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Aecetia.
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January 30, 2008 at 12:33 PM #145524January 30, 2008 at 12:33 PM #145553
jpinpb
ParticipantThe Heights in Carmel Valley is being auctioned. Here is the info: http://www.auctionredcnow.com/
This REDC auctioned La Boheme in North Park. I don’t know how it went, since I did not attend. Has anyone attended these auctions? I heard that people get crazy and generally the price climbs to ridiculous amounts.
It says the starting bid is 199k. As you may know, these were apartments, condo conversions that were at one time selling for upward of 500k.
January 30, 2008 at 12:33 PM #145564ParticipantThe Heights in Carmel Valley is being auctioned. Here is the info: http://www.auctionredcnow.com/
This REDC auctioned La Boheme in North Park. I don’t know how it went, since I did not attend. Has anyone attended these auctions? I heard that people get crazy and generally the price climbs to ridiculous amounts.
It says the starting bid is 199k. As you may know, these were apartments, condo conversions that were at one time selling for upward of 500k.
January 30, 2008 at 12:33 PM #145625ParticipantThe Heights in Carmel Valley is being auctioned. Here is the info: http://www.auctionredcnow.com/
This REDC auctioned La Boheme in North Park. I don’t know how it went, since I did not attend. Has anyone attended these auctions? I heard that people get crazy and generally the price climbs to ridiculous amounts.
It says the starting bid is 199k. As you may know, these were apartments, condo conversions that were at one time selling for upward of 500k.
January 30, 2008 at 1:20 PM #145319zk
ParticipantCV is where you find the largest concentration of physicians, attorneys, C level execs etc. HH Incomes of 300 to 500K are pretty common there. Most of these folks wont be crushed by severe recessions. Additionally most of these folks bought homes well under 2X their current annual earnings in pre-bubble times.
While I agree with all of the above, there are other factors that could cause declines despite those factors. I’ve lived in CV for almost 6 years, and of the people I know with HH incomes in that range, quite a few of them are business owners. Obviously their businesses are successful at this point, but if there’s a moderate or worse recession, that could change. Also, I would guess that there are plenty of people in the newer developments who are typical of the “other half” of CV residents. They make 100k-200k/yr, and they really stretched to buy, figuring on continued appreciation. If prices do continue coming down even at their current (very slow) pace, they may not be able to hang on when their loans reset.
It won’t take very many from either of those two categories to start lowering the comps and accelerating the price declines.
January 30, 2008 at 1:20 PM #145560ParticipantCV is where you find the largest concentration of physicians, attorneys, C level execs etc. HH Incomes of 300 to 500K are pretty common there. Most of these folks wont be crushed by severe recessions. Additionally most of these folks bought homes well under 2X their current annual earnings in pre-bubble times.
While I agree with all of the above, there are other factors that could cause declines despite those factors. I’ve lived in CV for almost 6 years, and of the people I know with HH incomes in that range, quite a few of them are business owners. Obviously their businesses are successful at this point, but if there’s a moderate or worse recession, that could change. Also, I would guess that there are plenty of people in the newer developments who are typical of the “other half” of CV residents. They make 100k-200k/yr, and they really stretched to buy, figuring on continued appreciation. If prices do continue coming down even at their current (very slow) pace, they may not be able to hang on when their loans reset.
It won’t take very many from either of those two categories to start lowering the comps and accelerating the price declines.
January 30, 2008 at 1:20 PM #145588ParticipantCV is where you find the largest concentration of physicians, attorneys, C level execs etc. HH Incomes of 300 to 500K are pretty common there. Most of these folks wont be crushed by severe recessions. Additionally most of these folks bought homes well under 2X their current annual earnings in pre-bubble times.
While I agree with all of the above, there are other factors that could cause declines despite those factors. I’ve lived in CV for almost 6 years, and of the people I know with HH incomes in that range, quite a few of them are business owners. Obviously their businesses are successful at this point, but if there’s a moderate or worse recession, that could change. Also, I would guess that there are plenty of people in the newer developments who are typical of the “other half” of CV residents. They make 100k-200k/yr, and they really stretched to buy, figuring on continued appreciation. If prices do continue coming down even at their current (very slow) pace, they may not be able to hang on when their loans reset.
It won’t take very many from either of those two categories to start lowering the comps and accelerating the price declines.
January 30, 2008 at 1:20 PM #145597ParticipantCV is where you find the largest concentration of physicians, attorneys, C level execs etc. HH Incomes of 300 to 500K are pretty common there. Most of these folks wont be crushed by severe recessions. Additionally most of these folks bought homes well under 2X their current annual earnings in pre-bubble times.
While I agree with all of the above, there are other factors that could cause declines despite those factors. I’ve lived in CV for almost 6 years, and of the people I know with HH incomes in that range, quite a few of them are business owners. Obviously their businesses are successful at this point, but if there’s a moderate or worse recession, that could change. Also, I would guess that there are plenty of people in the newer developments who are typical of the “other half” of CV residents. They make 100k-200k/yr, and they really stretched to buy, figuring on continued appreciation. If prices do continue coming down even at their current (very slow) pace, they may not be able to hang on when their loans reset.
It won’t take very many from either of those two categories to start lowering the comps and accelerating the price declines.
January 30, 2008 at 1:20 PM #145660ParticipantCV is where you find the largest concentration of physicians, attorneys, C level execs etc. HH Incomes of 300 to 500K are pretty common there. Most of these folks wont be crushed by severe recessions. Additionally most of these folks bought homes well under 2X their current annual earnings in pre-bubble times.
While I agree with all of the above, there are other factors that could cause declines despite those factors. I’ve lived in CV for almost 6 years, and of the people I know with HH incomes in that range, quite a few of them are business owners. Obviously their businesses are successful at this point, but if there’s a moderate or worse recession, that could change. Also, I would guess that there are plenty of people in the newer developments who are typical of the “other half” of CV residents. They make 100k-200k/yr, and they really stretched to buy, figuring on continued appreciation. If prices do continue coming down even at their current (very slow) pace, they may not be able to hang on when their loans reset.
It won’t take very many from either of those two categories to start lowering the comps and accelerating the price declines.
January 30, 2008 at 1:23 PM #145323
CoronitaParticipantJpinpb,
Read the fine print. There is a min reserve price. If not met, the trans will be cancelled. Also note that the weakness right now in cv is signifcantly on the attached market, not as far as the detached (yet)
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
January 30, 2008 at 1:23 PM #145565CoronitaParticipantJpinpb,
Read the fine print. There is a min reserve price. If not met, the trans will be cancelled. Also note that the weakness right now in cv is signifcantly on the attached market, not as far as the detached (yet)
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
January 30, 2008 at 1:23 PM #145593CoronitaParticipantJpinpb,
Read the fine print. There is a min reserve price. If not met, the trans will be cancelled. Also note that the weakness right now in cv is signifcantly on the attached market, not as far as the detached (yet)
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
January 30, 2008 at 1:23 PM #145604CoronitaParticipantJpinpb,
Read the fine print. There is a min reserve price. If not met, the trans will be cancelled. Also note that the weakness right now in cv is signifcantly on the attached market, not as far as the detached (yet)
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
January 30, 2008 at 1:23 PM #145664CoronitaParticipantJpinpb,
Read the fine print. There is a min reserve price. If not met, the trans will be cancelled. Also note that the weakness right now in cv is signifcantly on the attached market, not as far as the detached (yet)
[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]
—– Sour grapes for everyone!
January 30, 2008 at 1:32 PM #145333sdrealtor
ParticipantZK,
I dont disagree that prices will come down though with int rates dropping the resets arent looking all that bad right now. My point is that most of CV will be spending well through a recession in the means they are accustomed to. A dropping home value wont stop a successfult doc from upgrading his plasma or trading in his Benz every 2 or 3 years. -
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