Big Losses in La Jolla

[dbapig]

[quote=sdrealtor]They can afford the the loss though I doubt they are happy about it.[/quote]

An observation. So in order for the buyers to actually get some good deals, we need the sellers to be still making pretty $$$. This is a problem as more and more people lose jobs or income…

[triakis66]

But the problem in LJ, Del Mar, etc, is that most folks haven’t figured out what these sellers evidently had, i.e., that prices are going down. I’ve seen numerous listings where owners have set a price *above* what they bought for in 2008, 2007, etc–what convinces these people that they should get more than they paid?

My only conclusion is that people are either (a) trying to squeeze the last air out of the bubble while they can in this mini-rally, or (b) they owe so much and are so far underwater, they’re seeking some seller not to buy their house but to eliminate their debt.

Sorry, folks, that’s not why I waited to buy.

[triakis66]

But the problem in LJ, Del Mar, etc, is that most folks haven’t figured out what these sellers evidently had, i.e., that prices are going down. I’ve seen numerous listings where owners have set a price *above* what they bought for in 2008, 2007, etc–what convinces these people that they should get more than they paid?

My only conclusion is that people are either (a) trying to squeeze the last air out of the bubble while they can in this mini-rally, or (b) they owe so much and are so far underwater, they’re seeking some seller not to buy their house but to eliminate their debt.

Sorry, folks, that’s not why I waited to buy.

[triakis66]

But the problem in LJ, Del Mar, etc, is that most folks haven’t figured out what these sellers evidently had, i.e., that prices are going down. I’ve seen numerous listings where owners have set a price *above* what they bought for in 2008, 2007, etc–what convinces these people that they should get more than they paid?

My only conclusion is that people are either (a) trying to squeeze the last air out of the bubble while they can in this mini-rally, or (b) they owe so much and are so far underwater, they’re seeking some seller not to buy their house but to eliminate their debt.

Sorry, folks, that’s not why I waited to buy.

[triakis66]

But the problem in LJ, Del Mar, etc, is that most folks haven’t figured out what these sellers evidently had, i.e., that prices are going down. I’ve seen numerous listings where owners have set a price *above* what they bought for in 2008, 2007, etc–what convinces these people that they should get more than they paid?

My only conclusion is that people are either (a) trying to squeeze the last air out of the bubble while they can in this mini-rally, or (b) they owe so much and are so far underwater, they’re seeking some seller not to buy their house but to eliminate their debt.

Sorry, folks, that’s not why I waited to buy.

[triakis66]

But the problem in LJ, Del Mar, etc, is that most folks haven’t figured out what these sellers evidently had, i.e., that prices are going down. I’ve seen numerous listings where owners have set a price *above* what they bought for in 2008, 2007, etc–what convinces these people that they should get more than they paid?

My only conclusion is that people are either (a) trying to squeeze the last air out of the bubble while they can in this mini-rally, or (b) they owe so much and are so far underwater, they’re seeking some seller not to buy their house but to eliminate their debt.

Sorry, folks, that’s not why I waited to buy.

[XBoxBoy]

[quote=DaCounselor]How can anyone support an argument that the coast is immune anymore? [/quote]

Like triakis66 I find the situation in LJ frustrating. The majority of sellers seem to think prices are up from 2005, not down.

How anyone can justify this thinking, given the high level of inventory, and the reality that usually it takes a decent discount to sell a place, is beyond me. But from looking at the asking prices of most listings, there are clearly lots of people who believe the coast is immune.

XBoxBoy

[XBoxBoy]

[quote=DaCounselor]How can anyone support an argument that the coast is immune anymore? [/quote]

Like triakis66 I find the situation in LJ frustrating. The majority of sellers seem to think prices are up from 2005, not down.

How anyone can justify this thinking, given the high level of inventory, and the reality that usually it takes a decent discount to sell a place, is beyond me. But from looking at the asking prices of most listings, there are clearly lots of people who believe the coast is immune.

XBoxBoy

[XBoxBoy]

[quote=DaCounselor]How can anyone support an argument that the coast is immune anymore? [/quote]

Like triakis66 I find the situation in LJ frustrating. The majority of sellers seem to think prices are up from 2005, not down.

How anyone can justify this thinking, given the high level of inventory, and the reality that usually it takes a decent discount to sell a place, is beyond me. But from looking at the asking prices of most listings, there are clearly lots of people who believe the coast is immune.

XBoxBoy

[XBoxBoy]

[quote=DaCounselor]How can anyone support an argument that the coast is immune anymore? [/quote]

Like triakis66 I find the situation in LJ frustrating. The majority of sellers seem to think prices are up from 2005, not down.

How anyone can justify this thinking, given the high level of inventory, and the reality that usually it takes a decent discount to sell a place, is beyond me. But from looking at the asking prices of most listings, there are clearly lots of people who believe the coast is immune.

XBoxBoy

[XBoxBoy]

[quote=DaCounselor]How can anyone support an argument that the coast is immune anymore? [/quote]

Like triakis66 I find the situation in LJ frustrating. The majority of sellers seem to think prices are up from 2005, not down.

How anyone can justify this thinking, given the high level of inventory, and the reality that usually it takes a decent discount to sell a place, is beyond me. But from looking at the asking prices of most listings, there are clearly lots of people who believe the coast is immune.

XBoxBoy

[UCGal]

You don’t even have to be that coastal. There are a lot of wacked out wanna-be-sellers with list prices significantly above the bubble price.

Here’s my favorite example. (In my neighborhood, so I’ve been following it.)

http://www.redfin.com/CA/San-Diego/4321-Bromfield-Ave-92122/home/4891534

Sold in 2001 for $543k
Sold in 2008 for $890k
Listed in 2009 for $949k

So, despite the market downturn, they’re still trying to get 7% return in one year. There’s a reason this listing is sitting on the market.

[UCGal]

You don’t even have to be that coastal. There are a lot of wacked out wanna-be-sellers with list prices significantly above the bubble price.

Here’s my favorite example. (In my neighborhood, so I’ve been following it.)

http://www.redfin.com/CA/San-Diego/4321-Bromfield-Ave-92122/home/4891534

Sold in 2001 for $543k
Sold in 2008 for $890k
Listed in 2009 for $949k

So, despite the market downturn, they’re still trying to get 7% return in one year. There’s a reason this listing is sitting on the market.

[UCGal]

You don’t even have to be that coastal. There are a lot of wacked out wanna-be-sellers with list prices significantly above the bubble price.

Here’s my favorite example. (In my neighborhood, so I’ve been following it.)

http://www.redfin.com/CA/San-Diego/4321-Bromfield-Ave-92122/home/4891534

Sold in 2001 for $543k
Sold in 2008 for $890k
Listed in 2009 for $949k

So, despite the market downturn, they’re still trying to get 7% return in one year. There’s a reason this listing is sitting on the market.

[UCGal]

You don’t even have to be that coastal. There are a lot of wacked out wanna-be-sellers with list prices significantly above the bubble price.

Here’s my favorite example. (In my neighborhood, so I’ve been following it.)

http://www.redfin.com/CA/San-Diego/4321-Bromfield-Ave-92122/home/4891534

Sold in 2001 for $543k
Sold in 2008 for $890k
Listed in 2009 for $949k

So, despite the market downturn, they’re still trying to get 7% return in one year. There’s a reason this listing is sitting on the market.

[Author]

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