[quote=donaldduckmoore]I did not pay attention to CV, but is that considered cheap?[/quote]
“cheaper”… Anything under $300/sqft would be consider “cheaper” in today’s market.
I’d call a “steal” in this market today something of this size at $700k, though I believe Realtor’s would say at $700k even today, you would see multiple offers due to pent up demand (I do think there are plenty of people on the sidelines).
I don’t see this falling to low $600k, unless some significant catastrophe occurs. And IF that happened, it wouldn’t matter to most people today hoping pricing would reach that level. Because at that point some catastrophe occurred, and would pretty much hit ground zero at most everyone because either something significant happened in SD or the U.S. economy, and chances are most of us are going to be unemployed and have no advantage over anyone else. As SDR had posted previously, there was a home in Palacio complex that sold pretty quickly, which was imho a much worst home than this one. It went pretty quick at $8xxk and change, i believe with multiple offer.
Homes in CV are still inflated, again we have still yet to see massive unemployment that is hitting close to home (yet).
30-40 people layoffs at QC is statstically insignificant, and even a part/400+ layoff at MOT here in SD would be insignificant. We saw some good people that got axed from TI a few months back, and while it sucks personally, in the macro picture, I don’t think it made a significant crater in the overall housing picture. Now, if you add up a bunch of satellite offices in SD closing, then we have a problem. A litmus test for me would be how many office vacancy signs are you starting to see. That’s what I’m using to gauge how we’re doing these days in SD. (I’ve started to see more and more of them).
Seriously.
Not downplaying layoffs, especially if it happens to you personally or someone you know. BUT, really for home prices in some of these areas to fall faster, it would take a catastrophic event, I’m taking thousands of people locally.
When you consider QC employes 10k+ employees (and that might even be low), 30-40 layoffs here and there, the company doesn’t even need to report them publicly.
Until then, we’re see this slowly trickle down in home prices, and having those 4.85-5.00% loans available isn’t helping soften demand i suspect.
