Mark, hope is a terrible investing philosophy. Real estate is an investment, whether you think so or not.
When reading through this thread its interesting to see the color or context added by the various posters. I think we all agree that RE is decreasing in price. I think what this thread highlights is the varying ways in which we view that and how it exposes our biases.
I don’t know why, but a lot of people seem to want to live in Carmel Valley, which is why it garners so much attention. Its also going to be one of the last areas to decline, because it garners so much attention.
Jamul, you forgotten pariah of RE. You are so often maligned. Even though someone once helpfully offered to kick my ass all the way there, it hasn’t helped hold up prices.
RE collapses happen outside in and are slow moving, multi year, train wrecks. Don’t worry about spring 09, “or worry but know that its about as effective as trying to solve an algebra equation by chewing bubble gum.”
Del Mar hasn’t come down that much either, nor has Mission Hills. I can wait. Back in 03 I said, shit its going to be till I’m 35 before I buy my first home. Sure seems like thats optimistic now as I’ll be 34 next month.
