Monday, September 24, 2007
Canaries In Wrightwood California
First DQNews reports sales for August:
WRIGHTWOOD 7 $235,000 $327,000 -28.13%
Then Realtor.com reports 169 properties for sale.
That's right, 2 years inventory. And no, this is not an artifact of strangely low sales. This is what happens and this is going to get worse, a lot worse. No, let me rephrase; a whole freaking helluva lot worse. There are about 2400 units in Wrightwood or 1 out of 15 for sale right now. Oh, and only about half are occupied. The rest are seasonal and/or vacation homes. Now look again at the DQ numbers you skimmed in this post. Yep, a median decline of 28%. Do you think some speculators missed the last lifeboat? Sure as heck they did. Do you think some people find themselves carrying debt that "no longer matches their lifestyle and long term life goals?" Don't laugh, that's what a former neighbor said to us 11 years ago when sending their house back to the bank.
Here's the cheapest offering: Classic Mountain Cabin. I don't know about you but $260/sf for "rustic" on a 3320sf lot is not my idea of classic.
More on Wrightwood soon as we discuss Realtors® drinking their own kool-aid and the new status of the investment property we sold there last April '06 when the inventory was 66 properties.