[quote=ocrenter]right, 30-somethings can’t afford scripps now. but they were able to before the bubble.[/quote](emphasis added)
ocrenter, I knew of two younger (former) coworkers who bought cosmetic fixers on large lots in the area of SR affected by the 2003 wildfires in about ’97 and ’99 respectively. If I can remember correctly, they paid about $240K and $275K.
[quote=ocrenter]. . . the question is where is this 40-59 bracket going? majority of them have the equity and would not need to sell. some of them would consider downgrading if the price is right, but I don’t believe we will see enough 30-somethings (even when they become 40-somethings) have enough earning power or down payment to satisfy this current 40-59 bracket’s asking price. the end result is these 40-59 group will just stay put and not move.[/quote]
I agree with this as they had an opening to pay off their existing mortgage and sell their lot and move when their ins. cos paid out (in whole or part) their policies in 2003 and instead each elected to repair/rebuild and stay. It took several years of pain after that to have their streets “back to normal” again with most of the burned properties rebuilt. These SR owners would be about 44-48 years old today.
