San Diego Housing Bubble News and Analysis

Don't bother, now that the MBS game is over San Diego RE is deader than a doornail. Especially the less desirable parts. Everyone will figure this out eventually.

Who the hell is going to swoop in and buy a SFR with cash in Santucky?

"santee is 'immune' to any price depreciation"

What is the attraction of Santee? Is it a prestige community like RSF/Del Mar/La Jolla? Pretty inland if I remember.

POZ yeah I encounter people that still indeed don't seem to get it. I have a listing in Ramona that has expired and relisted and has had like no traffic. Before I took the listing the guy was listed with another Realtor and it didn't sell then either. I told the seller I honestly thought it was a waste of time to list the home unless he was going to reprice it in a drastic manner but he refuses.

I had a call with an owner of a lot in a very nice area of town who was listed with Prudential for over 200 days last year. It didn't sell... it didn't get a bite at all. Now she wants to list with me at a slightly lower price but not nearly what I recommended...

So what can you do...

SD Realtor

Hmmm -

Does he read ? If so, does he read the paper.

If not, maybe a picture will work.

Below is a plot of the Zip code specific prices for Santee SFRs as published in the U-T per data quick. Although monthly zip-code specific numbers are very noisy, there is an obvious trend here. Also, median prices tend to underestimate the decline for similar properties at this point in the cycle.

The median is off about 7-8% from the peak in Santee.

Santee

Forget all the stuff about price-to-income ratios, availability of easy credit, etc. After all we're talking Santee here.

Simple points I would make below.

Point #1 - Clearly prices have already dropped in Santee.

Point #2 - If you hadn't realized that prices have already dropped maybe you can be wrong about the future direction of prices.

Maybe your friend meant he was going to try to appreciate his house indefinitely? KOOL-Aid is known to affect speech.

Rustico: Yeah, when you add a fifth of Smirnoff to it!

Allan,
I wish I could say that brings back good memories! I would rather lose my house than do that to my CNS.

Maybe your friend meant he was going to try to appreciate his house indefinitely?

Awesome ...

Watch out. The RE industry is going to pick up on this. I can hear it now, examples:
"Real estate appreciated by thousands in Santee."
or
"Santee has been appreciated considerably over the last 12 months"

So true.

Rustico: I had a buddy who had a great comeback whenever I accused him of killing off his brain cells.

His response? "Yeah, but only the weak ones!"

Another great retort of his (he was a smoker) whenever someone warned him about cigarettes taking 10 years of his life: "Yeah, but they're the really crappy ones at the end!"

All a matter of perspective, I suppose.

Can't really defend my brain cells, none the less,the best years are the ones to come.

I really had a neighbor who told me he quit smoking and drinking while he held a beer in one hand and a marlboro the other..Seriously. The scary part was the guy had an armory the size of a side by side fridge. He had to move to Arizona because of the gun laws changing here a few years ago. I sold his house for him. Thought he was going to kill me everytime escrow got him stressed out.

I guess that kinda relates to this thread because if a guy can think he doesen't smoke and drink while he is, another guy could think his house is going up when it isn't.

My broker recommends tobacco stocks and liquor stocks. He bought a condo in Little Italy 18 months ago and drinking helps him forget about it and his negative value.

In the future, when prices keep falling, and people start getting more morose, they will be drinking and smoking more. I hate to enable their pain, but it seems like there could be worse stock market advice!

Hi Rustico!

Hello Cy, Good to see you come around!