I’m w/CAR. I want to be able to at least get close to my rents. I’ll take a higher mortgage w/the tax write-off, even a little higher. But right now, looking in coastal areas, that is not happening. Only in really distressed condos in UTC or CV is it really close. I don’t know about D/T. Brian would know better. I doubt it.
AN – I understood what Brian was saying. If there is a bidding frenzy, then tough to say bottom. When I tried to sell my house in the early ’90’s in Carmel Valley, I had it listed for the same price I bought it just a few years earlier. No offers for a year!!
I was lucky enough to be able to ride it out. The coast is not getting any offers b/c they’re still listed at 2005 prices, from what I can see. If there were down to 2002 prices, there probably would be a bidding frenzy. And so it wouldn’t be bottom then. The only thing close to 2002 pricing is in The Plaza in PB. Condos are the weakest link and a sign of things to come.
We are far from bottom. That said, I’d be tempted to get something if it were at least close to rents. I qualify this. I have no intention of putting 20% down. I will do an FHA 3%. I did 20% down before and learned. I’ll keep the 20% on stand by in case of emergency.
