[quote=earlyretirement] . . . One of my really good clients lives in La Jolla in a guard gated community and I was surprised because he said a really large percentage of the people that owned in the area were Mexicans that didn’t have a SSN #. He said they bought with cash. That really surprised me.[/quote]
ER, this is prevalent not only in LJ but also in Pt Loma, Coronado, Imperial Beach, Otay Mesa, Chula Vista and Bonita.
What’s sad is that many of the upper-end “short sales” and defaults I am seeing in South County were actually originally cash sales. When times got tougher for these cash buyers (and lenders were freely handing out $$) is when they borrowed on their properties and thus are now delinquent or in default. However, there is NOWHERE NEAR the default/distress rate in 91910 and 91902 as there is in 92127. Not even close.
