San Diego Housing Bubble News and Analysis

That's where we lived, in Bel Etage. We sold back in '03, when I lost my job.

The poor gay guy who bought our house has had it on the market, off and on, for over a year. What a single guy needed with a 4.5K sq. ft. McMansion was beyond me (great hot tub parties?).

My Bel Etage neighbors were, like us back then, living on home equity. I thank God once a month that I lost my job, had to sell, and then took a fresh, unvarnished look at prices and fundamentals in San Diego real estate.

Savenna and Salviati were more expensive than Bel Etage, so the folks there may have more substantial means than the Bel Etage folks. But, I'm guessing that the Savenna and Salviati folks won't be too far behind in putting their homes on the block, because they were, it appeared to me back then, living off of home equity, too (just more of it).

JG,

Thanks very much for the reply.

According the transaction histories, most houses in Bel Etage were purchased from the builder for 700k - 1M.

>> My Bel Etage neighbors were ... living on home equity

Is this because you noticed that their professions, hence their incomes, do not match with their lifestyles (700k - 1M houses & cars) ?

Bel Etage seems like a nice place. I am interested in possibly buying there in a few years. So, I'd like to know what a former residence think about Bel Etage. Anything else you can tell me would be greatly appreciated.

gn, there were lots of folks working out of their homes -- real estate? mortgage loans? Lots of young families -- mid 30s. Lots of Hummers and Bimmers. Lots of folks ecstatic about the newly opened public school.

The homes are beautiful and comfortable. But, the place is a bit sterile, and you have to drive to get to anywhere. And, anyone who spends the money on an expensive home (to buy and furnish) but condemns their kids to public schools -- with the lousy mores and dumbed down standards -- is someone whose judgement I don't trust and who I'd prefer to NOT have as a neighbor.

JG,

From your reply, I guess that Bel Etage folks cannot afford both the expensive houses & the private schools. So, they chose the house (and the fancy cars).

>> But, the place is a bit sterile

I agree with this. I thought it looks a bit too neat/clean. All of the lawns were perfectly manicured, a little too perfect.

I am aware of several people in there who are commission earners who work in the home lending industry...perhaps this explains the relatively large percentage of listings on the market right now?

Makes sense, lb.

I have looked at Bel Etage, as well. I think it's pretty nice, though I believe it's still overpriced. (But no more overpriced than Savenna & Salviati. It's all overpriced, as far as I'm concerned.)

Of course, I would never, ever live there. I mean, the place is called "Bel Etage!" If I told my not-so-PC-buddies I was living in a place called Bel Etage, they'd laugh me into the ground. Hence, another reason to thank God you lost your job and had to sell your house, JG! Next time, don't be so quick to relinquish your dignity. LOL!!

Where is Belle Cage location wise ? Is it in Santa Luz development?
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