Montereyblues

Housing Price Corrections in the Bay Area

HI, Very good article. My wife and I sold our house in Stockton Aug 05 and moved to Monterey. Patiently been waiting for prices in Monterey to return to earth. Because Monterey is such a small market it is hard to get meaningful data on just the city of Monterey. Median prices here are much like SF...14mill to $400k, yikes!

This area has a micro market similar to the SF vs Stockton comparison when looking at Monterey vs Seaside (scant 4miles away). Prices in Seaside have been crushed (down 50%) due to massive subprime loans to low income workers. Monterey, Carmel etc, while down significantly from the peak are still extremely pricey on a square foot basis for usually substandard houses. We recently looked at a nifty 1000 sq ft teardown for 600k.
Do you have any data for Monterey 93940 similar to your SF data? That would be very helpful in determining whos really nuts in this market.

Thanks