Question about Martinique Development in CV

[NYCLurker]

Anyone have any info on an “older” development called Martinique in Carmel Valley (Bernwood Pl)? I’m a New Yorker looking for a “pied-a-terre” condo near Del Mar. I checked out a couple units there last week — seemed nice – quiet, clean, good location, etc. Price per sq ft still seems a bit high ($450-$500), but by spring…? (of course everything’s relative to the $1100 avg here in Manhattan!)

So, what’s the skinny on this complex?

PS regs — this Board is great.

[NotCranky]

From WIKI, I know you all already knew….”A pied-a-terre is a residence that will be used temporarily, mostly as a second home. It is common in New York City realty for many building co-ops to prohibit pied-a-terres because they only want buyers who will actually make the building/apartment their permanent place of residence.”

[patientlywaiting]

When you visit, why not book a room at L’Auberge while you wait for the trough?

I like the co-op concept in NYC. It’s easier to keep out the riff-raffs.

[NYCLurker]

Sorry for being so NY-centric. Now that you mention it, I suppose pied-a-terre carries a highly specific meaning to Manhattanites — “a studio or 1 br owned by out-of-towners so they can occasionally fly in, enjoy the theater/museums/restaurants, sleep on a bed without other peoples’ fluids all over it, and fully enjoy the mortgage interest deduction”. Another way of saying “crash pad that you DONT rent out when you’re not there”.

Anyway — any info on the Martinique complex would be much appreciated.

[NotCranky]

There are two realtors frequently posting here who are familiar with this area. They posts as sdrealtor and SDR.

[SD Realtor]

NYC I do not have any intimate knowledge of the complex. Like most other attached housing developments in town, this one has seen some depreciation. I assume you are looking at the 950 sf units. Someone actually bought one of these units for 440k back in 2005. I see 3 other sales of these units at 415k, 415k and 416k respectively 2004, 2006 and 2005… Then in July I see a sale at 368k…Right now nothing is pending (in escrow) and there are 3 units for sale in price ranges in the upper 300’s…

I am sorry I do not have insights into the complex. I would expect continued depreciation commensurate with the area and that type of housing. Carmel Valley in general has lots of attached homes to choose from and it will continue to be that way.

SD Realtor

[SD Realtor]

NYC I do not have any intimate knowledge of the complex. Like most other attached housing developments in town, this one has seen some depreciation. I assume you are looking at the 950 sf units. Someone actually bought one of these units for 440k back in 2005. I see 3 other sales of these units at 415k, 415k and 416k respectively 2004, 2006 and 2005… Then in July I see a sale at 368k…Right now nothing is pending (in escrow) and there are 3 units for sale in price ranges in the upper 300’s…

I am sorry I do not have insights into the complex. I would expect continued depreciation commensurate with the area and that type of housing. Carmel Valley in general has lots of attached homes to choose from and it will continue to be that way.

SD Realtor

[NotCranky]

There are two realtors frequently posting here who are familiar with this area. They posts as sdrealtor and SDR.

[NYCLurker]

Sorry for being so NY-centric. Now that you mention it, I suppose pied-a-terre carries a highly specific meaning to Manhattanites — “a studio or 1 br owned by out-of-towners so they can occasionally fly in, enjoy the theater/museums/restaurants, sleep on a bed without other peoples’ fluids all over it, and fully enjoy the mortgage interest deduction”. Another way of saying “crash pad that you DONT rent out when you’re not there”.

Anyway — any info on the Martinique complex would be much appreciated.

[patientlywaiting]

When you visit, why not book a room at L’Auberge while you wait for the trough?

I like the co-op concept in NYC. It’s easier to keep out the riff-raffs.

[NotCranky]

From WIKI, I know you all already knew….”A pied-a-terre is a residence that will be used temporarily, mostly as a second home. It is common in New York City realty for many building co-ops to prohibit pied-a-terres because they only want buyers who will actually make the building/apartment their permanent place of residence.”

[Author]

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