The biggest question in my book is the interest rate effect on housing prices. On the one hand I do not see significant levels of higher rates in the short term. Thus the effect on housing prices should be nominal. However if we shift the conversation into a double digit rate environment then I think the depreciation on housing prices will indeed be significant. It also seems to me that all things being equal sub 200 ppsf in stonebridge seems unlikely in a reasonable rate environment.

One thing you mentioned will definitely touch a nerve here. To think that you saw strong activity in december for 800k homes probably doesn’t sit well with a lot of piggs. the amount of money out there is staggering and flies in the face of the finite buyers pool that many people subscribe to.

You characterized scripps well. Sounds like some of the homes south of pomerado may work for you but even many of those do not have the yard size you like.

As for us we would like some land as well and poway suits us a bit better but the places we like are out of our price range. We are okay with an older house but not mr fees so stonebridge is not on our radar.

I am not validating or arguing the pros and cons of the purchase. Don’t forget about the sunrise power link either. Seems like you place a high value on the premium for home ownership. Trying to wait out the mystical bottom (which to me seems farther off now then it did to me back in 2007) has just burned many buyers out. Sounds like you have been looking for quite awhile and you found something you really like.