Jealousy is such an ugly trait! When real estate history repeats itself, those who bought in posh Carmel Valley will be sitting pretty in 2013 when the market turns. Don't forget, this is where many Carmel Valley-ites made their money (alongside start ups and stock options). I congratulate those who have the guts (and bucks) to buy, resell and invest in 92130!
Someone either really needs their sales commision from a closure in CV OR someone is really feeling bad about recently closing on a purchase OR both.
What makes you so confident some of us folks on this board don't already live in 92130 or don't already "have to bucks" as you say to overspend irresponsibly if we wanted to?
Why do you think some of us "are jealous" of folks that overleverage and overspend on a home by approximately $100k to $200k only to have to turn around and sell 2.5 years and sell at aLOSS both in absolute dollar amounts AND in relative dollar amounts wrto holding costs in excess of $100k? Sorry, these "rich" people aren't nearly a the "rich" level to be blowing around $100k-$200k losses, otherwise they wouldn't be living in Saratoga in the first place (which btw is nowhere near considered a high end home) and feeling a need to sell at a loss. The math doesn't add up.
Any "owner" of Saratoga that bought in 2005 and 2006 (could not possibly have bought earlier) that is trying to sell in 2008 will lose money if they are not able to sell at least $100k above their initial purchase price, factoring in commissions, prop taxes, move in landscaping, and any interest rate on mortgage payments. That amount goes up for folks that decided to go overboard on landscaping and options (which can't be recouped) and goes up each month the transaction doesn't close.
Any of the pending transactions in Saratoga if closes at or near those asking prices, the new owner is going to eat sh!t because they already already overpaying for a home in a market which is already overinflated. This isn't rocket science.
This is such an easy target to poke holes in. I didn't even include the $100/month HOA that Pardee communities tack on that other SFH/ non-gated communities have anywhere close to in terms of HOA in CV. But since sellers are eating $100k already, $1200/year is really peanuts to tack on.
Sorry guys/gals (forthe rest of you), I'm not trying to really eball here. But some of these Pardee "I-think-I'm-rich-but-really -not" wannabe really drive me up the wall some times. They give CV residence a bad name… I run into these Pardee FB in the park all the time, and they always talk about how wonderful their home is, and how well prop value is holding up "only in their community". And whenever I ask them what loan structure they are on, it's so funny how often I hear "deal" and "ARM" in the same sentence.
No, I'm not jealous. I'm just sick of hearing about the Pardee cult elitist bullsh!t.
