[quote=spdrun]Sorry, but bubble-level prices were not “fair” by any stretch of the imagination. And people who bought during the 80s and 90s can still sell now and make a profit, provided that they didn’t over-leverage. If they over-leveraged, they already DID pull out their profit. (i.e. cry me a river). So the smart boomers can still profit.
“Comfortable area” doesn’t mean La Jolla. It means a reasonably safe area with amenities that’s not 2 hr crawl in traffic from all decent jobs.
As far as Gen-Y folk, I know quite a few people on the East Coast who are buying, fixing, and renting out. They’re smart, mechanically adept, and willing to work a bit to make a buck. I don’t think that SoCal is all that different.[/quote]
Agree with you, spdrun, that lower prices should be the goal. That’s one of the many reasons we refused to overpay for our house. It wasn’t just because we wanted to pay less; we also wanted to set a low comp for the next group of buyers. After “bubble-sitting” for eight years, it was frustrating to watch idiots overpay AND include “seller concessions” in the price that would end up artificially inflating comps for the next set of buyers. This has a cumulative effect which is totally unfair to future buyers.
