I agree. Last recession in the ’90’s, I couldn’t sell my place in Carmel Valley for what I bought it for at the peak. And it was still desireable, no?
I already am looking at a place that is at 2000 prices. Granted, tricky to buy b/c no kitchen or baths = no bank loan. BUT, we have not exhausted all the defaults, foreclosures, job losses, etc. The place I’m interested in is in a desireable part of SD, and yet reduced 45% from peak. I am trying to not get emotional and reassure myself that if I’m not able to get it, if so soon into this decline something like this has come along, then what will the market be like year-end or sometime next year.
In fact, that thought almost makes me want to pass on this. Will prices decline lower than 2000 prices? So many argue not in SD and certainly not along the coast, and yet here’s one 45% less, albeit no kitchen or bath, but nevertheless early in the game. If it declines slightly from 2000 prices, I won’t be so upset, but if it declines 20% from 2000 prices, that’ll start to hurt a little.
