Perry I am not so sure the decline will be as rapid as we all hope it to be… (Yes I to am renting and WANT very badly for the pricing to reach more affordable levels)
Again I have posted many a note about the sticky on the way down phenom… More concrete examples… a couple at Crescent Court in San Marcos priced thier home at 580-595 EVEN though the last from the bulder is priced in the 570’s… This family is only “semi motivated” right now. Another listing I just cancelled was a condo owner who had a condo at Pelican Cove in Oceanside. He bought last year at 339k and couldn’t fathom why his home didnt sell at 380 then 360… So now he will rent… and lose more money…
Also I am still fascinated by buyers that ARE still out there. I went to a listing appointment today out in Carlsbad and the young couple were very disappointed by the comps I showed them… So they will hold off and not sell BUT THEY STILL WANT TO BUY… I am bringing them to Portico tomorrow in Carmel Valley… This after I spent an hour telling them why I felt they should hold off on buying…
Anyways I think the worst depreciation will continue for condos and certain areas of town. However I am very much puzzled by what I call the bonehead factor… yes in the long run real estate does go up but like any other commodity there are intelligent entry points. Why anyone would buy now when the past 3 months have seen YOY declines in sales that are close to 30% amazes me…
