[quote=desmond]It is becoming obvious that some homeowners on this board are trying to keep their home values up with keystrokes, or just trying to prove that they are so much smarter than the slobs believing home values still have declines ahead . . . [/quote]
Desmond, since you recently put it out there that I’m an “over-commenter,” I now have a license to comment further on my own behalf. Whatever happens to urban Chula Vista where I reside (one mile from SD Bay) has NOTHING TO DO with the comps in 92106/92107. I don’t care how bullish I sound here on Pt. Loma. Whatever happens there won’t help me squat with keeping the values up in my own area.
When I speak of “resilience” in certain SD County areas, I speak of historical performance. I don’t care what happens with 4-S-closure Ranch or Sky (Santee) Ranch. If these prices take a further dive in 2011 or even SD County across the board, they will ONLY dive in areas where there is too much current distress-sale activity with the resultant “sold comps” that emanate from those distress sales. If these are the ONLY comps in the immediate area, appraisers will use them when valuating a property in escrow for a lender. It won’t affect 92106-92107 ONE BIT unless the actual lowered sold comps from distress sales originate from 92106/92107. Even then, it will only affect the listing inventory in the immediate community of the “distressed” sold comp, i.e. “Sunset Cliffs,” “Robb Field,” or “Roseville.”
I continue to maintain that those properties on the market currently are “have-to-sells,” “must-sells,” or, as CAR previously mentioned, “free and clear heirs that just want to cash out now (instead of wait for years) to close an estate.”
If I was interested in purchasing a property today which I thought may be slightly overpriced and it was NOT a distressed listing, I would attempt to find out from the sellers their “REAL” REASON for listing the property. If I didn’t believe them and was still interested in purchasing the property, I might conduct my own further investigation. In either case, I would draft my offer accordingly.
