“Are you serious about this? ’96 price? Back then, a 1500 sq-ft house in Mira Mesa cost around $150k. Which would bring a 30 year fixed payment at today’s rate to be around $900. Do you seriously think a house that can rent for at least $1700 will sell for a price that would bring PITI well under rent? I’d love to see that too, but I highly doubt it’ll ever happen.”
I don’t know about San Diego, maybe. However, I definitely see prices dropping to that level in Murrieta and Temecula. In 1997-98, my parents bought a 1867 sf house for $140k base price. I predict, by 2009 those will be the current prices here in this area.
No, greed ruins it all. Don’t justify greed. In a captitalism society people are always going want to profit, but when you get greedy, really greedy? the balance is upset.
I stood in a new home builder’s sales office back in 2000 (or around that). After coming back the second time, I marveled at how the prices had risen in only one week’s time. Upon inquiring why, the greedy realtor looked at me joyfully and said, “cuz they’re selling like hot cakes!” I thought in my mind, “you greedy b*tch”… Of course, I didn’t say that to her. Anyway, greed is often ugly. Sure everyone has greed, but the prudent person tempers that with reason above all-or faces the consequences.
