Yes, we’re here. I wouldn’t touch a cloud condo for 1/2 their current ask nor do I have any interest in the 400 block of D. The really ridiculously priced ones are in the 900 block of F. They are dreaming with asking prices ranging from $1.95M-$2.1M. They are all going to dive in price IMO. Billy boxes are going to take a big hit too…since they are your entry level Village property and I think there will be quite a bit of must sell inventory soon. There are a lot of people on the brink. The Country Club lots on Coronado Ave are $1.699M and $1.725M right next door to each other…7500 sq ft lots backing to the golf course. Construction loans are near impossible to get because no outside lenders are writing jumbo construction loans in California since it was declared a declining market. The one local bank that I know of that will finance a construction loan is looking for a huge down payment. With a lot price of $1.7M +/- and construction costs running as high as $300/sq ft, it doesn’t make sense. What’s worse is it could drop 20% in value before it’s even completed and then you still have to secure financing to pay off the construction loan…and who knows where interest rates will be by then. I’m going to be patient. I expect things to get much worse.
