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  • August 6, 2007 at 11:32 AM #9728
    POZ
    Participant

    I have a friend that lives in Santee and he still believes that his house will apreciate indefinately or at least that santee is ‘immune’ to any price depreciation. I think he has a Kool-aid fountain installed in his front yard. My reason for this post is simple: does anyone especially the realtors have any real price drops, or know of any lossess or forclosures in the santee area?

    He uses the condos on SKY ranch and he believes that because they TOLD him they were sold out that that means the market is healthy and ripe for investing in one of those things.

    Note: he has read Piggington before, althogh always with skepticism.

    August 6, 2007 at 11:47 AM #70873
    kewp
    Participant

    Don’t bother, now that the MBS game is over San Diego RE is deader than a doornail. Especially the less desirable parts. Everyone will figure this out eventually.

    Who the hell is going to swoop in and buy a SFR with cash in Santucky?

    August 6, 2007 at 11:47 AM #70994
    kewp
    Participant

    Don’t bother, now that the MBS game is over San Diego RE is deader than a doornail. Especially the less desirable parts. Everyone will figure this out eventually.

    Who the hell is going to swoop in and buy a SFR with cash in Santucky?

    August 6, 2007 at 11:47 AM #70989
    kewp
    Participant

    Don’t bother, now that the MBS game is over San Diego RE is deader than a doornail. Especially the less desirable parts. Everyone will figure this out eventually.

    Who the hell is going to swoop in and buy a SFR with cash in Santucky?

    August 6, 2007 at 11:51 AM #70880
    bsrsharma
    Participant

    “santee is ‘immune’ to any price depreciation”

    What is the attraction of Santee? Is it a prestige community like RSF/Del Mar/La Jolla? Pretty inland if I remember.

    August 6, 2007 at 11:51 AM #71000
    bsrsharma
    Participant

    “santee is ‘immune’ to any price depreciation”

    What is the attraction of Santee? Is it a prestige community like RSF/Del Mar/La Jolla? Pretty inland if I remember.

    August 6, 2007 at 11:51 AM #70995
    bsrsharma
    Participant

    “santee is ‘immune’ to any price depreciation”

    What is the attraction of Santee? Is it a prestige community like RSF/Del Mar/La Jolla? Pretty inland if I remember.

    August 6, 2007 at 11:51 AM #71003
    SD Realtor
    Participant

    POZ yeah I encounter people that still indeed don’t seem to get it. I have a listing in Ramona that has expired and relisted and has had like no traffic. Before I took the listing the guy was listed with another Realtor and it didn’t sell then either. I told the seller I honestly thought it was a waste of time to list the home unless he was going to reprice it in a drastic manner but he refuses.

    I had a call with an owner of a lot in a very nice area of town who was listed with Prudential for over 200 days last year. It didn’t sell… it didn’t get a bite at all. Now she wants to list with me at a slightly lower price but not nearly what I recommended…

    So what can you do…

    SD Realtor

    August 6, 2007 at 11:51 AM #70998
    SD Realtor
    Participant

    POZ yeah I encounter people that still indeed don’t seem to get it. I have a listing in Ramona that has expired and relisted and has had like no traffic. Before I took the listing the guy was listed with another Realtor and it didn’t sell then either. I told the seller I honestly thought it was a waste of time to list the home unless he was going to reprice it in a drastic manner but he refuses.

    I had a call with an owner of a lot in a very nice area of town who was listed with Prudential for over 200 days last year. It didn’t sell… it didn’t get a bite at all. Now she wants to list with me at a slightly lower price but not nearly what I recommended…

    So what can you do…

    SD Realtor

    August 6, 2007 at 11:51 AM #70883
    SD Realtor
    Participant

    POZ yeah I encounter people that still indeed don’t seem to get it. I have a listing in Ramona that has expired and relisted and has had like no traffic. Before I took the listing the guy was listed with another Realtor and it didn’t sell then either. I told the seller I honestly thought it was a waste of time to list the home unless he was going to reprice it in a drastic manner but he refuses.

    I had a call with an owner of a lot in a very nice area of town who was listed with Prudential for over 200 days last year. It didn’t sell… it didn’t get a bite at all. Now she wants to list with me at a slightly lower price but not nearly what I recommended…

    So what can you do…

    SD Realtor

    August 6, 2007 at 11:59 AM #70886
    (former)FormerSanDiegan
    Participant

    Hmmm –

    Does he read ? If so, does he read the paper.

    If not, maybe a picture will work.

    Below is a plot of the Zip code specific prices for Santee SFRs as published in the U-T per data quick. Although monthly zip-code specific numbers are very noisy, there is an obvious trend here. Also, median prices tend to underestimate the decline for similar properties at this point in the cycle.

    The median is off about 7-8% from the peak in Santee.

    [img_assist|nid=4159|title=Santee|desc=|link=node|align=left|width=466|height=349]

    August 6, 2007 at 11:59 AM #71001
    (former)FormerSanDiegan
    Participant

    Hmmm –

    Does he read ? If so, does he read the paper.

    If not, maybe a picture will work.

    Below is a plot of the Zip code specific prices for Santee SFRs as published in the U-T per data quick. Although monthly zip-code specific numbers are very noisy, there is an obvious trend here. Also, median prices tend to underestimate the decline for similar properties at this point in the cycle.

    The median is off about 7-8% from the peak in Santee.

    [img_assist|nid=4159|title=Santee|desc=|link=node|align=left|width=466|height=349]

    August 6, 2007 at 11:59 AM #71006
    (former)FormerSanDiegan
    Participant

    Hmmm –

    Does he read ? If so, does he read the paper.

    If not, maybe a picture will work.

    Below is a plot of the Zip code specific prices for Santee SFRs as published in the U-T per data quick. Although monthly zip-code specific numbers are very noisy, there is an obvious trend here. Also, median prices tend to underestimate the decline for similar properties at this point in the cycle.

    The median is off about 7-8% from the peak in Santee.

    [img_assist|nid=4159|title=Santee|desc=|link=node|align=left|width=466|height=349]

    August 6, 2007 at 12:03 PM #70889
    (former)FormerSanDiegan
    Participant

    Forget all the stuff about price-to-income ratios, availability of easy credit, etc. After all we’re talking Santee here.

    Simple points I would make below.

    Point #1 – Clearly prices have already dropped in Santee.

    Point #2 – If you hadn’t realized that prices have already dropped maybe you can be wrong about the future direction of prices.

    August 6, 2007 at 12:03 PM #71004
    (former)FormerSanDiegan
    Participant

    Forget all the stuff about price-to-income ratios, availability of easy credit, etc. After all we’re talking Santee here.

    Simple points I would make below.

    Point #1 – Clearly prices have already dropped in Santee.

    Point #2 – If you hadn’t realized that prices have already dropped maybe you can be wrong about the future direction of prices.

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