The five same-house sales for Carmel Valley (92130) this month are still looking pretty strong. The median sales price of the overall 24 that have closed so far is $945,000, and last year there were 42 closings in May with a median of $947,500 - virtually unchanged year-over-year.
The overall median SP/average SF is dropping, from $329 to $306, but the worst loss of these five same-house sales was $47,000 (plus closing costs).
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5487 White Oak
5 br/3 ba 2,673 sf
$925,000 SP 6/07
$1,020,000 LP 11/07
$885,000 SP 5/08
YB: 2005, HOA = $46, MR = $225
For a house that backs to apartments and has a view of the freeway 100 yards away, I think the sellers did pretty good - it was a short sale too.
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10707 Heather Ridge
5 br/3 ba 2,724 sf
$1,092,000 SP 5/06 (new)
$1,075,000 LP 2/08
$1,045,000 SP 5/08
YB: 2006, HOA = $66, MR = $104
Another one that did OK, considering that they back to a busy street too.
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5289 Foxhound Way
4 br/3.5 ba 3,523 sf
$1,147,500 SP 1/07 (new)
$1,299,000 LP 3/08
$1,250,000 SP 5/08
YB: 2007, HOA = $60, MR = $104
Derby Hill resale that had $150,000 in upgrades but no view or canyon frontage. This lot is 6,800 sf, and it backs right up to two other houses - but hey, what do you want for $1.25? (Wasn't this a FSBO for quite a while?)
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13243 Evening Sky
5 br/4.5 ba 3,922 sf
$1,209,500 SP 8/05 (new)
$1,660,000 LP 2/08
$1,585,000 SP 5/08
YB: 2005 HOA = $104, MR = $104
The former owners had at least $100,000 invested in exterior upgrades, including a salt-water pool with solar heating. They did alright, all considered.
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6105 Del Mar Mesa
6 br/5.5 ba 8,022 sf
$2,089,766 assessed value
$5,750,000 LP 12/07
$3,800,000 SP 5/08 cash
YB: 2006 HOA = $0, MR = $97
This was a new-built by the sellers on 4.77 acres in an area where there is enough competition that you still have to be sharp on price. But if they had less than $3 million into it, they did alright too.
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If five of the 24 were previously sold since 2004, what about the others? They have sufficient equity to carve a little more off their price - could there be a slow deterioration in pricing due to the long-time owners not needing to hold out? In other words, could the Case-Shiller index be missing some real-time action?
A review of the 19 sales that were previously sold in 2003 or earlier, and compared to other recent sales of identical square footage:
Recent Comp May Sale, same sf
$684,000 - 2/08 $722,000 (+5.5%)
$815,000 - 1/08, $792,000 (-2.8%)
$876,000 - 12/07, $815,000 (-7.0%)
$845,000 - 4/08, $820,000 (-3.0%)
$1.015 M - 1/08, $1.045 M (+3.0%)
No huge revelations there either - could Carmel Valley hold up?