patrick.net

Oregon is very strict in number of rentals and how often it can be rented, min every 2 weeks.

Looking at a property mgmt site, the minimum might be 30 days. If you're carrying a pre-dotcom valuation, one month a year will easily cover the carrying cost. I don't know why anyone would unload a property in Carmel.

"bulk of the land making any property easy to cash-flow provided it wasn’t acquired recently"

Until someone makes a better beach community somewhere else as was the case with Laguna Beach vs Malibu.
For now we also have plenty of land near Half Moon Bay!

I live in the Monterey area and am about 10 minutes from Carmel. It's true, lots of for sale signs.

However, Pebble Beach is worse. You would never know it from the road (since you have to get through a gate/guard) but once past, the place is littered with property for sale.

The high end market definitely has a long way to go - and while it comes down, it will only push the lower end lower.

I'll take some pictures next week if I get a chance and load them up for you guys.

I think of both Carmel & Cannon Beach as toast...so beautiful they got wrecked and are now insipid...floating in bad albeit costly art.

When the Salinas crowd moves back to Salinas, and Seaside looks like more like it used to, then Carmel will be ok.