I don’t think it is a matter of if… it is and always has been a matter of when. As many great leads that ocrenter pulls up that are foreclosures, there are sales. There are sales in Carmel Valley, there are sales in La Costa Valley and there are sales in 4S Ranch, Scripps, Sabre Springs… etc………I cannot tell you how many people I have that are patient buyers yet are very frustrated by the rate of decline. They all ask me why people are still paying premiums for homes like this and all I can tell them is because they do. I show then the stats that the volume of sales are down but that doesn’t console them.
This is what I do not understand. Nobody is arguing that the market will not go down, nor is anyone saying that prices will not drop dramatically. It seems to me that there is some displaced anger or whatever trying to justify that we HAVE TO HAVE big drops. Well we don’t HAVE TO HAVE anything. Will they happen? In my opinion yes. Could it be this spring? Next Summmer? 09? I don’t know… probably sometime in the next few years.
If you truly think that homes in 4S are gonna for for 400k and the same for Carmel Valley then so be it? Maybe they will and maybe they won’t. I do know of plenty of people who will buy before they get there though.
The fact is that real estate moves slow. Do I think the banks are sitting on properties and holding them out? Perhaps they are. Do I think banks are sitting on properties in Carmel Valley or La Costa Valley? No I don’t.
