[quote=jpinpb]BG – Thanks for bringing up the 2000 pricing in relation to location. I have seen very few places along the coast that have seen 2000 prices. (not saying there won’t be some that pop up and that would be more condos/townhouses) There are many more SFR that are seeing 2003 pricing.
Since PL is considered a desireable ZIP and since there were so few NODs (haven’t checked lately) I am surprised to see declines at all, which was the reason I even started this thread in the first place. The declines along the coast have been gradual and for there to be 2003 pricing along the coast w/these interest rates are quite good.
Yes, you can get 2000 pricing in Temecula, Chula Vista, etc. Those areas are not the coast where prices have been very sticky. To get 2003 pricing along the coast that realtors (perhaps not on this blog) have claimed is immune is really saying something. It was only a short few years ago that I remember hearing people say the coast would see little decline in pricing. Others were saying to just wait, it will happen eventually. They are occurring, however slowly and gradually, and on properties that are not fixers.[/quote]
I don’t think anyone is disputing that there are places that only see 2003 price thus far. You don’t have to be coastal or expensive/desirable like PL to see that. I’ve shown the same thing happening in Mira Mesa and 4S Ranch. These two are far from PL in term of desirability scale, especially Mira Mesa. Yet, I’m not seeing too many that close below 2003 price as well. I’m sure there are other in land areas that are not as desirable as Point Loma that also are not seeing price much below 2003 price as well. So, I don’t think being coastal or being ultra desirable have much to do with it. Especially since I just shown a property in Del Mar that just closed at 2000 price and it’s not a fixer, not built during the bubble, and are >$1M. I think Del Mar is very desirable. Del Mar have ~6700 household and Point Loma have ~7100 household. Both Point Loma and Del Mar have about 50 something NOD/NOT/REO. So, just because an area is ultra desirable and have low NOD/NOT/REO doesn’t mean you can’t get 2000 pricing.
In essence, what you’re really saying is, some areas, you just can’t get good darn deals, and I agree with that. I just disagree with the point that all of those areas are ultra desirable.
Those realtors who claim coastal areas are immune are probably the same realtors who say price will never drop. So, that doesn’t really say much.
