Higher End Declines?

[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.

[XBoxBoy]

Cyphire,

You are definitely NOT crazy. I too am renting in La Jolla waiting for the prices to come down. But if I could I probably would be somewhere else. Problem is, I married a La Jolla girl who loves the beach and surfs. To her the idea of moving to a place with seasons is incomprehensible. Plus we share custody of her son with her ex, and he too is a La Jolla born surfer so moving would mean taking my stepson from his father.

But from my perspective… a 7400 sq ft home with a 5 car heated garage for under a million???? You ain’t ever gonna get near that in La Jolla!! I don’t care how far prices in San Diego crash, you will never get that kind of affordability.

Plus, as a parent in La Jolla, I often wonder how healthy this environment is for kids. I do see a lot of kids growing up, thinking that being cool, being a surfer, being good looking, being wealthy is what it is all about. I think if I had my pick, I’d rather raise kids in a boring place like Madison WI, rather than a ritzy glamorous place like La Jolla. If you need more proof of what I’m getting at, just look at the story of the bird rock bandits to make you shake your head.

XBoxBoy

ps to Rustico… this thread got hi-jacked a long time ago..

[XBoxBoy]

Cyphire,

You are definitely NOT crazy. I too am renting in La Jolla waiting for the prices to come down. But if I could I probably would be somewhere else. Problem is, I married a La Jolla girl who loves the beach and surfs. To her the idea of moving to a place with seasons is incomprehensible. Plus we share custody of her son with her ex, and he too is a La Jolla born surfer so moving would mean taking my stepson from his father.

But from my perspective… a 7400 sq ft home with a 5 car heated garage for under a million???? You ain’t ever gonna get near that in La Jolla!! I don’t care how far prices in San Diego crash, you will never get that kind of affordability.

Plus, as a parent in La Jolla, I often wonder how healthy this environment is for kids. I do see a lot of kids growing up, thinking that being cool, being a surfer, being good looking, being wealthy is what it is all about. I think if I had my pick, I’d rather raise kids in a boring place like Madison WI, rather than a ritzy glamorous place like La Jolla. If you need more proof of what I’m getting at, just look at the story of the bird rock bandits to make you shake your head.

XBoxBoy

ps to Rustico… this thread got hi-jacked a long time ago..

[XBoxBoy]

Cyphire,

You are definitely NOT crazy. I too am renting in La Jolla waiting for the prices to come down. But if I could I probably would be somewhere else. Problem is, I married a La Jolla girl who loves the beach and surfs. To her the idea of moving to a place with seasons is incomprehensible. Plus we share custody of her son with her ex, and he too is a La Jolla born surfer so moving would mean taking my stepson from his father.

But from my perspective… a 7400 sq ft home with a 5 car heated garage for under a million???? You ain’t ever gonna get near that in La Jolla!! I don’t care how far prices in San Diego crash, you will never get that kind of affordability.

Plus, as a parent in La Jolla, I often wonder how healthy this environment is for kids. I do see a lot of kids growing up, thinking that being cool, being a surfer, being good looking, being wealthy is what it is all about. I think if I had my pick, I’d rather raise kids in a boring place like Madison WI, rather than a ritzy glamorous place like La Jolla. If you need more proof of what I’m getting at, just look at the story of the bird rock bandits to make you shake your head.

XBoxBoy

ps to Rustico… this thread got hi-jacked a long time ago..

[XBoxBoy]

Cyphire,

You are definitely NOT crazy. I too am renting in La Jolla waiting for the prices to come down. But if I could I probably would be somewhere else. Problem is, I married a La Jolla girl who loves the beach and surfs. To her the idea of moving to a place with seasons is incomprehensible. Plus we share custody of her son with her ex, and he too is a La Jolla born surfer so moving would mean taking my stepson from his father.

But from my perspective… a 7400 sq ft home with a 5 car heated garage for under a million???? You ain’t ever gonna get near that in La Jolla!! I don’t care how far prices in San Diego crash, you will never get that kind of affordability.

Plus, as a parent in La Jolla, I often wonder how healthy this environment is for kids. I do see a lot of kids growing up, thinking that being cool, being a surfer, being good looking, being wealthy is what it is all about. I think if I had my pick, I’d rather raise kids in a boring place like Madison WI, rather than a ritzy glamorous place like La Jolla. If you need more proof of what I’m getting at, just look at the story of the bird rock bandits to make you shake your head.

XBoxBoy

ps to Rustico… this thread got hi-jacked a long time ago..

[XBoxBoy]

Cyphire,

You are definitely NOT crazy. I too am renting in La Jolla waiting for the prices to come down. But if I could I probably would be somewhere else. Problem is, I married a La Jolla girl who loves the beach and surfs. To her the idea of moving to a place with seasons is incomprehensible. Plus we share custody of her son with her ex, and he too is a La Jolla born surfer so moving would mean taking my stepson from his father.

But from my perspective… a 7400 sq ft home with a 5 car heated garage for under a million???? You ain’t ever gonna get near that in La Jolla!! I don’t care how far prices in San Diego crash, you will never get that kind of affordability.

Plus, as a parent in La Jolla, I often wonder how healthy this environment is for kids. I do see a lot of kids growing up, thinking that being cool, being a surfer, being good looking, being wealthy is what it is all about. I think if I had my pick, I’d rather raise kids in a boring place like Madison WI, rather than a ritzy glamorous place like La Jolla. If you need more proof of what I’m getting at, just look at the story of the bird rock bandits to make you shake your head.

XBoxBoy

ps to Rustico… this thread got hi-jacked a long time ago..

[TW]

Big deal, Richmond, VA has 5 and it’s a pipsqueak city. While a valuable number for pissing contests, I don’t think it accurately reflects the strength of a local economy.

[TW]

Big deal, Richmond, VA has 5 and it’s a pipsqueak city. While a valuable number for pissing contests, I don’t think it accurately reflects the strength of a local economy.

[TW]

Big deal, Richmond, VA has 5 and it’s a pipsqueak city. While a valuable number for pissing contests, I don’t think it accurately reflects the strength of a local economy.

[TW]

Big deal, Richmond, VA has 5 and it’s a pipsqueak city. While a valuable number for pissing contests, I don’t think it accurately reflects the strength of a local economy.

[TW]

Big deal, Richmond, VA has 5 and it’s a pipsqueak city. While a valuable number for pissing contests, I don’t think it accurately reflects the strength of a local economy.

[NotCranky]

Hello Cyphire,

Nice to see you around. I don’t really think anyone can advise you on a move like this. Act as a sounding board maybe, but I am sure you understand that.
No way are you crazy.

I will say that the Utne Reader has recommended Madison Wisconsin highly in a few studies of “best places” to live. I think JG moved there on the recommendation though.

Seriously though, this comes as a surprise. Have you considered any other alternative locations thoroughly?
Are you possibly just getting a little restless and jumping at the first idea that has some appeal? I was certainly convinced that your plan, including the private schools was something that was really going to suit you and your family.

Madison sounds good too,except for cold winters. One of my sisters left California for WI about 15 years ago and her family has been very happy there. She and her husband are both teachers and live in Stoughton which is about 20 miles from Madison. Her daughter managed to get a good education in public schools. The last I heard, she was excelling in some specialty field of molecular biology that involves the latest in electron microscopy.

Best wishes,
Rus

[NotCranky]

Hello Cyphire,

Nice to see you around. I don’t really think anyone can advise you on a move like this. Act as a sounding board maybe, but I am sure you understand that.
No way are you crazy.

I will say that the Utne Reader has recommended Madison Wisconsin highly in a few studies of “best places” to live. I think JG moved there on the recommendation though.

Seriously though, this comes as a surprise. Have you considered any other alternative locations thoroughly?
Are you possibly just getting a little restless and jumping at the first idea that has some appeal? I was certainly convinced that your plan, including the private schools was something that was really going to suit you and your family.

Madison sounds good too,except for cold winters. One of my sisters left California for WI about 15 years ago and her family has been very happy there. She and her husband are both teachers and live in Stoughton which is about 20 miles from Madison. Her daughter managed to get a good education in public schools. The last I heard, she was excelling in some specialty field of molecular biology that involves the latest in electron microscopy.

Best wishes,
Rus

[NotCranky]

Hello Cyphire,

Nice to see you around. I don’t really think anyone can advise you on a move like this. Act as a sounding board maybe, but I am sure you understand that.
No way are you crazy.

I will say that the Utne Reader has recommended Madison Wisconsin highly in a few studies of “best places” to live. I think JG moved there on the recommendation though.

Seriously though, this comes as a surprise. Have you considered any other alternative locations thoroughly?
Are you possibly just getting a little restless and jumping at the first idea that has some appeal? I was certainly convinced that your plan, including the private schools was something that was really going to suit you and your family.

Madison sounds good too,except for cold winters. One of my sisters left California for WI about 15 years ago and her family has been very happy there. She and her husband are both teachers and live in Stoughton which is about 20 miles from Madison. Her daughter managed to get a good education in public schools. The last I heard, she was excelling in some specialty field of molecular biology that involves the latest in electron microscopy.

Best wishes,
Rus

[NotCranky]

Hello Cyphire,

Nice to see you around. I don’t really think anyone can advise you on a move like this. Act as a sounding board maybe, but I am sure you understand that.
No way are you crazy.

I will say that the Utne Reader has recommended Madison Wisconsin highly in a few studies of “best places” to live. I think JG moved there on the recommendation though.

Seriously though, this comes as a surprise. Have you considered any other alternative locations thoroughly?
Are you possibly just getting a little restless and jumping at the first idea that has some appeal? I was certainly convinced that your plan, including the private schools was something that was really going to suit you and your family.

Madison sounds good too,except for cold winters. One of my sisters left California for WI about 15 years ago and her family has been very happy there. She and her husband are both teachers and live in Stoughton which is about 20 miles from Madison. Her daughter managed to get a good education in public schools. The last I heard, she was excelling in some specialty field of molecular biology that involves the latest in electron microscopy.

Best wishes,
Rus

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