[quote=spdrun]Yet the 2008-2012 crash happened despite those owners.[/quote]
spd, in SD County, the “crash” was mainly centered in NEW HOUSING TRACTS which were built since 2000. NONE of these tracts were near the coast. The long established areas were hit very haphazardly, mostly by recent buyers who took out exotic purchase money mortgages or HELOCs during the “free-money-giveaway-to-anyone-who-could-fog-mirror” years.
The vast majority of the long-established owners didn’t see fit to join the party because they DIDN’T NEED TO and KNEW BETTER. They DIDN’T WANT TO place their high-equity and free-and-clear properties in danger of foreclosure.
flyer’s comment of “survival of the fittest” is an apt description of what really went on in CA coastal counties during the “go-go” years. Yes, I am referring to the 79-year old widower who owns 6 homes, lives in one and rents out the other five (which he and his son manage and are all situated within one mile of his residence). All of these homes are single family residences currently worth $325K to $425K and he also owns three commercial parking lots in Chula Vista and San Diego (East Village) all managed by ACE. He laughs all the way to the bank 2-3 times a month in his 1999 Olds Delta 98 and then has coffee with his (remaining) friends and buddies from SUHS Class of ’54 at his favorite diner in National City.
There’s a LOT of these people ALL OVER SD County and you would never know it because they aren’t CONSPICUOUS CONSUMERS and have never resided in LJ, DM, PL or RSF. They are your kid’s retired 4th grade teacher and that retired beat cop from down the block.
You just have no freaking idea, spdrun…..most people don’t.
