SD Realtor, you seem to be blaming the messengers.
People who predicted this crisis just looked at fundamentals and determined that our economic model was out of whack.
The recession is not something that could be wished away.
It would have been better for the Pollyannas to plan for the future rather than cast aspersions on those who foresaw the worst.
The layoffs at Amylin are the beginning of tech in San Diego being devastated. Cash flow negative companies, of which there are plenty in San Diego, won’t make it. Investors were buying companies, like houses, with the anticipation of appreciation. Take away appreciation and the capital dries up.
Even if a company’s technology is good, why fund the negative cash flows and overhead when you can eventually buy the technology at fire sale?
Microsoft is no longer buying Yahoo! for a reason. I’m betting that Microsoft will end up with Yahoo! at a very steep discount in the depth of the recession.
The neighborhoods where professionals live will see major declines like the rest of San Diego.
SD Realtor, are you still submitting low-ball offers?
