Heard a plumbers point of view

[JES]

The fact that so many CA counties with up-to-now hot housing markets made this list is an indication to me that many of these millionaires must have assets in second homes and investment properties.

[Bugs]

sdr,

My research was fine, my reporting was not. I apologize for not being more specific about distinguishing between oceanfront and not, or between house and not. My point remains – sales activities for oceanfront homes in north county areas and at the $2,500,000+ mark has dropped off the map over the last 9 months. Do we agree on that or should I be more specific?

[powayseller]

Since these wealthy people have a 40% portfolio of real estate, and real estate is going down, so is their portfolio. I also wonder how their portfolio was assessed. It probably was a questionnaire, and the people said their $400K condo was worth $600K. I will be interested in the wealthy people survey of 2008, and how many wealthy will remain…

[sdrealtor]

I hate to say it but I still vehemently disagree at least as my home turf goes. $2.5M is much too high a price point for North County Coastal areas as there never have been many sales at that price point. On Neptune there have been 2 to 4 oceanfront sales per year in the MLS at that price point the last few years.
Moving to South Carlsbad, there aren’t any (ZERO!!) oceanfront/$2.5M coastal homes. In North Carlsbad, there have been 2 oceanfront sales at $7M and $8.2 this Summer both RECORDS by a HUGE margin. There was also one for $2.65M on Garfield overlooking the lagoon. There was one for $5.75 in Summer 2005 and one on Garfield for $3.25M. Before that there was only one sale above $2.5M on Tierra del Oro (my favorite street) in 2004 and none before that.

I’m seeing huge sales numbers above $1.7M for new coastal luxury homes in Encinitas. Barrat sold 7 homes over $2M in Sidonia right off Encinitas Ranch Golf Course. The activity along La Costa Avenue West of 5 has been strong the last year. Sheridan Estates by California Cove sold 8 homes above $1.5M and there are a couple other infill projects at this price point right next door. Barratt is building another (Nantucket) right now.

Bugs, I think you are barking up the wrong tree. The class of homes being built and sold along Coastal North County barely existed prior to 2005.

[powayseller]

There isn’t a need to make this a match of wits. The purpose of my question was to determine what happened in the last downturn with the coastal property values. SDR, do you know?

[sdrealtor]

I’ll ask some oldtimers and find out.

[Author]

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