Reading an article in Forbes.com about the surprising number of foreclosures in some of America’s wealthier neighborhoods. According to the article, “The median home sale price in Newport Beach is $1.4 million and there are 89 homes in foreclosure; in La Jolla, there are 158 foreclosures, due mostly to second-home buyers overextending themselves.” (9.16.08)
Interestingly, Pebble Beach has not experienced this trend. Presently, there are 3 homes listed as “short sales” in a group of 113 active listings. There is 1 property pending that is a “short sale.” And only 2 of 42 properties sold since April 2008 have been short sales. No a single bank-owned property has been listed on the MLS.
There is a notable exception… 3177 Del Ciervo Rd was listed in April for $30,000,000. This home was listed in the Notice of Default circular and sold at auction. According to the County Records, the sale price on 8/4/08 was $6,850,000.00. Quite a bargain for a completely remodeled 10,000 sq ft. home with Pebble Beach golf course and ocean views.
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