Higher End Declines?

[SD Realtor]

Wow cyphire that is quite a move!

Well as you know I am one of those guys who knows what he doesn’t know and I simply do not know about the Wisconsin market so for me to speculate on what the future will hold for that part of the country would not be prudent.

All I can do is speculate about La Jolla and San Diego in general. Having a family with children I can sympathize with your situation all to well. I absolutely want to be in a home and not of the renting variety by the time my kids hit school age. The one thing I would say is that once you do move you should be prepared to stay there until the kids graduate but it seems like you are planning on doing that regardless.

So let’s throw out the usual reasons to stay here such as weather and such because these factors don’t seem to be tugging at you anyways. I guess the real question is, which market will depreciate more, Madison or San Diego? Tough call because I simply do not know Madison. I will say this, I do not believe La Jolla will be at the bottom next year, or perhaps even 09. I do believe more of the risk will be removed by 09 but to me, I just don’t see bottom by that time.

Anyways I don’t think your crazy at all and I absolutely understand the reason for your purchase. To some people life is not only about money. You are not a first time buyer and it seems like you can afford this. Everyone has a unique situation and for your situation this seems like a perfectly logical thing to do. Will Madison go down more? Probably but I have no expertise at all in that market. Perhaps you should research it out or work with an expert over there.

SD Realtor

[one_muggle]

cyphire– I don’t know about the financial aspects of your choice, but FWIW I think for lifestyle Madison is fantastic. I’ve lived in plenty of places (NYC, Buffalo, LA, DC, SF, Atlanta, and Tucson) and visited most of the 50 states, and except for hard winters, Madison really is quite a nice place–though I expect you already know that or you wouldn’t be moving. It is one of the few places in “flyover” country where I would like to live.
The university is also great and it’s reputation is on the rise and the convention center there is one of nicest I’ve visited–and I’ve visited some pretty nice ones. It’s a Frank Loyd Wright design, called Monona Terrace I think. Madison is truly a wonder to bi-coastal snobs, such as I myself. ;^)

Good luck.

-one muggle

[one_muggle]

cyphire– I don’t know about the financial aspects of your choice, but FWIW I think for lifestyle Madison is fantastic. I’ve lived in plenty of places (NYC, Buffalo, LA, DC, SF, Atlanta, and Tucson) and visited most of the 50 states, and except for hard winters, Madison really is quite a nice place–though I expect you already know that or you wouldn’t be moving. It is one of the few places in “flyover” country where I would like to live.
The university is also great and it’s reputation is on the rise and the convention center there is one of nicest I’ve visited–and I’ve visited some pretty nice ones. It’s a Frank Loyd Wright design, called Monona Terrace I think. Madison is truly a wonder to bi-coastal snobs, such as I myself. ;^)

Good luck.

-one muggle

[one_muggle]

cyphire– I don’t know about the financial aspects of your choice, but FWIW I think for lifestyle Madison is fantastic. I’ve lived in plenty of places (NYC, Buffalo, LA, DC, SF, Atlanta, and Tucson) and visited most of the 50 states, and except for hard winters, Madison really is quite a nice place–though I expect you already know that or you wouldn’t be moving. It is one of the few places in “flyover” country where I would like to live.
The university is also great and it’s reputation is on the rise and the convention center there is one of nicest I’ve visited–and I’ve visited some pretty nice ones. It’s a Frank Loyd Wright design, called Monona Terrace I think. Madison is truly a wonder to bi-coastal snobs, such as I myself. ;^)

Good luck.

-one muggle

[one_muggle]

cyphire– I don’t know about the financial aspects of your choice, but FWIW I think for lifestyle Madison is fantastic. I’ve lived in plenty of places (NYC, Buffalo, LA, DC, SF, Atlanta, and Tucson) and visited most of the 50 states, and except for hard winters, Madison really is quite a nice place–though I expect you already know that or you wouldn’t be moving. It is one of the few places in “flyover” country where I would like to live.
The university is also great and it’s reputation is on the rise and the convention center there is one of nicest I’ve visited–and I’ve visited some pretty nice ones. It’s a Frank Loyd Wright design, called Monona Terrace I think. Madison is truly a wonder to bi-coastal snobs, such as I myself. ;^)

Good luck.

-one muggle

[one_muggle]

cyphire– I don’t know about the financial aspects of your choice, but FWIW I think for lifestyle Madison is fantastic. I’ve lived in plenty of places (NYC, Buffalo, LA, DC, SF, Atlanta, and Tucson) and visited most of the 50 states, and except for hard winters, Madison really is quite a nice place–though I expect you already know that or you wouldn’t be moving. It is one of the few places in “flyover” country where I would like to live.
The university is also great and it’s reputation is on the rise and the convention center there is one of nicest I’ve visited–and I’ve visited some pretty nice ones. It’s a Frank Loyd Wright design, called Monona Terrace I think. Madison is truly a wonder to bi-coastal snobs, such as I myself. ;^)

Good luck.

-one muggle

[sdrealtor]

Cy,
I know many people from WI and they are all pretty much wonderful, kind and intelligent people. With that said, my brother did his residency in Madison and couldnt wait to get outa there with his family when he was finished. He found the community to be great if you were from there but less welcoming to East Coasters as well as lacking in many cultural amenities that he enjoyed. Clearly that is one persons experience and not everyone’s.

Personally, I couldnt live there. I’m not caught up in living in the most incredible house I have ever seen but rather am caught up in living in the most incredible community/location I have ever been. All this is personal preferences and only you can decide.

[sdrealtor]

Cy,
I know many people from WI and they are all pretty much wonderful, kind and intelligent people. With that said, my brother did his residency in Madison and couldnt wait to get outa there with his family when he was finished. He found the community to be great if you were from there but less welcoming to East Coasters as well as lacking in many cultural amenities that he enjoyed. Clearly that is one persons experience and not everyone’s.

Personally, I couldnt live there. I’m not caught up in living in the most incredible house I have ever seen but rather am caught up in living in the most incredible community/location I have ever been. All this is personal preferences and only you can decide.

[sdrealtor]

Cy,
I know many people from WI and they are all pretty much wonderful, kind and intelligent people. With that said, my brother did his residency in Madison and couldnt wait to get outa there with his family when he was finished. He found the community to be great if you were from there but less welcoming to East Coasters as well as lacking in many cultural amenities that he enjoyed. Clearly that is one persons experience and not everyone’s.

Personally, I couldnt live there. I’m not caught up in living in the most incredible house I have ever seen but rather am caught up in living in the most incredible community/location I have ever been. All this is personal preferences and only you can decide.

[sdrealtor]

Cy,
I know many people from WI and they are all pretty much wonderful, kind and intelligent people. With that said, my brother did his residency in Madison and couldnt wait to get outa there with his family when he was finished. He found the community to be great if you were from there but less welcoming to East Coasters as well as lacking in many cultural amenities that he enjoyed. Clearly that is one persons experience and not everyone’s.

Personally, I couldnt live there. I’m not caught up in living in the most incredible house I have ever seen but rather am caught up in living in the most incredible community/location I have ever been. All this is personal preferences and only you can decide.

[sdrealtor]

Cy,
I know many people from WI and they are all pretty much wonderful, kind and intelligent people. With that said, my brother did his residency in Madison and couldnt wait to get outa there with his family when he was finished. He found the community to be great if you were from there but less welcoming to East Coasters as well as lacking in many cultural amenities that he enjoyed. Clearly that is one persons experience and not everyone’s.

Personally, I couldnt live there. I’m not caught up in living in the most incredible house I have ever seen but rather am caught up in living in the most incredible community/location I have ever been. All this is personal preferences and only you can decide.

[asragov]

For the past few months, I have been looking at the $3-$5 MM range for a European friend in La Jolla, and can offer a few insights:

– European buyers with a lot of money are not *necessarily* reckless. Some expect prices to fall a lot more, and so they are offering significantly less than sellers are asking.

– There is quite a range of sellers, where some have massive equity, and some have none or negative. The ones with a lot of equity have often lowered their asking price several times. We even had one case where a seller agreed to come down in price another 20ish % after listing at a fairly reasonable price (I think my friend will say if they agreed, then he offered too much, but we’ll see).

– The hysterics are much greater in this market, especially among those with little equity. When people put 2005 prices on their homes and expect to get them, it is not like negotiating in other areas of San Diego. People get indignant and just plain nasty. The denial seems to run especially deep here.

I agree with SD Realtor that it is another 1-2 years before you see the denial pass. For successful, active people, doing nothing sometimes is the most difficult option. My friend clearly understands now that time has been on his side.

[asragov]

For the past few months, I have been looking at the $3-$5 MM range for a European friend in La Jolla, and can offer a few insights:

– European buyers with a lot of money are not *necessarily* reckless. Some expect prices to fall a lot more, and so they are offering significantly less than sellers are asking.

– There is quite a range of sellers, where some have massive equity, and some have none or negative. The ones with a lot of equity have often lowered their asking price several times. We even had one case where a seller agreed to come down in price another 20ish % after listing at a fairly reasonable price (I think my friend will say if they agreed, then he offered too much, but we’ll see).

– The hysterics are much greater in this market, especially among those with little equity. When people put 2005 prices on their homes and expect to get them, it is not like negotiating in other areas of San Diego. People get indignant and just plain nasty. The denial seems to run especially deep here.

I agree with SD Realtor that it is another 1-2 years before you see the denial pass. For successful, active people, doing nothing sometimes is the most difficult option. My friend clearly understands now that time has been on his side.

[asragov]

For the past few months, I have been looking at the $3-$5 MM range for a European friend in La Jolla, and can offer a few insights:

– European buyers with a lot of money are not *necessarily* reckless. Some expect prices to fall a lot more, and so they are offering significantly less than sellers are asking.

– There is quite a range of sellers, where some have massive equity, and some have none or negative. The ones with a lot of equity have often lowered their asking price several times. We even had one case where a seller agreed to come down in price another 20ish % after listing at a fairly reasonable price (I think my friend will say if they agreed, then he offered too much, but we’ll see).

– The hysterics are much greater in this market, especially among those with little equity. When people put 2005 prices on their homes and expect to get them, it is not like negotiating in other areas of San Diego. People get indignant and just plain nasty. The denial seems to run especially deep here.

I agree with SD Realtor that it is another 1-2 years before you see the denial pass. For successful, active people, doing nothing sometimes is the most difficult option. My friend clearly understands now that time has been on his side.

[asragov]

For the past few months, I have been looking at the $3-$5 MM range for a European friend in La Jolla, and can offer a few insights:

– European buyers with a lot of money are not *necessarily* reckless. Some expect prices to fall a lot more, and so they are offering significantly less than sellers are asking.

– There is quite a range of sellers, where some have massive equity, and some have none or negative. The ones with a lot of equity have often lowered their asking price several times. We even had one case where a seller agreed to come down in price another 20ish % after listing at a fairly reasonable price (I think my friend will say if they agreed, then he offered too much, but we’ll see).

– The hysterics are much greater in this market, especially among those with little equity. When people put 2005 prices on their homes and expect to get them, it is not like negotiating in other areas of San Diego. People get indignant and just plain nasty. The denial seems to run especially deep here.

I agree with SD Realtor that it is another 1-2 years before you see the denial pass. For successful, active people, doing nothing sometimes is the most difficult option. My friend clearly understands now that time has been on his side.

[Author]

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