San Diego Housing Bubble News and Analysis

Do they have insurance against landslides? Whenever I saw these homes in La Jolla, Encinitas, San Clemente I wondered if anyone would buy these without insurance.

trader, that's just mean to make a comment like that.

Trader, do you hate the world or just the housing market?

Trader, you are the pure essence of what I don't like about this board sometimes. Way too many people laughing and gloating at the loss of others. I want the market to come down in price but not at the cost of some families getting screwed out of a home.

The word which applies...

is schadenfreude.

tsk tsk tsk

So besides the obvious that the houses directly effected by this will have a serious loss of property values. How will this effect La Jolla in general? What does the wisdom of this board say about this?

It will probably cause all houses in La Jolla to lose some value, if by nothing more than association. But by about how much? Are we talking a couple of percent? Ten percent? Twenty? More? I know no one can give a definitive answer to this, but what are the gut guesses by the folks on piggington to this?

Inquiring minds want to know.

XBoxBoy

http://www.sdlookup.com/MLS-076049056-57...

Is this house the one directly in front of the affected area??

Back to 1961 prices for this area. Instant loss big big time.

I don't know about this particular set of houses, but a friend's house started sliding down the canyon in another part of La Jolla a couple of years ago and insurance didn't cover it -- or at least not much of it, if I recall correctly. Considered an "act of God."

Normally, insurance does not cover anything that is incremental and happens over time.

I don't wish them ill but I don't have a lot of sympathy either. I don't sympathize with people who build or buy homes on bluffs, unstable ground or any other stupid spot. I am very happy that no one was hurt though.

http://tinyurl.com/yrkukv

Sigh, I used to laugh myself silly at the fools who built in Mission Valley. Every freakin' winter they would cry and cry because it rained and flooded their businesses. These @sshats built their businesses in a riverbed, a RIVERBED of all places! They had no business boo-hooing when nature took it's course, but no, they kept building and cryin' about it. So eventually the city rewarded their stupidity and built a flood control project. I guess they laugh at me now.

And I make the comment yesterday about a picture showing a giant crack in a patio slab on a hillside home, then read this today...holy cow!

On the "will this affect La Jolla pricing..." IMO, No.

The next time you are driving I-5 at the 52 fwy, look up at the signs of early slides. An entire gated community built right there. Some houses have no fence or property line remaining.

Knowing what you know now would you buy there?
One owner just bought 1 year ago and was lamenting about not being informed that there was a slide problem.
So wanabee La Jollans help them out buy there.

lamenting about not being informed

I saw La Jolla/Encinitas/San Clemente (the hillsides with homes) for the first time in 1990 and my reaction was - wow, what a place to build homes (and the next one: how did they do it i.e. prevent it from sliding down). The owner is lamenting on not being informed of gravity?

@sshats built their businesses in a riverbed

You mean the French who built New Orleans?

we've had a number of little quakes lately... reminds me of the years leading up to the northridge quake... if another big one hits so cal, these houses with unstable soil could be trouble...

if global warming delivers as promised, mission valley may become our own little venice...

act of god... what, alan greenspan undermined the road?

Your standard homeowners' policy does not cover this because it is caused by earth movement. This includes damage by earthquake, landslides, and the like.

For info on landslide risks, see

http://www.consrv.ca.gov/cgs/rghm/landsl...

I predict there will be a bustling market for geological and engineering studies in those neighborhoods. After an engineer signs off on a property it won't be counted among those at risk, hence no effect on values. Even some that might be at moderate risk can probably do some remediation to prevent or mitigate the damage.

La Costa didn't take a hit when those 2 streets came down the hill last year, neither did Oceanside's College Ave corridor after it lost that hillside a while back.

BTW, there are a lot of La Jollans who consider Mt. Soledad to be a different neighborhood than La Jolla.

No, I was talking about the San Diego River in Mission Valley.

Trader, you are the pure essence of what I don't like about this board sometimes. Way too many people laughing and gloating at the loss of others. I want the market to come down in price but not at the cost of some families getting screwed out of a home.

I would have to agree with Alex here. It's pretty mean to gloat over someone else's misfortunes.

While in a spirit of being a d*ck, how about

1) Gloating over those people that have to sell a home because they have to pay medical bills for a family member that has cancer. HA HA HA HA. Cheap real estate. Idiots for getting cancer.

2) Gloating over parents that have to sell their home to support they kid with down syndrome. RTOFLAO, ha ha ha ha ha ha. Idiots for having a kid with down syndrome.

3) Gloating over folks that are getting a divorce because a spouse slept with someone else, and now have to sell a home. HA HA HA HA. Idiots for marrying someone that later turned out to be unfaithful.

4)Gloating over some poor sucker that bought lots of Ultra Shares Short SDS and now is losing money. HA HA HA HA. Idiots, for thinking they know better than the markets.

</sarcasm>

Wow, lots of bitter people i would say.

I feel bad for these people, but I had to crack a smile when I heard on the radio that they were opening an evacuation shelter at La Jolla High. I guess these residents will go there for news, but not to sleep on cots.

BTW, there are a lot of La Jollans who consider Mt. Soledad to be a different neighborhood than La Jolla.

I would too, unofficially . The oceanside of Mt. Soledad is La Jolla.How could it not be? Now what is the other side? I ran that hill many times from Mission Bay Park and never felt like I was in La Jolla. I guess I thought of it as part of Pacific Beach Heights.

Is this near the Mt. Soledad with a cross that comes up in the news often (legal dispute)?

brsharma

yes, it's the same one.

Part of Mt. Soledad is in the 92109 zip code -- so yeah, that part isn't really in La Jolla.

As you get closer to the Cross, you start to feel that you are definitely In La Jolla.

I've never considered Birdrock to be part of La Jolla -- we always called it North PB. Heh.

Yeah ALEX your such a angel!!!! wa wa wa maybe you should run for office and save america!

Actually, tech-junkie....when you put things the way you did, they all seem pretty damn funny now. :) Thanks for expanding my schadenfreude horizons;)

By the way, 1)some people smoke themselves into getting cancer, 2)some people disregard medical advice and have children too late in life and increase (by exponential factors) the chances of having Down's Syndrome rear it's ugly head, 3) some people are not meant for marriage and/or are able to work through infidelity with marriage counseling thereby avoiding divorce, and 4) this guy may have the last laugh when the dust settles. In other words...things are not always what they appear to be.

So yeah, someone's house falling down a cliff in La Jolla where they must have known it had a significant chance of falling before buying/building it is pretty fucking funny!! Nuff said?

I am always torn when people whose homes are on the cliffs - or in this case directly overlooking a fault line - have things eventually happen - yes it sucks for them, but if you live on a beach cliff, eventually your house will go in - you just live there knowing that and hope it happens long after you are gone - same goes for living on a fault line. Those homes on the side of Mt. Soledad have a beautiful view because the Rose Canyon fault runs along beneath their homes and in essence is the cause of Mt. Soledad - the fault runs up the 5, under La Jolla Parkway and out to sea as the La Jolla Canyon offshore - You enjoy the view, but you have to know that you are living in an area of high geologic hazards - slides, earthquakes, etc.

So yes, I feel bad for them that their houses are being lost, but those families bought homes there knowing the risk and decided the view/status was worth that risk, so any sympathy for them has to be tempered some in my opinion. If they say they did not know the risk, then they did not do their due diligence. The existence of the risks of living there have been known for a long time.

Actually, tech-junkie....when you put things the way you did, they all seem pretty damn funny now. :) Thanks for expanding my schadenfreude horizons;)

By the way, 1)some people smoke themselves into getting cancer, 2)some people disregard medical advice and have children too late in life and increase (by exponential factors) the chances of having Down's Syndrome rear it's ugly head, 3) some people are not meant for marriage and/or are able to work through infidelity with marriage counseling thereby avoiding divorce, and 4) this guy may have the last laugh when the dust settles. In other words...things are not always what they appear to be.

So yeah, someone's house falling down a cliff in La Jolla where they must have known it had a significant chance of falling before buying/building it is pretty fucking funny!! Nuff said?

ouch. Everyone sounds like a mother on this board. "Well, person X should have done this or that :)