Even in Encinitas, west of I-5

[Bugs]

Sorry, but I can’t give out specifics. You’ll just have to take my word for it.

Here’s the scenario – architect designed home in Encinitas and west of I-5 with a partial view. Very nice place. It last sold in late 2005. Now its listed for 30% less.

I have personally seen the property and I’ve seen the prior appraisal and all the comps in it. From what I’ve seen there was nothing wrong with the 2005 transaction or the appraisal that went with it.

One MLS listing does not establish a trend, but it could be a canary.

I’ve been saying it all along – everything is connected and no market segment is “safe” from the general trend toward correction. Anyone who says different is in error.

[Allan from Fallbrook]

Bugs: More and more articles are appearing about price drops in supposedly “impervious” markets like SF and Manhattan. Even as little as six months ago, these two markets were being used to illustrate the principle that some markets would remain immune, unlike the Murrietas and Chula Vistas and Riversides.

A poster who is very knowledgeable about banking (I think it was Davelj) made the very astute observation that it is not about a liquidity crunch, it is about a bad asset crunch. This mess is not confined to just sub-prime, but is spreading into Alt-A and prime as well.

The prime locations might be the last to get hit, but they will get hit, too. And while a single listing does not a trend make, all trends start somewhere.

[Allan from Fallbrook]

Bugs: More and more articles are appearing about price drops in supposedly “impervious” markets like SF and Manhattan. Even as little as six months ago, these two markets were being used to illustrate the principle that some markets would remain immune, unlike the Murrietas and Chula Vistas and Riversides.

A poster who is very knowledgeable about banking (I think it was Davelj) made the very astute observation that it is not about a liquidity crunch, it is about a bad asset crunch. This mess is not confined to just sub-prime, but is spreading into Alt-A and prime as well.

The prime locations might be the last to get hit, but they will get hit, too. And while a single listing does not a trend make, all trends start somewhere.

[Allan from Fallbrook]

Bugs: More and more articles are appearing about price drops in supposedly “impervious” markets like SF and Manhattan. Even as little as six months ago, these two markets were being used to illustrate the principle that some markets would remain immune, unlike the Murrietas and Chula Vistas and Riversides.

A poster who is very knowledgeable about banking (I think it was Davelj) made the very astute observation that it is not about a liquidity crunch, it is about a bad asset crunch. This mess is not confined to just sub-prime, but is spreading into Alt-A and prime as well.

The prime locations might be the last to get hit, but they will get hit, too. And while a single listing does not a trend make, all trends start somewhere.

[Allan from Fallbrook]

Bugs: More and more articles are appearing about price drops in supposedly “impervious” markets like SF and Manhattan. Even as little as six months ago, these two markets were being used to illustrate the principle that some markets would remain immune, unlike the Murrietas and Chula Vistas and Riversides.

A poster who is very knowledgeable about banking (I think it was Davelj) made the very astute observation that it is not about a liquidity crunch, it is about a bad asset crunch. This mess is not confined to just sub-prime, but is spreading into Alt-A and prime as well.

The prime locations might be the last to get hit, but they will get hit, too. And while a single listing does not a trend make, all trends start somewhere.

[Allan from Fallbrook]

Bugs: More and more articles are appearing about price drops in supposedly “impervious” markets like SF and Manhattan. Even as little as six months ago, these two markets were being used to illustrate the principle that some markets would remain immune, unlike the Murrietas and Chula Vistas and Riversides.

A poster who is very knowledgeable about banking (I think it was Davelj) made the very astute observation that it is not about a liquidity crunch, it is about a bad asset crunch. This mess is not confined to just sub-prime, but is spreading into Alt-A and prime as well.

The prime locations might be the last to get hit, but they will get hit, too. And while a single listing does not a trend make, all trends start somewhere.

[blahblahblah]

There are only so many wealthy people, so many foreign buyers, so many $300K+ households, etc… Sooner or later the supply is bound to outstrip them in number, and sellers will have to deal with us ordinary schlubs if they want to sell their houses at all.

[blahblahblah]

There are only so many wealthy people, so many foreign buyers, so many $300K+ households, etc… Sooner or later the supply is bound to outstrip them in number, and sellers will have to deal with us ordinary schlubs if they want to sell their houses at all.

[blahblahblah]

There are only so many wealthy people, so many foreign buyers, so many $300K+ households, etc… Sooner or later the supply is bound to outstrip them in number, and sellers will have to deal with us ordinary schlubs if they want to sell their houses at all.

[blahblahblah]

There are only so many wealthy people, so many foreign buyers, so many $300K+ households, etc… Sooner or later the supply is bound to outstrip them in number, and sellers will have to deal with us ordinary schlubs if they want to sell their houses at all.

[blahblahblah]

There are only so many wealthy people, so many foreign buyers, so many $300K+ households, etc… Sooner or later the supply is bound to outstrip them in number, and sellers will have to deal with us ordinary schlubs if they want to sell their houses at all.

[Ex-SD]

Other than the “ultra-high end” of the housing market, NO ONE will be immune from the bubble bursting. Anyone who thinks that just because they’re in the better parts of north county, they won’t be affected, is going to get a strong dose of reality over the next 4-plus years. If they don’t have to sell and can stay employed and afford the home that they bought (and it doesn’t have three mortgages and a heloc) will be just fine over the very long haul (10-plus years). Those who must sell are going to be in for a world of hurt.
Nobody knows just how low prices will go before they settle on the bottom or exactly how long they will sit on the bottom but how many people are going to be eager to mortgage themselves to the hilt for that big, expensive McMansion after watching this current mess unravel?

[Ex-SD]

Other than the “ultra-high end” of the housing market, NO ONE will be immune from the bubble bursting. Anyone who thinks that just because they’re in the better parts of north county, they won’t be affected, is going to get a strong dose of reality over the next 4-plus years. If they don’t have to sell and can stay employed and afford the home that they bought (and it doesn’t have three mortgages and a heloc) will be just fine over the very long haul (10-plus years). Those who must sell are going to be in for a world of hurt.
Nobody knows just how low prices will go before they settle on the bottom or exactly how long they will sit on the bottom but how many people are going to be eager to mortgage themselves to the hilt for that big, expensive McMansion after watching this current mess unravel?

[Ex-SD]

Other than the “ultra-high end” of the housing market, NO ONE will be immune from the bubble bursting. Anyone who thinks that just because they’re in the better parts of north county, they won’t be affected, is going to get a strong dose of reality over the next 4-plus years. If they don’t have to sell and can stay employed and afford the home that they bought (and it doesn’t have three mortgages and a heloc) will be just fine over the very long haul (10-plus years). Those who must sell are going to be in for a world of hurt.
Nobody knows just how low prices will go before they settle on the bottom or exactly how long they will sit on the bottom but how many people are going to be eager to mortgage themselves to the hilt for that big, expensive McMansion after watching this current mess unravel?

[Ex-SD]

Other than the “ultra-high end” of the housing market, NO ONE will be immune from the bubble bursting. Anyone who thinks that just because they’re in the better parts of north county, they won’t be affected, is going to get a strong dose of reality over the next 4-plus years. If they don’t have to sell and can stay employed and afford the home that they bought (and it doesn’t have three mortgages and a heloc) will be just fine over the very long haul (10-plus years). Those who must sell are going to be in for a world of hurt.
Nobody knows just how low prices will go before they settle on the bottom or exactly how long they will sit on the bottom but how many people are going to be eager to mortgage themselves to the hilt for that big, expensive McMansion after watching this current mess unravel?

[Author]

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