patrick.net

I remember visiting Carmel in 2002 while my spouse was commuting to the Bay Area from Portland during those ugly days of the tech bust. We went to an open house, nice home about 1800 square feet, about 8 blocks from the beach, nicely remodeled and had a price tag of ONLY $1.5 million. And the were many folks seriously inquiring. We about fell over then.

This piques my interest, thanks for the link.

Even Carmel saw inflated prices during the boom. Back in mid 90s you would have seen prices much much lower and compatible with SCC prices. Just like the rest of the BA it too was infected by dot.com stock option cash outs. Needless to say many are still pricing homes for the same reason, a return to 1999 days. But as usual the sellers are grossly discounted from reality. The agents are even worst as many are from SoCal.

Carmel is full of very weird, very rich, people.

When Fort Ord closed, Carmel never skipped a beat because it is tourist based.

When tourists go broke, it seems to effect Carmel. lol

Carmel by the Sea
P. G. by the Fog

I first noticed it (and posted about it) over the summer on a trip to the 17mile drive. It was pretty alarming to see all those for sale signs in the "Fortress of Fortresses". I wondered how many Madoff clients lived in the area

Loved that town when I was growing up and visiting in the summers.

"I first noticed it (and posted about it) over the summer on a trip to the 17mile drive. It was pretty alarming to see all those for sale signs in the “Fortress of Fortresses”. I wondered how many Madoff clients lived in the area"

90% of the people are working stiffs. Prices prior to the bubble were not that high. The income levels are extremely thin to support high prices. Its not Bel Air or Beverly Hills.

I can't imagine tourists supporting a community like Carmel. What the heck do tourists buy there anyway...food, art, coffee, expensive sweaters for the dog? Who can afford a million dollar home plus HUGE taxes. Where do those folks work/commute?