single level view house always makes a difference. Like I said the primo houses (top 5 to 10%) were in very high demand but the others sold at a very pedestrian pace. Further up the cost there were lines for new homes selling with 1’s and 2’s in front of them. In the prime NCC, new homes with 3’s and 4’s in front of them were not all sold out in a day or even a week/ I know as I was there.
As far as timing goes, here it is from ground zero. I was shopping around here for my 1st home in 1997. There was very little on the market and the the economy had just turned. Price were beginning to move what seemed quickly though now I laugh at how small the gains were. The prices prior to 1995 were artifically very low here. The first property I bought was in late 1997 for 190K (a townhouse in Encinitas). A year and a half earlier (at the bottom) it sold for about 165K so 1997 was defintely the year things turned around. Two years later I sold it for 240K which was still just about equal on the buy vs rent with 20% down.
I never saw flipping going on and things seemed to sell at a moderate pace. Most of the houses were dated and needed remodelling. More than anything it was hard to find something you liked just like it is now. When the new houses came on the market it was alot easier.
The house next to my current home sold new in 1999 for $425,000. The 1st owners put at least $50K in landscaping, paint, appliances, window treatments etc to make it liveable. They were easily into it for $475K and that was very basic not extragent upgrades or landscaping. They sold in 2001 for $550K so it went up less than 10% each year. At the time the $550K seemed like a high price even though it was pretty much still at buy vs rent parity. People were scared in 2001 when they sold it. Planes were crashing into skyscrapers.
