34% SFR loss in Pacific Beach in just 12 months

[jpinpb]

I’m thinking in a few years prices will come down. There are still homes in P.B. occupied by seniors and I read on this board demographically they will be adding to the inventory when they sell, move in w/kids, nursing homes, etc. So besides the defaults/foreclosures, add to the soup the elderly and job losses forcing sale, job transfers, divorce, etc. the increased inventory w/the shortage of qualified buyers will force the price down. But it’ll take a while.

I keep going back and forth whether I want to buy in P.B. The prices just don’t justify it. 700k for a shack in P.B. or 700k in Carmel Valley or 4S Ranch, better schools, better resale value, better, cleaner, safer, etc.
Still I check P.B., just to see if there’s any deals there. I think barring something unforseen happening to boost real estate, prices will eventually come down even in P.B. I’ve seen prices come down in LJ.

You probably will be able to buy another bigger place in P.B. if you wait. There are some new ones built that are pretty impressive that in a few years will be reduced. Some people took seconds and expanded their place and now can’t afford it.

[Anonymous]

I’ve lived in PB for about 15 years, and I’ve driven by the house discussed in this thread many times on the way up/down Mt. Soledad… I wouldn’t even consider that location to really be PB. It is a very funky location, and I am not surprised it has fallen so much. As for falling home prices in PB in general, I just cannot imagine prices in PB ever coming down to $350 or $400k for anything anyone would want to live in or anything in a good location. So far, the single family homes are holding value in the better PB areas. I own a condo in PB and would love to buy a house there, but the prices that people are willing and apparently able to pay are staying very high.

[Anonymous]

I’ve lived in PB for about 15 years, and I’ve driven by the house discussed in this thread many times on the way up/down Mt. Soledad… I wouldn’t even consider that location to really be PB. It is a very funky location, and I am not surprised it has fallen so much. As for falling home prices in PB in general, I just cannot imagine prices in PB ever coming down to $350 or $400k for anything anyone would want to live in or anything in a good location. So far, the single family homes are holding value in the better PB areas. I own a condo in PB and would love to buy a house there, but the prices that people are willing and apparently able to pay are staying very high.

[Anonymous]

I’ve lived in PB for about 15 years, and I’ve driven by the house discussed in this thread many times on the way up/down Mt. Soledad… I wouldn’t even consider that location to really be PB. It is a very funky location, and I am not surprised it has fallen so much. As for falling home prices in PB in general, I just cannot imagine prices in PB ever coming down to $350 or $400k for anything anyone would want to live in or anything in a good location. So far, the single family homes are holding value in the better PB areas. I own a condo in PB and would love to buy a house there, but the prices that people are willing and apparently able to pay are staying very high.

[Anonymous]

I’ve lived in PB for about 15 years, and I’ve driven by the house discussed in this thread many times on the way up/down Mt. Soledad… I wouldn’t even consider that location to really be PB. It is a very funky location, and I am not surprised it has fallen so much. As for falling home prices in PB in general, I just cannot imagine prices in PB ever coming down to $350 or $400k for anything anyone would want to live in or anything in a good location. So far, the single family homes are holding value in the better PB areas. I own a condo in PB and would love to buy a house there, but the prices that people are willing and apparently able to pay are staying very high.

[Anonymous]

I’ve lived in PB for about 15 years, and I’ve driven by the house discussed in this thread many times on the way up/down Mt. Soledad… I wouldn’t even consider that location to really be PB. It is a very funky location, and I am not surprised it has fallen so much. As for falling home prices in PB in general, I just cannot imagine prices in PB ever coming down to $350 or $400k for anything anyone would want to live in or anything in a good location. So far, the single family homes are holding value in the better PB areas. I own a condo in PB and would love to buy a house there, but the prices that people are willing and apparently able to pay are staying very high.

[pbnative]

I’m starting to think it might be possible. It’s falling in line with rents. Not too many years ago I remember a beautiful house on Opal going for $400k, and that seemed like a crazy price. I’m hoping for a good strong backlash from the bubble (and I own a house here already).

I do consider the OP area part of PB. It’s probably ’cause one of the kids I grew up with lived over there so it was part of our lives. We hated going over there because of the bike ride, but he had a pool, so we took the hills. But, those 2 houses are too weird.

[pbnative]

I’m starting to think it might be possible. It’s falling in line with rents. Not too many years ago I remember a beautiful house on Opal going for $400k, and that seemed like a crazy price. I’m hoping for a good strong backlash from the bubble (and I own a house here already).

I do consider the OP area part of PB. It’s probably ’cause one of the kids I grew up with lived over there so it was part of our lives. We hated going over there because of the bike ride, but he had a pool, so we took the hills. But, those 2 houses are too weird.

[pbnative]

I’m starting to think it might be possible. It’s falling in line with rents. Not too many years ago I remember a beautiful house on Opal going for $400k, and that seemed like a crazy price. I’m hoping for a good strong backlash from the bubble (and I own a house here already).

I do consider the OP area part of PB. It’s probably ’cause one of the kids I grew up with lived over there so it was part of our lives. We hated going over there because of the bike ride, but he had a pool, so we took the hills. But, those 2 houses are too weird.

[pbnative]

I’m starting to think it might be possible. It’s falling in line with rents. Not too many years ago I remember a beautiful house on Opal going for $400k, and that seemed like a crazy price. I’m hoping for a good strong backlash from the bubble (and I own a house here already).

I do consider the OP area part of PB. It’s probably ’cause one of the kids I grew up with lived over there so it was part of our lives. We hated going over there because of the bike ride, but he had a pool, so we took the hills. But, those 2 houses are too weird.

[pbnative]

I’m starting to think it might be possible. It’s falling in line with rents. Not too many years ago I remember a beautiful house on Opal going for $400k, and that seemed like a crazy price. I’m hoping for a good strong backlash from the bubble (and I own a house here already).

I do consider the OP area part of PB. It’s probably ’cause one of the kids I grew up with lived over there so it was part of our lives. We hated going over there because of the bike ride, but he had a pool, so we took the hills. But, those 2 houses are too weird.

[jpinpb]

So far people are holding on in the desperate denial that things are not that bad. But if they were smart, anyone in trouble would get out while they can. It’s going to get worse before better. Read any of the topics on this site. I think about maybe scrounging up the money for any old place I can get and then I think, what if that nice place I really want goes down in price a year or 2 from now.

It’s not impossible. It will be a year or 2 before this market plateaus.

[jpinpb]

So far people are holding on in the desperate denial that things are not that bad. But if they were smart, anyone in trouble would get out while they can. It’s going to get worse before better. Read any of the topics on this site. I think about maybe scrounging up the money for any old place I can get and then I think, what if that nice place I really want goes down in price a year or 2 from now.

It’s not impossible. It will be a year or 2 before this market plateaus.

[jpinpb]

So far people are holding on in the desperate denial that things are not that bad. But if they were smart, anyone in trouble would get out while they can. It’s going to get worse before better. Read any of the topics on this site. I think about maybe scrounging up the money for any old place I can get and then I think, what if that nice place I really want goes down in price a year or 2 from now.

It’s not impossible. It will be a year or 2 before this market plateaus.

[jpinpb]

So far people are holding on in the desperate denial that things are not that bad. But if they were smart, anyone in trouble would get out while they can. It’s going to get worse before better. Read any of the topics on this site. I think about maybe scrounging up the money for any old place I can get and then I think, what if that nice place I really want goes down in price a year or 2 from now.

It’s not impossible. It will be a year or 2 before this market plateaus.

[Author]

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