Will expensive places drop a lot in San Diego real estate?

User Forum Topic
Submitted by mixxalot on July 22, 2008 - 11:16am

Just curious to see if the nicer parts of San Diego (Del Mar, La Jolla, Point Loma, Pacific Beach) will ever drop to a reasonable level for a home.

I see tons of multi-million dollar places but no real drop yet in prices.

‹ Martin Feldstien paints GRIM picture for the future Impact of mortgage rates ›
The good news: Yes,
Submitted by Borat on July 22, 2008 - 11:51am.

The good news:

Yes, properties in the premium areas are going to suffer huge price declines over the next few years.

The bad news:

Most of us probably still won't be able to afford to live there.

especially when our net worth
Submitted by fat_lazy_union_... on July 22, 2008 - 11:54am.

especially when our net worth is also dropping :)

fat_lazy_union_worker
Submitted by ibjames on July 22, 2008 - 3:01pm.

fat_lazy_union_worker wrote:
especially when our net worth is also dropping :)

Hey! I don't know how you can put a smiley face on that!

http://www.bubbleinfo.com/jou
Submitted by cooprider on July 22, 2008 - 3:06pm.

http://www.bubbleinfo.com/journal/2008/7...

No, they'll just stagnate for
Submitted by esmith on July 22, 2008 - 3:12pm.

No, they'll just stagnate for 10 years while lower end catches up.

I am working on building my
Submitted by mixxalot on July 22, 2008 - 4:32pm.

I am working on building my net worth in fiat US dollars, lol. Anyways maybe if I am able to save up enough federal reserve tokens I can buy a place in Pacific Beach or UTC area. Both close to business and pleasure.

It's already happening. As
Submitted by Huckleberry on July 22, 2008 - 9:44pm.

It's already happening. As you can see from this URL foreclosures are hitting all of the nicest areas.

http://www.bubbleinfo.com/journal/2008/7...

This will continue for another couple years through the Alt-A resets...

It's already happening. As
Submitted by esmith on July 22, 2008 - 9:50pm.

It's already happening. As you can see from this URL foreclosures are hitting all of the nicest areas.

The real question is, will we get enough foreclosures in the nicest areas to overwhelm demand. In San Elijo Hills, probably yes. In Carmel Valley or 4S Ranch, maybe. In Del Mar and Point Loma, probably not.

Only time will tell.

I have someone who has been
Submitted by SD Realtor on July 22, 2008 - 11:40pm.

I have someone who has been very active on the short sales and foreclosures in CV. It has been pretty frustrating for them as they keep getting picked off quickly. At least the ones they have been looking at.

New listing activity in my
Submitted by sdrealtor on July 23, 2008 - 8:20am.

New listing activity in my submarket has been very anemic this Summer. Folks are digging in and buyers are frustrated they cant find a great place they want in this buyers market. IMO, it will only get harder. The best properties tend to be in the strongest hands. Of course, there will be the occasional primo property that comes on the market at a cut rate but the competition is and will continue to be stiff for them. If you want a house in Bressi, La Costa Oaks/Greens/Ridge or Encnitas Ranch you will likely have many good choices. If you want a nice single level with a large view lot in a quiet location....best of luck finding one.

It is already starting to
Submitted by j on July 23, 2008 - 11:23am.

It is already starting to happen. I see it as I run through the neighborhoods. Nine months ago it was only bad houses in bad neighborhoods. Six Months ago it was bad houses in good neighborhoods. Now it is good houses in good neighborhoods.

Next it will be bad houses in top dollar neighborhoods, then good houses in top dollar neighborhoods.