34% SFR loss in Pacific Beach in just 12 months

[jpinpb]

A lot of those little houses get bought by developers who don’t care about the $$$$. They mow it down and throw up 4 to 6 condos for 700k. Those sales won’t be happening much in this market now, so maybe the condo building will slow a little.

[boomer]

PB has held up well. I sold in 10/05 and was hoping prices would come down faster than they have. I think what may really accelerate the decline here will be the option arm resets. Late last year I decided to practice my title researching at the county recorders office. I picked 3 neighbors to practice on. All 3 had option arms with a 1% teaser and reset in 09 or 10. It really surprised me. These are people that bought many years ago and couldn’t resist the temp. to take money out. These are people I’m pretty sure can’t qualify at a int. only or fully amortized rate.

[boomer]

PB has held up well. I sold in 10/05 and was hoping prices would come down faster than they have. I think what may really accelerate the decline here will be the option arm resets. Late last year I decided to practice my title researching at the county recorders office. I picked 3 neighbors to practice on. All 3 had option arms with a 1% teaser and reset in 09 or 10. It really surprised me. These are people that bought many years ago and couldn’t resist the temp. to take money out. These are people I’m pretty sure can’t qualify at a int. only or fully amortized rate.

[boomer]

PB has held up well. I sold in 10/05 and was hoping prices would come down faster than they have. I think what may really accelerate the decline here will be the option arm resets. Late last year I decided to practice my title researching at the county recorders office. I picked 3 neighbors to practice on. All 3 had option arms with a 1% teaser and reset in 09 or 10. It really surprised me. These are people that bought many years ago and couldn’t resist the temp. to take money out. These are people I’m pretty sure can’t qualify at a int. only or fully amortized rate.

[boomer]

PB has held up well. I sold in 10/05 and was hoping prices would come down faster than they have. I think what may really accelerate the decline here will be the option arm resets. Late last year I decided to practice my title researching at the county recorders office. I picked 3 neighbors to practice on. All 3 had option arms with a 1% teaser and reset in 09 or 10. It really surprised me. These are people that bought many years ago and couldn’t resist the temp. to take money out. These are people I’m pretty sure can’t qualify at a int. only or fully amortized rate.

[boomer]

PB has held up well. I sold in 10/05 and was hoping prices would come down faster than they have. I think what may really accelerate the decline here will be the option arm resets. Late last year I decided to practice my title researching at the county recorders office. I picked 3 neighbors to practice on. All 3 had option arms with a 1% teaser and reset in 09 or 10. It really surprised me. These are people that bought many years ago and couldn’t resist the temp. to take money out. These are people I’m pretty sure can’t qualify at a int. only or fully amortized rate.

[Author]

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