Foreclosures were never for lower-end areas only. When you see several dozen there it will mean something.

Foreclosures are not just for lower-end neighborhoods, nor are 50% cuts in prices:

During the last upturn/downturn:
Median price for a resale home in La Jolla peaked at $840K in August 1990
Median price for a resale home in La Jolla troughed at $395K in November 1994

I know, I know, we can’t possibly have a 50% cut in prices (again) for resale homes in nice neighborhoods. It’s different this time.

Balderdash.

WOW, I remember seeing that place get built back in 05 when the wife and I were hanging out in LaJolla every weekend. I remember wondering who was building that place.

Have to admit, that is one nice place…damn.

Just for kicks, I went back as far as the mls data goes for La Jolla. Here’s some hope for JG:

8,000 sq ft LJ Farms home with ocean views on 1 acre for $1.875M

3700 sq ft 4Br/3Ba single level Muirlands home on 1/3rd acre (15,000 sq ft) with panoramic ocean/bay views for $1.03M

3000 sq ft 5/4.5 Upper Hermosa home with ocean views for $798k

The median for the year out of 270 sales was $480K.

Here’s what you got for $480K, 6BR/4ba, 3500 sq ft on mt Soledad above Kate Sessions with noview. 8 months escrow.

395K got you a 3/2 1300 sq ft Birdrock cottage 6 blocks from the beach.

Could you imagine those prices coming back?

Do you think there would be a few buyers around at those prices?

You never know……….

The participant level of this blog is too small to get a good sample of Realtors that were working the last down turn. It would be nice to have a few pop in that were actually doing Volume at the time in these lovely Locations.It seem like %50 was to much for the median drop but maybee not. A near 50% was not uncommon in fact I recall My teacher at Anthony’s that La Jolla was broadly clobbered to the tune of about that.

Thanks for the link. God, am I the only one who finds this place a little … ugly? I guess it’s just too modern for my personal tastes. On the other hand, it would be fantastic for entertaining in, so it may have been built with that in mind?

Oh, and what’s with the blood-red stain on the deck in the 3rd picture? It’s a little creepy.

sdr
I had been to your monitor earlier and already knew that you didn’t answer my critique of your four miracle days at all. You said your four days were typical. I said if those four days were typical of the recent past the zip would have sold out. I don’t deny there are a few happy seller’s in CV but your smokescreen doesn’t work with me.As far as fun goes, I don’t think it is fun for the people who don’t realize the extent that you are abusing reality. You told jj or what ever his psuedonym is, to subtiante his 1990-1994 median decline in La jolla,knowing how difficult that is becasuse of lack of data and then run back to the blog to flaunt and taunt him with a couple of 1998 or thereabouts prices, that is just cowardly. La Jolla dropped hard and fast and bounced back over the course of those years. These things can fall hard and fast so give up your mantra that it just isn’t going to happen. It might not but you don’t know. I bought a house in 1992 for 39%less than the previous buyer in 1991 and another in 1995 that the buyer didn’t hold title to for a year for 36%off and that was off the MLS.Could you venture a guess as to what that house fell from at the peak? People were doing it left and right from Oceanside to Tijuana. I know the Union Fibune has archives that say the total median decline was 17% so why don’t you go dig that up. Its real credible.By the way ,don’t out me in a fit of vainglorious revenge like you did Poway Seller using the MlS or Board data,if you can figure out a way. I will report you.Your comportment is unbecoming of a professional and another reason I am loathe to call myself a Realtor.