[quote=sdrealtor]Sorry to fly in the face of all the start of the next depression or leg down but I have been noticing alot of properties going pending on the higher end in NCC. By high end I mean from about 900K (i included those with prices between 890 and 900) and most are above $1M. In the month of June we have averaged more than 1 property a day going intop escrow. The count is 35 so far for June. 2 have closed already. 23 of them are $1M or more.

I hjavent seen activity like this since 2004. It is looking pretty hot around her for the good one that are priced at market.[/quote]

I don’t think this flies in the face of that theory. I would look at what discount they are selling at compared to 2005-06 prices. Moreover, NCC doesn’t represent SD county in general. It is a fact that even during this recession and the stock market bounce back of 2009, the rich have actually gotten richer and the middle and lower middle class are the ones being hit most by higher unemployment, stagnant wages and uncertain future. No points for guessing which category of people are buying up properties in NCC.

[quote=sdrealtor]Sorry to fly in the face of all the start of the next depression or leg down but I have been noticing alot of properties going pending on the higher end in NCC. By high end I mean from about 900K (i included those with prices between 890 and 900) and most are above $1M. In the month of June we have averaged more than 1 property a day going intop escrow. The count is 35 so far for June. 2 have closed already. 23 of them are $1M or more.

I hjavent seen activity like this since 2004. It is looking pretty hot around her for the good one that are priced at market.[/quote]

I don’t think this flies in the face of that theory. I would look at what discount they are selling at compared to 2005-06 prices. Moreover, NCC doesn’t represent SD county in general. It is a fact that even during this recession and the stock market bounce back of 2009, the rich have actually gotten richer and the middle and lower middle class are the ones being hit most by higher unemployment, stagnant wages and uncertain future. No points for guessing which category of people are buying up properties in NCC.

[quote=sdrealtor]Sorry to fly in the face of all the start of the next depression or leg down but I have been noticing alot of properties going pending on the higher end in NCC. By high end I mean from about 900K (i included those with prices between 890 and 900) and most are above $1M. In the month of June we have averaged more than 1 property a day going intop escrow. The count is 35 so far for June. 2 have closed already. 23 of them are $1M or more.

I hjavent seen activity like this since 2004. It is looking pretty hot around her for the good one that are priced at market.[/quote]

I don’t think this flies in the face of that theory. I would look at what discount they are selling at compared to 2005-06 prices. Moreover, NCC doesn’t represent SD county in general. It is a fact that even during this recession and the stock market bounce back of 2009, the rich have actually gotten richer and the middle and lower middle class are the ones being hit most by higher unemployment, stagnant wages and uncertain future. No points for guessing which category of people are buying up properties in NCC.

Probably just the east coast bankers buying vacation property.

Just kidding sort of, but seriously, the rich (or near rich) don’t usually have the same issues with recessions as middle and below have to deal with, mostly they just let a few of their employees go or something like that to bring the profits back inline etc…

(Just look at corporate profits this last year..)

Probably just the east coast bankers buying vacation property.

Just kidding sort of, but seriously, the rich (or near rich) don’t usually have the same issues with recessions as middle and below have to deal with, mostly they just let a few of their employees go or something like that to bring the profits back inline etc…

(Just look at corporate profits this last year..)