Three words: look out below!

There seem to be more down the street for even lesser money (slightly smaller square footage ~3300) …

8×4 Antilla Way : $775-850k.

Lots of new houses (3000+sq ft) coming up for less money ~700-750k

More great news from San Elijo!

I went to the sales office for the new home community below this week. They are offering 4-2-1 financing (6.7% or so fixed 30 year, they pay 4% the first year, 2% the second year, then you pay the 6.7% rate…). Also, they said to ‘make a reasonable offer.’ What is reasonable? They pointed to a 850k house and said 800 might be. I’m thinking 750 would be too because a friend in the new home business told me that 100k off is reasonable right now. No plans to buy for me though. But look at the sizes of these homes:

Atherton
Richmond American
Single Family Homes
3,399-4,171 Sq. ft.
Priced from the low $800,000s

SEJ Hills about to pop I truly believe. I am on business for a few days in San Francisco. Pulte homes in SF are running TV ADS offering $99,000 incentives and reductions.Flooring including.The Ads are on the radio also
There are a lot of short sales being advertised here.
Mariners landing, Atherton will soon be lowering list prices.
Does any one know about Short sales, what to look out for??

Okay. It looks like the noose is finally beginning to tighten. I read Steve Beebo's comment about San Elijo Hills market being bad, to be closely related to the "it's different here" comments I've read from all over the country the last six-months or so.

We all know it is not different here and once we (the Beebos of the world) begin to point out that "yes, maybe that neighborhood across the street will go down, but mine is special…everyone wants to live in Del Mar or Lakeside, etc." we have reached a critical milestone…the proverbial "chicken" has come home to roost locally!!! It's about f**king time, too!! The bubble is officially beginning to burst here in San Diego.

Beebo…your house is going down, bro, and there ain't nuthin' you can do about it. Pre 2003 prices, bro. It's going down clown.

dude…no…I am attempting to assist sdrealtor in getting Beebo to pull his “head out of the sand” (from the Median Officially 7% off the peak forum topic) as it seems he wants to believe that San Elijo Hills is in trouble but other places without new inventory will be fine. I sense that he feels a bit too secure with his presumed cozy equity gains during this bull run and I’m sharing my opinion that his home, likely in one of those older established areas, is going to get dinged very hard like most everybody else’s will.

Certainly there will be differences in depreciation across all zip codes. We all know that.

Sorry,

I always feel like the guy is trolling and a bit insincere about where this market is headed. Whatever.

Truth be told, I rarely post because there is no point to it. Why do any of us post? Screw it. Every now and again I see something to call bullshit on and I post. End of discussion.