jpinpb
Posts:4537
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| 01/17/2009 2:06 PM |
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| Might be early to start a thread for condos in Carmel Valley, but I'm starting to see some losses. Could the mighty Carmel Valley see declines? |
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jpinpb
Posts:4537
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| 01/17/2009 2:07 PM |
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I guess I'll start out w/current listings.
3887 Pell 104
Last sold 06/23/2006 for $484,841
List Price: $445,000
MLS#: 090000841
Beds/Baths: 2 / 2
Square Feet: 1,246 sf
PPSF: $357
3877 Pell 110
NOD was filed and Foreclosure was scheduled 1-2-09
Last sold 02/24/2006 for $382,745
List Price: $299,777 to $284,777
MLS#: 080046682
Listed: 06/12/2008
Beds/Baths: 1 / 1
Square Feet: 900 sf
PPSF: $333
3877 Pell 112
Last sold 03/17/2006 for $429,474
List Price: $420,000
MLS#: 080072621
Listed: 10/18/2008
Beds/Baths: 2 / 2
Square Feet: 1,052 sf
PPSF: $399
3857 Pell 119
Last sold 09/15/2005 for $382,162
List Price: $270,000 to $305,876
MLS#: 080050115
Listed: 07/16/2008
Beds/Baths: 1 / 1
Square Feet: 748 sf
PPSF: $361
3857 Pell 211
NOD has been filed.
Last sold 09/15/2005 for $431,692
List Price: $315,000 to $340,000
MLS#: 090002843
Beds/Baths: 1 / 1
Square Feet: 900 sf
PPSF: $350
3857 Pell 213
NOD was filed.
Last sold 08/30/2005 for $385,220
List Price: $249,000
MLS#: 090003396
Beds/Baths: 1 / 1
Square Feet: 748 sf
PPSF: $333
3877 Pell 308
Last sold 12/22/2005 for $510,797
List Price: $399,000
MLS#: 080072015
Listed: 10/21/2008
Beds/Baths: 2 / 2
Square Feet: 1,020 sf
PPSF: $391
3887 Pell 434
Last sold 05/22/2006 for $443,994
List Price: $427,500
MLS#: 080066787
Listed: 09/27/2008
Beds/Baths: 2 / 2
Square Feet: 1,020 sf
PPSF: $419
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jpinpb
Posts:4537
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| 01/17/2009 2:08 PM |
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These are a few closings below the original purchase price.
3857 Pell 305
Sold Price: $280,000 24% off 2005 price.
Sale Date: 01/09/2009
Listed: 10/08/2008
Beds/Baths: 1 / 1
Square Feet: 748 sf
PPSF: $374
3887 Pell 418
Bank owned.
Sold Price: $303,000 14% off.
Sale Date: 01/06/2009
Beds/Baths: 1 / 1
Square Feet: 748 sf
PPSF: $405
3877 Pell 321
Sold Price: $355,000 30% off 2005 price
Sale Date: 10/12/2008
Listed: 01/15/2008
Beds/Baths: 2 / 2
Square Feet: 1,052 sf
PPSF: $337
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jpinpb
Posts:4537
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jpinpb
Posts:4537
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| 01/17/2009 2:36 PM |
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These are places scheduled for foreclosure:
3857 Pell 113
Last sold 09/08/2005 for $371,222
NOD was filed and foreclosure was scheduled 12-29
Stealth?
3887 Pell 125
Interesting sales history. Someone made some nice cash in a month's time.
07/31/2006 $345,000
06/06/2006 $299,900
NOD was filed and foreclosure was scheduled 11/24/08
3857 Pell 213 was scheduled for foreclosure on 8-22-08
3887 Pell 234
Last sold 05/24/2006 for $404,569
NOD was filed and foreclosure was scheduled 8-14-08
Stealth?
3857 Pell 205
Last sold 09/27/2005 for $358,325
NOD was filed and foreclosure was scheduled 7-9-08.
Stealth?
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rentingman
Posts:713
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| 01/17/2009 5:51 PM |
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Doesn't this suburban place have shared garage parking. I am assuming unless people are desperate to get into the school district these are not the place people who buy in CV are interested in. Of course if you are desperate for the school district you can still rent for less.
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sdbri
Posts:594
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| 01/17/2009 6:40 PM |
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jpinpb, thanks for taking on Carmel Valley! Great info on UTC.
Pell Place is like shooting fish in a barrel. It's full of pending foreclosures, and of the dozens of condo complexes in CV it's one of the least desirable. There are much better alternatives in CV.
Del Mar Heights is another example of a place on a fire sale. Much nicer than Pell Place and desirable at the right price, but it's seen consistent $200K declines in just 2 years. |
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jpinpb
Posts:4537
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| 01/17/2009 7:03 PM |
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renting - I'm not sure about the garage situation. I think it may be underground parking. All I know is that the bubblicious prices were laughable. Condos are the weakest link. Just think. At peak people were paying upward of 500k for a condo. So naturally if a condo is selling for that much, a SFH would most certainly have to sell for more. And it was probably only several years ago that SFH were selling for half a mil or so. We'll see what the decline in condo prices do for the SFH.
I know there are plenty of other hurting complexes in Carmel Valley: The Heights, Carmel Pointe, Del Mar Villas, etc. I think Pell wasn't even conversions. Not 100% sure. Also KIM many said not so long ago that CV would be untouched. |
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jpinpb
Posts:4537
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| 01/18/2009 2:52 PM |
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BMIT just posted on his blog that there's 5 NODs in one week alone on SFH in Carmel Valley. What a way to kick off 2009.
2009 we'll see Carmel Valley decline. |
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jpinpb
Posts:4537
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| 01/21/2009 9:39 PM |
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3857 Pell 113
List Price: $239,000
MLS#: 090004291
Beds/Baths: 1 / 1
Square Feet: 748 sf
PPSF: $320
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jpinpb
Posts:4537
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| 01/29/2009 7:23 PM |
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3877 Pell 224
List Price: $259,000
MLS#: 090006208
Beds/Baths: 1 / 1
Square Feet: 748 sf
PPSF: $346
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jpinpb
Posts:4537
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| 02/04/2009 2:33 PM |
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3877 Pell 415
Last sold 02/07/2006 for $388,570
Now
List Price: $250,000 to $280,000
MLS#: 090007364
Beds/Baths: 1 / 1
Square Feet: 900 sf
PPSF: $278
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jpinpb
Posts:4537
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jpinpb
Posts:4537
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jpinpb
Posts:4537
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jpinpb
Posts:4537
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| 02/23/2009 10:31 PM |
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| 3877 Pell 117 last sold 12/29/2005 for $398,147. Now listed for 299k. |
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jpinpb
Posts:4537
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jpinpb
Posts:4537
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| 02/25/2009 3:38 PM |
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| 3857 Pell 113 Sold for 246k, 34% off 2005 price!. The slide down continues. |
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sosad
Posts:18
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| 03/08/2009 9:49 PM |
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Dr. Horton did an excellent job of bagging people in this new construction that had first completions in later part of 2005. Did not get much for your money, even compared to other overpriced condos at the time, IMO People paid up for 'new construction' I guess. (But hey there's that putting green in the middle unit!) By early 2006, DHI was selling remaining units well below where they had bagged early purchasers. Nothing new there I guess.
Problems with heating and cooling in some units. (No heating/cooling in one bedroom - too much in other bedroom.) Strange drainage problems. ('Lakes' on some walkways after rain - some right in front of unit doors! Dripping from walkways days after last rain - where does the water come from?) Typical perhaps of new construction? Patio door having trouble closing due to settling. Good luck finding DHI for help!
Worst problem for someone who wants peace and quiet is noise conduction between floors. Stacked units are always an invitation to problems, but my experience here is worse than what I've ever experienced. Anyone walking above you sounds like they weigh 300 pounds and are jumping rope! Small kids running around? Yikes! You get to live out every moment of the life of people above you. Even if you are on the top floor, you will hear people down below.
Bank blow-outs seem to dominate lately. Seemingly generally well-priced, but you couldn't pay me enough money to live in these units. (Well, make me an offer :-)) Probably best strategy is to buy a lower-level unit for rental, then lock poor slob renter into a lengthy lease. |
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jpinpb
Posts:4537
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| 03/08/2009 10:21 PM |
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| Thanks for the inside info! |
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