[sdrealtor]

While it’s safe to expect prices to continue creeping down, it is not safe to expect inventory to keep increasing. By mid-September many of the people testing the market will recognize that their experiment has failed and will take their homes off the market. I have no idea how many this will be but I wouldnt fall out of my chair if inventory fell 20 to 30% for this reason.

Will it happen? Only time will tell. But don’t be shocked if it does.

[sdrealtor]

That house is virtually on the freeway and will be tough to sell at ANY price.

[sdrealtor]

It’s all been in the pipeline. What would you expect them to do? They are builders…that’s what they do. Did you expect them to open produce stands on their land?

[sdrealtor]

nice to see you have a sense of humor

[sdrealtor]

Thats an awful long bumper sticker. You must have a really big rear bumper.

[sdrealtor]

The reason you focus on a particular home is that everyone is unique and arguements can be made for different (higher or lower) prices. With the same house you cant make that argument.

[sdrealtor]

Hawk,
This site is the least of their worries. It just looks bad to post it.

PS,
Thanx, I just think its better that way.

[sdrealtor]

It looks like the folks on El Presidio were able to sell for a nice profit and bail themselves out in March. As for Sunset Point, that one hasnt hit the market yet.

BTW, I think it is inappropriate and meanspirited to post the names of the homeowners here. An address like XXX3 Sunset Point would have been more than sufficient to prove your point.

[sdrealtor]

Bugs,
For the record, i too believe Carmel Valley will fare muc better than most areas because of proximity. However, I dont believe it will be immune.

[sdrealtor]

PK,
Who cares what prices did compared to 1 year ago when they just reported at 15K drop from LAST MONTH. You are scary.

Hope everyone had a HAppy Fathers Day!

[sdrealtor]

There might not be a sign yet but 5492 is on the market as of last night. It closed previously on 10/19/05 at $1.825 per the MLS.

In the mls I currently see 3 on VT, 3 on EP, 1 on SP and 1 on MG. I doubt there has previously been more than 4 or 5 at any given time. I’m sure no one has sold at a loss yet and this could be the first because they bought at the peak. However, while it is too early to tell I suspect SB homes have turned the corner like many other parts of the market. Based upon what you bought in at, you’ll be fine for a long long time. As for the sellers motivation, desparation is a funny thing that kicks in for different reasons at different times. It may not happen to anyone in SB but who really knows. It’s a great community, with gereat homes and a great location. I know you arent woorried nor should you be.

[sdrealtor]

It sounds wonderful! I feel the same about my home.

Cheers

[sdrealtor]

It probably was a lucky sale but my guess is that everyone in the neighborhood while believing it was too much to pay also felt good and believed their’s was worth that much too.

Here’s how I ballpark tx costs. They are offering 2.5% to buyers broker. The listing agent is likely getting 1.5% to 2.5%. That’s 4 to 5%. Throw in closing costs of roughly 0.5 to 0.75% and you are looking at 5% tx costs, maybe more. It’s just a guess but that would be $90,000 to $100,000 in tx costs.

Thanks for the education on the difference between SB and VSB. Based upon the size of that lot I’m guessing it’s in SB.

I wouldn’t call it a trend either but it hasnt sold yet and who knows how long and for how much it will sell. The owners have a huge equity position and while they probably wont be thrilled, they’ll be fine. Personally, I think 9 homes for sale in a tract of that size is alot and sooner or later someone is going to get desparate for a sale. 2 or 3 of those and voila! New price levels have been set. I guess CV probably wont be immune to what I’m seeing up North a bit just a couple months behind.

[sdrealtor]

There is one that I can think of that is about to close $70 to 80K below what they paid in early 2005. Throw in transaction costs and its a hit of about $120K. They sold a house and brought tons of equity when they bought last year. Job relocation forces move.

Unfortunately, a similar situation might just occur in your neighborhood. The record sale in VSB on Valerio Trail was $1.825M in October 2005. It just came back on the market tonight with a range of $1.75M to 1.929M! It’s way to early to tell but with transaction costs of close to $100K and 9 homes on the market their hit could approach 200K.

[sdrealtor]

High end tract homes ($1M to $1.5M) in Encinitas and South Carlsbad.

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