Carmel Valley is an area where market dynamics differs in different price ranges. As of 10/30/09, there are only 19 active listings available at or below $750K. That is a merely of 2 months' worth of inventory. 55 homes are available between $750K and $1M, that is 4 moths' inventory. 125 homes listed for over $1M, with only 34 sold in the past three months. That is 12 months' inventory.
What does that tell you? If you are a buyer looking for homes in the $600K-$700K range, despite what is in the news, you are competing with eager buyers on limited inventory. It may not be a bad idea to be flexible with price and terms to strike a deal. If you can afford buy something a little over a million, please do not be thrifty. This is your opportunity to get that dream house at a bargain price before interest rate goes up. The market for multi-million dollar homes is still very soft in this zip code. There is no need to rush unless you see a deal of the century.
To Sellers:
Hold to your property and equity unless you have to sell. Demand is getting stronger as inventory drops. Then price will go up. Renting it out might be a great alternative depending on your financial situation and tax consequence. Please feel free to contact me for a free private consultation if your consider doing it.
Stage your homes and do the necessary repairs. You will get your money back. With competition from new constructions and newly built homes, homes close to 20 years old tend to look dated and unattractive. A fresh coat of paint, professionally cleaned carpet, rearrange your furniture and de-clutter will give the old girl a fresh look.
To Buyers:
Depending on the price range you are at, "to buy" or "not to buy" is still a tough decision for many of you. Here are a couple things to be considered: 1. The time frame you are going to live in the house: The longer you plan to live in the house, the less you need to be concerned about where the market is heading toward as long as it is affordable. 2. Are you going to be priced out of the market if interest rate goes up and/or the market appreciates? If the answer is Yes. It is time to buy.
ZIP Code: 92130 Approximate Location Boundaries: East of Del Mar, West of Torry Highlands, South of Rancho Santa Fe, north of Mira Mesa.
Location Characteristics: Carmel valley attracts working professionals with a variety of nationalities because of its great schools, easy commute to work places and its coastal climate. Home prices have held up extremely well during the market down turns as shown from the chart below.
Carmel Valley is the most desirable area in San Diego for families with Children. Homes are available in a wide price range: One bedroom condos starts in the low $200K for something that is move in ready. Two bedroom attached starts in the 300s goes up to the mid 400s. Three bedroom town homes are most desirable units for young families with most of them priced in the mid-500s.
Single family homes in Carmel Valley starts at $500K for a 1500sqft 3 bedroom home with minimal yard space. People pays into the high 700 low 800 price range for a family home around 2000-2500 sqft with 3-4 bedrooms. Lot size for those homes typically runs about 4000-7000 sqft.
Median price for a single family house in Carmel Valley is at $851K in the past 6 month. The average price per sqft is $330. Homes priced below the median price tend to have lots of competitions due to their affordability. It is been hard to negotiate a bargain price on those homes since spring 09. However, homes listed for over $1M are still sweet spots for people who are looking for great deals. Supplies are still accumulating due to low affordability. There are over 1 year worth of inventory in homes above $1M.
In Carmel Valley, it is a great time to move up: smaller home are in demand due to its affordability while bigger, estate homes are dropping prices to attract buys. If you ever want to move into a million dollar home, now is the right timing.
About Yan Wang:
I am a homeowner in San Diego, CA with out of state investment properties in Cambridge, Somerville and Boston. I have extensive experience with home renovation, 1031 exchange and long distance property management. With confidence and trust, my clients can depend on my honest and accurate assessment of the market, my experience and creativity in negotiations, and my commitment to meeting their needs with professionalism and care. My expertise in home staging and photography helps my sellers sell their homes sooner for better price with less hassle. My experiences with short sales and bank owned properties help my buyers to find properties with the best potentials for equity building.
For sellers, I have three different strategies to price homes for the best possible sales price, in many cases, beat the comparables. For buyers, I provide an accurate value estimate and an effective negotiation strategy to get your dream home through a smooth process. For investors, I can provide you with a financial analysis on each investment property you would be considering. It is my belief that investment properties should make money for you the moment you make the purchase.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
