expensive La Jolla townhomes – how low will they go?

[Scarlett]

Has the higher-end housing bottomed out yet then?

I thought that the higher-end housing still has a way to go down – in any case, to bottom out later than the cheaper houses. No?

[waterboy]

nothing has bottomed out yet…

some think that areas such as temecula and inland empire have, but we need to see 6mo-1yr of positive increase before a bottom can be called.

Higher-end in La Jolla still has a way to go. A lot of sideline money got excited this spring & summer so activity has been really good, but I still see prices falling a bit more. Stuff over $3MM is going to be hit much harder IMO.

[waterboy]

nothing has bottomed out yet…

some think that areas such as temecula and inland empire have, but we need to see 6mo-1yr of positive increase before a bottom can be called.

Higher-end in La Jolla still has a way to go. A lot of sideline money got excited this spring & summer so activity has been really good, but I still see prices falling a bit more. Stuff over $3MM is going to be hit much harder IMO.

[waterboy]

nothing has bottomed out yet…

some think that areas such as temecula and inland empire have, but we need to see 6mo-1yr of positive increase before a bottom can be called.

Higher-end in La Jolla still has a way to go. A lot of sideline money got excited this spring & summer so activity has been really good, but I still see prices falling a bit more. Stuff over $3MM is going to be hit much harder IMO.

[waterboy]

nothing has bottomed out yet…

some think that areas such as temecula and inland empire have, but we need to see 6mo-1yr of positive increase before a bottom can be called.

Higher-end in La Jolla still has a way to go. A lot of sideline money got excited this spring & summer so activity has been really good, but I still see prices falling a bit more. Stuff over $3MM is going to be hit much harder IMO.

[waterboy]

nothing has bottomed out yet…

some think that areas such as temecula and inland empire have, but we need to see 6mo-1yr of positive increase before a bottom can be called.

Higher-end in La Jolla still has a way to go. A lot of sideline money got excited this spring & summer so activity has been really good, but I still see prices falling a bit more. Stuff over $3MM is going to be hit much harder IMO.

[mgoldberg]

Just some thoughts..

Scarlett –
What type of utilities do you have for $500/month? I thought that was primarily for east coast or northern US homes. and quite expensive life insurance.
Either way (whether I feel you are rounding up-up on some numbers or not), I agree that all expenses do seem to add up.

The other poster suggested paying off the car loans. Excellent suggestion!

Most people buying 600k+ house/townhouse are buying it as a move up house and have at least 20% down from the sale of their previous home. And they are not living for free currently, so the extra costs for the newer, more expensive home aren’t as pricy as initially thought.

Many people have second incomes from something passive – rental unit, stock dividends, etc.. Those are the folks moving into many of these places.

[mgoldberg]

Just some thoughts..

Scarlett –
What type of utilities do you have for $500/month? I thought that was primarily for east coast or northern US homes. and quite expensive life insurance.
Either way (whether I feel you are rounding up-up on some numbers or not), I agree that all expenses do seem to add up.

The other poster suggested paying off the car loans. Excellent suggestion!

Most people buying 600k+ house/townhouse are buying it as a move up house and have at least 20% down from the sale of their previous home. And they are not living for free currently, so the extra costs for the newer, more expensive home aren’t as pricy as initially thought.

Many people have second incomes from something passive – rental unit, stock dividends, etc.. Those are the folks moving into many of these places.

[mgoldberg]

Just some thoughts..

Scarlett –
What type of utilities do you have for $500/month? I thought that was primarily for east coast or northern US homes. and quite expensive life insurance.
Either way (whether I feel you are rounding up-up on some numbers or not), I agree that all expenses do seem to add up.

The other poster suggested paying off the car loans. Excellent suggestion!

Most people buying 600k+ house/townhouse are buying it as a move up house and have at least 20% down from the sale of their previous home. And they are not living for free currently, so the extra costs for the newer, more expensive home aren’t as pricy as initially thought.

Many people have second incomes from something passive – rental unit, stock dividends, etc.. Those are the folks moving into many of these places.

[mgoldberg]

Just some thoughts..

Scarlett –
What type of utilities do you have for $500/month? I thought that was primarily for east coast or northern US homes. and quite expensive life insurance.
Either way (whether I feel you are rounding up-up on some numbers or not), I agree that all expenses do seem to add up.

The other poster suggested paying off the car loans. Excellent suggestion!

Most people buying 600k+ house/townhouse are buying it as a move up house and have at least 20% down from the sale of their previous home. And they are not living for free currently, so the extra costs for the newer, more expensive home aren’t as pricy as initially thought.

Many people have second incomes from something passive – rental unit, stock dividends, etc.. Those are the folks moving into many of these places.

[mgoldberg]

Just some thoughts..

Scarlett –
What type of utilities do you have for $500/month? I thought that was primarily for east coast or northern US homes. and quite expensive life insurance.
Either way (whether I feel you are rounding up-up on some numbers or not), I agree that all expenses do seem to add up.

The other poster suggested paying off the car loans. Excellent suggestion!

Most people buying 600k+ house/townhouse are buying it as a move up house and have at least 20% down from the sale of their previous home. And they are not living for free currently, so the extra costs for the newer, more expensive home aren’t as pricy as initially thought.

Many people have second incomes from something passive – rental unit, stock dividends, etc.. Those are the folks moving into many of these places.

[Eugene]

[quote=Scarlett]Has the higher-end housing bottomed out yet then?

I thought that the higher-end housing still has a way to go down – in any case, to bottom out later than the cheaper houses. No?[/quote]

I think that there’s a bit of a disconnect at the high end. If you take one of those condos and pick a SFR in La Jolla that sold for the same price as the condo before the bubble (say, 500k in 2000) … today, the condo may be listed for 650-700k and the house may be listed for 850k.

To illustrate.

http://www.sdlookup.com/MLS-090032062-1688_Caminito_Asterisco_La_Jolla_CA_92037

Sold for 475k on 5/01/2000, listed for 697k today.

http://www.zillow.com/homedetails/921-Candlelight-Pl-La-Jolla-CA-92037/16856315_zpid/

Sold for 460k on 5/26/2000, zestimate 856k.

So the condo may be bottoming out (especially if you can negotiate down to 650k) and the house has further to go.

[Eugene]

[quote=Scarlett]Has the higher-end housing bottomed out yet then?

I thought that the higher-end housing still has a way to go down – in any case, to bottom out later than the cheaper houses. No?[/quote]

I think that there’s a bit of a disconnect at the high end. If you take one of those condos and pick a SFR in La Jolla that sold for the same price as the condo before the bubble (say, 500k in 2000) … today, the condo may be listed for 650-700k and the house may be listed for 850k.

To illustrate.

http://www.sdlookup.com/MLS-090032062-1688_Caminito_Asterisco_La_Jolla_CA_92037

Sold for 475k on 5/01/2000, listed for 697k today.

http://www.zillow.com/homedetails/921-Candlelight-Pl-La-Jolla-CA-92037/16856315_zpid/

Sold for 460k on 5/26/2000, zestimate 856k.

So the condo may be bottoming out (especially if you can negotiate down to 650k) and the house has further to go.

[Eugene]

[quote=Scarlett]Has the higher-end housing bottomed out yet then?

I thought that the higher-end housing still has a way to go down – in any case, to bottom out later than the cheaper houses. No?[/quote]

I think that there’s a bit of a disconnect at the high end. If you take one of those condos and pick a SFR in La Jolla that sold for the same price as the condo before the bubble (say, 500k in 2000) … today, the condo may be listed for 650-700k and the house may be listed for 850k.

To illustrate.

http://www.sdlookup.com/MLS-090032062-1688_Caminito_Asterisco_La_Jolla_CA_92037

Sold for 475k on 5/01/2000, listed for 697k today.

http://www.zillow.com/homedetails/921-Candlelight-Pl-La-Jolla-CA-92037/16856315_zpid/

Sold for 460k on 5/26/2000, zestimate 856k.

So the condo may be bottoming out (especially if you can negotiate down to 650k) and the house has further to go.

[Eugene]

[quote=Scarlett]Has the higher-end housing bottomed out yet then?

I thought that the higher-end housing still has a way to go down – in any case, to bottom out later than the cheaper houses. No?[/quote]

I think that there’s a bit of a disconnect at the high end. If you take one of those condos and pick a SFR in La Jolla that sold for the same price as the condo before the bubble (say, 500k in 2000) … today, the condo may be listed for 650-700k and the house may be listed for 850k.

To illustrate.

http://www.sdlookup.com/MLS-090032062-1688_Caminito_Asterisco_La_Jolla_CA_92037

Sold for 475k on 5/01/2000, listed for 697k today.

http://www.zillow.com/homedetails/921-Candlelight-Pl-La-Jolla-CA-92037/16856315_zpid/

Sold for 460k on 5/26/2000, zestimate 856k.

So the condo may be bottoming out (especially if you can negotiate down to 650k) and the house has further to go.

[Author]

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