is this bet of 50% of “peak” meaning a house that sells for 50% less than a peak ASK price…or a confirmed 50% off SOLD Price..
there were a lot of peak ask prices that were crazy high…
do you mean you’ll find a house that SOLD for $800k in 2004, that then SOLD for $400k…
I would LOVE for them to come down this much, but don’t see it happening in 4 months… not even 12..
the 800k houses up here are LOADED with options, pools, etc. they aren’t the SAME houses you have down in SD that are 800k… if you take an 800k house in Temecula and picked it up, moved it, and dropped it into Carmel Valley ro Scripps it would be well over a million dollars..
there are people who WANT that…and will drive from Temecual to San Diego – for work – so they can HAVE that mcmansion.
these homes are selling in the 1.5 million range. if these were in San Diego they would probably be 2-3 milliion… they are truly MANSIONS….. i have been up the hill and driven around the look at them…for fun only… and they are amazing. from some of the lots you have city lights views out one window, and you can see the ocean from the other…breathtaking…
basically…you get more for your money.
the house i am renting is only 1900 sq ft…but it sold in 2005 for $450k. if it was in san diego it would easily be 750k. i visited my borther in law who had a smaller, crummier house in a crummier area and his house sold at about 650….
i agree prices are out of whack… but i dont’ think temecula is MORE overpriced than SD. overall thep rices are lower…but you get more for the money.
you guys really think that the 800k house will be 400k?
and do you think the $400k house will fall all the way to $200k?
do you think teh drop in price is proportional even at different price points?
