myself, and the only thing I learned about craiglist are

1) The ones that are correctly priced are gone pretty quickly

2) The ones that remain on craiglist, either are (1) screwed up (and hence below market priced… otherwise they would have been snatched up) or (2) remain on the market because they are grossly inflated.

I have not been monitoring CL over a duration of time to plot all the homes that come on the rental market and follow up to see when they get snatched up and priced around in CV..

The only real data is one data point… I have is my friend who managed to rent out his 2800 sqft place in nicer area that has access to Sage Canyon elementary. His tenant signed a 4 year lease for $4300..Partly because the couple did a shorsale on their 2.5million place, but for whatever motivation wanted to remain in CarmelV (to keep up with the jones I guess)…Whatever, not my concern or me to judge… But that was 2 years ago, and hadn’t heard anything similar close to that 2 years ago…So I dismissed it as an outlier… That’s why when I was just checking stuff out on craiglist by chance lately, and saw a few (what I thought) was ridiculously high price, I wanted to ask people who actually either rented recently or has rental property that rented…People that are actually have real data instead of the usual theoretical numbers that a lot of LETDLITA (Leading experts that don’t live in the area) who like to theorize on what is or isn’t reality.

So again, if you have rental property or are tenant in the specific area, it would be great sharing your actual data would be appreciated.

Otherwise, thank you for your opinions and thank you for your advice. But I really don’t need a lecture about landlording in CV is bad/good/etc. Specifically, since I have my reasons for asking. With all due respect, I think I can do basic math (sometimes) and figure out buying a $1million/2800 sqft house in CarmelV today is probably not the best use of capital to get a meaningful ROI.

[Anonymous]

Good luck with your search. I only want to mention that lower price by landlord sometimes is to attract better tenants and keep them longer, rather than lower quality for lower price.

I do not know houses beside Sage Canyon can go up to 2.5million, as I think most of them is ~850K-900K now.

What is wrong with this one below? OceanAir right now probably has slightly higher API than Sage Canyon. But to me the difference can be safely neglected.

4179 Twilight Ridge in beautiful Greenbrier community

[Anonymous]

Good luck with your search. I only want to mention that lower price by landlord sometimes is to attract better tenants and keep them longer, rather than lower quality for lower price.

I do not know houses beside Sage Canyon can go up to 2.5million, as I think most of them is ~850K-900K now.

What is wrong with this one below? OceanAir right now probably has slightly higher API than Sage Canyon. But to me the difference can be safely neglected.

4179 Twilight Ridge in beautiful Greenbrier community

[Coronita]

[quote=brightyan]Good luck with your search. I only want to mention that lower price by landlord sometimes is to attract better tenants and keep them longer, rather than lower quality for lower price.

I do not know houses beside Sage Canyon can go up to 2.5million, as I think most of them is ~850K-900K now.

What is wrong with this one below? OceanAir right now probably has slightly higher API than Sage Canyon. But to me the difference can be safely neglected.

4179 Twilight Ridge in beautiful Greenbrier community[/quote]

I’m not searching. I’m deciding between some potential future opportunities. Like I said, I’m more interested in what is reality that what something *could* potentially fetch for, in as much as I’m not interested in how much folks feel something is a ripoff. If it’s a ripoff and it fetches the right price, great…

fwiw…The renter that I previously mentioned lived in one of those communities like in the del mar mesa area before going through a short sales. I forget the actual one community. ..Not in one of the pardee communities in CCH. And none of my business. They apparently decided to rent in CarmelV in an area that has access to Sage Canyon with a decent neighborhood. I’m not one to judge, so whatever floats people’s boats.

[sdduuuude]

[quote=brightyan]All these 4K-4.5K talk are in fantasy land. A 2800 square feet single familiy house rents for $3500-3800/month in Carmel Valley.[/quote]

This sounds closest to reality, to me. I have been watching rentals open up and rent out in this range, though I haven’t actually rented or engaged a landlord in a negotiation.

[DaCounselor]

Earlier this year I signed a lease on a 5/3 3100 sq. ft. house in CV for $3600. We looked for several months and trust me this was a good deal. I think 2800 sq. ft would get snapped up quick at $3500 and could likely fetch closer to $4K if its in great shape.

[earlyretirement]

Flu, not to hijack your thread but since it’s on the topic of Carmel Valley.

Do any of you Carmel Valley expert know where upgraded 2 bedroom 2.5 bathroom condos are generally renting at?

Yeah, I know there is Craigslist but I’d be interested in also hearing from Piggs that might own rental properties in that area.

Thanks in advance.

[Author]

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