Napa Valley Address

Napa Valley Real Estate | Yountville Real Estate

  • Home
  • Blog
  • Listings
  • About
  • Contact
  • Home
  • About
  • Search ►
  • Yountville
  • Oakville
  • Napa
  • St. Helena
  • Rutherford
  • Calistoga
  • Angwin
  • Pope Valley
You are here: Home / Auctions & Deals / My thoughts on the truth about foreclosures, are we at the bottom for Napa Valley real estate prices

My thoughts on the truth about foreclosures, are we at the bottom for Napa Valley real estate prices

August 13, 2008 by Curtis Van Carter Leave a Comment

On a tree-lined street in central Napa, green lawns in front of modest 1940s-era homes paint the typical picture of middle class suburbia.
All seems in order — except for the one house with furniture dumped on the lawn and boxes of clothing and other detritus scattered on the driveway. An old garage sale sign hangs on the trunk of a shady tree, covered with a second, hastily scrawled sign that reads “Free.”
The two-bedroom, one-bath home on Pacific Street foreclosed on June 30. To a passerby, it seems the residents attempted to make few bucks as an eviction date drew near, then gave up as the deadline passed.
Unfortunately, the trouble isn’t isolated to Pacific Street.
As I read last Sunday’s front page of the Napa Valley Register, our largest local newspaper, it was as if it had awaken to the fact, THERE IS MORE BAD NEWS OUT THERE THAN THEY EVER ACKNOWLEGDED IN THE PAST. Granted, the Register has run many articles through time which highlighted issues from the current real estate bubble-bursting we are going through. But never before has it tried to truly represent the extent of the problem here.
The Napa Valley is an exceptional place to live and we do have an international re-known which tends to insulate us from the depths of this down-turn which many other areas of California are experiencing. Yet we too are feeling the pain. This all leads back to the question I have been continually asking in this blog, “Are we approaching a bottom for declining real estate prices?”
But declining values have meant tough times for some homeowners, including a number on Harrison Avenue in Napa.
This Westwood street of about 60 homes built in the early 1940s is just two blocks long. Back in late 2004 and early 2005, a number of the typically 800-square foot homes on Harrison Avenue sold in the low-to-mid $400,000s.
Between March and July 2008, five of those homes foreclosed. Another three are in pre-foreclosure, meaning the owners must renegotiate their debt or make arrangements to stave off loss of the properties to banks and other lenders.
I can remember back over 18 months ago, when at an office meeting for my company, Coldwell Bankers Brokers of the Valley, one of the agents stated he felt this down-turn would go on for 3-5 years. At the time, I felt he was too pessimistic. Then I believed it would last 18-24 months and we would be coming out of it by now. After going through this period, I feel more like I am on Survivor, the popular reality show, than a Realtor selling property in one of the true enclaves, my expression for what a great place the Valley is. This is the third down-turn I have been through in my 25 years selling real estate, but by far the worst.  As it continues to rain more bad news every two or three months and a “new shoe continues to drop” in this on going saga, I have changed my opinion and am now of the camp that this down-turn will last 3-4 years, with the worst behind us at the end of 2009.
In the past 12 months, the median price of a Napa County home has fallen approximately $200,000, according to Trendgraphix, Inc. In June 2007 the median price for a Napa County home was $660,000. As of June 2008, the median was $446,000.
A foreclosed home in the Rancho Del Mar neighborhood of American Canyon is just one example. Three years ago, the three-bedroom, one-bath home at 211 Carolyn Dr. sold for $465,000.
The current listing price: $219,900.
Thus, when reading some of the comments by other agents, managers in the Sunday articles, below are examples, I feel they, and after reading the Register, both still don’t quite understand, nor portray, the depth of what is going on. As I stated, the printing of the three articles on Sunday’s front page is the first time the Register’s news coverage was nearing reality. I think it has a ways to go given what is happening beyond Napa County’s borders. An example, from 2 blogs I read, is how commercial lending will tighten dramatically in 2009, becoming mostly a cash only purchase environment. And guess who many of these cash buyers are? This transfer of wealth from America to many oil and commodities rich countries and their buying of America is a separate article I am working on for the future.
“Historically Napa has shown the ability to bounce back from economic downturns,”
“My opinion is that the worst is over, especially locally.”
“Good times are ahead.”
Here are the links to the three articles:
AmCan, Some Napa Neighborhoods Feeling Foreclosure Pain
Prices are down, but Realtors say mortgage crunch is easing
Homes dip into the $200,000s
Here is a link to area foreclosures from the same articles:
Napa County Foreclosure Map/Napa Valley Register
In conclusion, I am still not an out-right pessimist, nor as optimistic as as used to be. If anything, I am learning to take this, as one should all of life, day by day remembering to live for now. Life is too short and when I compare this to a heart wrenching letter I received from a good friend who is struggling to over come cancer, I realize just how precious it truly is. Thus to life, hope and this too will pass.

Share this:

  • Tweet

Related

Filed Under: Auctions & Deals, From Curtis, Napa Valley, RE Current Info

Curtis Van Carter, has been one of Napa Valley Real Estate's most knowledgeable and experienced agents. He has been characterized by his clients for his honesty and knowledge to make a home sale or purchase as smooth as possible. If you are interested in selling or listing a home please call or EMAIL Curtis here.

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Napa Valley Real Estate Search

Area Info

  • ,
  • Calistoga, Ca
  • Napa, CA
  • Oakville, CA
  • Rutherford, CA
  • St. Helena, CA
  • Yountville, CA

Latest Yountville Real Estate

  • $799,000 238 Vista Court
    Yountville, CA
  • $719,000 162 Vineyard Circle
    Yountville, CA
  • $1,295,000 1918 Oak Circle
    Yountville, CA
  • $684,000 6600 Yount Street #10
    Yountville, CA
  • $2,175,000 MLS # 22016903
    Yountville, CA
  • $1,649,000 13 Stags View Lane
    Yountville, CA
  • $2,798,000 1 Harvest Court
    Yountville, CA
  • $2,739,000 6526 Vista Drive
    Yountville, CA
238 Vista Court
Yountville, CA
Photo of 238 Vista Court, Yountville, CA 94599 (MLS # 22002917)
$799,000
Lot Size
1,307 sqft

Home Size
1,154 sqft

Beds
2 Beds

Baths
2 Baths

162 Vineyard Circle
Yountville, CA
Photo of 162 Vineyard Circle, Yountville, CA 94599 (MLS # 22003164)
$719,000
Lot Size
1,307 sqft

Home Size
1,154 sqft

Beds
2 Beds

Baths
2 Baths

1918 Oak Circle
Yountville, CA
Photo of 1918 Oak Circle, Yountville, CA 94599 (MLS # 22004298)
$1,295,000
Lot Size
5,663 sqft

Home Size
1,400 sqft

Beds
3 Beds

Baths
2 Baths

6600 Yount Street #10
Yountville, CA
Photo of 6600 Yount Street #10, Yountville, CA 94599 (MLS # 22011991)
$684,000
Lot Size
436 sqft

Home Size
1,054 sqft

Beds
2 Beds

Baths
1 Bath

MLS # 22016903
Yountville, CA
Photo of Yountville, CA 94599 (MLS # 22016903)
$2,175,000
Lot Size
6,534 sqft

Home Size
1,946 sqft

Beds
2 Beds

Baths
2 Baths

13 Stags View Lane
Yountville, CA
Photo of 13 Stags View Lane, Yountville, CA 94599 (MLS # 22022851)
$1,649,000
Lot Size
7,841 sqft

Home Size
2,176 sqft

Beds
3 Beds

Baths
2 Baths

1 Harvest Court
Yountville, CA
Photo of 1 Harvest Court, Yountville, CA 94599 (MLS # 22023497)
$2,798,000
Lot Size
10,019 sqft

Home Size
3,026 sqft

Beds
4 Beds

Baths
3 Baths

6526 Vista Drive
Yountville, CA
Photo of 6526 Vista Drive, Yountville, CA 94599 (MLS # 22028117)
$2,739,000
Lot Size
7,406 sqft

Home Size
3,100 sqft

Beds
4 Beds

Baths
3 Baths

  • 238 Vista Court
    Yountville, CA
    Photo of 238 Vista Court, Yountville, CA 94599 (MLS # 22002917)
    $799,000
    Lot Size
    1,307 sqft

    Home Size
    1,154 sqft

    Beds
    2 Beds

    Baths
    2 Baths

  • 162 Vineyard Circle
    Yountville, CA
    Photo of 162 Vineyard Circle, Yountville, CA 94599 (MLS # 22003164)
    $719,000
    Lot Size
    1,307 sqft

    Home Size
    1,154 sqft

    Beds
    2 Beds

    Baths
    2 Baths

  • 1918 Oak Circle
    Yountville, CA
    Photo of 1918 Oak Circle, Yountville, CA 94599 (MLS # 22004298)
    $1,295,000
    Lot Size
    5,663 sqft

    Home Size
    1,400 sqft

    Beds
    3 Beds

    Baths
    2 Baths

  • 6600 Yount Street #10
    Yountville, CA
    Photo of 6600 Yount Street #10, Yountville, CA 94599 (MLS # 22011991)
    $684,000
    Lot Size
    436 sqft

    Home Size
    1,054 sqft

    Beds
    2 Beds

    Baths
    1 Bath

  • MLS # 22016903
    Yountville, CA
    Photo of Yountville, CA 94599 (MLS # 22016903)
    $2,175,000
    Lot Size
    6,534 sqft

    Home Size
    1,946 sqft

    Beds
    2 Beds

    Baths
    2 Baths

  • 13 Stags View Lane
    Yountville, CA
    Photo of 13 Stags View Lane, Yountville, CA 94599 (MLS # 22022851)
    $1,649,000
    Lot Size
    7,841 sqft

    Home Size
    2,176 sqft

    Beds
    3 Beds

    Baths
    2 Baths

  • 1 Harvest Court
    Yountville, CA
    Photo of 1 Harvest Court, Yountville, CA 94599 (MLS # 22023497)
    $2,798,000
    Lot Size
    10,019 sqft

    Home Size
    3,026 sqft

    Beds
    4 Beds

    Baths
    3 Baths

  • 6526 Vista Drive
    Yountville, CA
    Photo of 6526 Vista Drive, Yountville, CA 94599 (MLS # 22028117)
    $2,739,000
    Lot Size
    7,406 sqft

    Home Size
    3,100 sqft

    Beds
    4 Beds

    Baths
    3 Baths

Previous Next
 

Napa Valley Info & Links

  • Napa Valley Sold 10/1/20to 12/31/20
  • Napa Valley Photos on Flirkr
  • Napa Valley Videos
  • Yountville Sun Front Pages
  • Yountville A Personal Perspective
  • Detail Neighborhood Info About Yountville
  • Detail Neighborhood Info About St. Helena
  • Detail Neighborhood Info About Calistoga
  • Detail Neighborhood Info About Napa
  • Detail Neighborhood Info About Angwin
  • Detail Neighborhood Info About Oakville

Categories

About…… Curtis Van Carter

Curtis is one of Napa Valley's most experienced and trusted real estate agents.

Follow Curtis

  • Facebook
  • Google+
  • LinkedIn
  • Pinterest
  • RSS
  • Twitter
  • YouTube

Recent Posts

  • Yountville, Napa Valley, Weekly Real Estate Update January 15, 2021
  • St Helena, Napa Valley Weekly Real Estate Update January 13, 2021
  • Calistoga, Napa Valley, Weekly Real Estate Update January 11, 2021
  • St Helena, Napa Valley Weekly Real Estate Update January 6, 2021
  • Calistoga, Napa Valley, Weekly Real Estate Update January 4, 2021

Napa Valley Info & Events

  • Napa Valley Sunday Open Houses
  • Napa Valley Sold 10/1/20 to 12/31/20
  • Upcoming Napa Valley Events
  • Useful Napa Valley Links
  • Napa Valley Photos on Flirkr
  • Napa Valley Videos
  • Yountville Sun Front Pages
  • Yountville A Personal Perspective

Our Services

  • Short Sales
  • Foreclosures
  • Home Listing
  • Buyer's Broker

Contact

Better Homes & Gardens
Wine Country Group
707.944.0421 office
707.815.8584 cell
DRE # 00770113
  • Home
  • Blog
  • About
  • Listings
  • Contact

© 2021 · Napa Valley Address · Built by Varick Design