Housing prices in free fall along Mount Soledad Road in La Jolla

[Kilohana]

I’m not so sure all of those residents knew of the unstable soil when they bought their homes. It will be interesting to see the disclosure reports for past RE transactions in the area.

It’s going to take years to sort out the blame…

What a terrible thing to have happen, regardless. Having dealt with insurance companies in the past, I know that there is always an exception/condition that causes denial of coverage. If the sinkhole was caused by the human drilling, no way will the insurance companies cover it under the umbrella of earthquake/geological event.

[stockstradr]

For those who had to post their nasty flame posts into this thread…

The post was just a joke. Get a life. Get a sense of humor. This has always been an “edgy” forum where threads like this one are par for the course.

You want my tears, and sympathy for who? For a few multi-millionaires living in La Jolla who bought homes on a mushy landslide prone hill? Give me a break.

And no I wasn’t seriously suggesting this landslide will hurt La Jolla housing prices.

[Coronita]

For those who had to post their nasty flame posts into this thread…

The post was just a joke. Get a life. Get a sense of humor. This has always been an “edgy” forum where threads like this one are par for the course.

You want my tears, and sympathy for who? For a few multi-millionaires living in La Jolla who bought homes on a mushy landslide prone hill? Give me a break.

And no I wasn't seriously suggesting this landslide will hurt La Jolla housing prices.

 

There's been more than one person that posted about flames and "getting a life". Actually, I don't think anyone that posts here regularly can't really tell anyone else to get a life with a straight face, if you know what I mean. Ironic isn't it 🙂

 

[bsrsharma]

this landslide will hurt La Jolla housing prices.

At least if I am the potential buyer. How can anyone ignore such dramatic evidence about the soil conditions? Even if a potential buyer wants to rationalize the events by saying "it won't happen here", what about the lender who may loan a million or more? Can he tell his bosses "it won't happen There"?

Someone correct me if I am wrong – For all those million $ homes that went down, I think it is the Lender who will eat the losses. Not insurance, not borrower, who may decide to walk (may be, with a slight hurt to his credit). If he has not refinanced or HELOCd, it may be a non-recourse loan and he may walk away with even multi-million $ assets, at least if he has properly structured his assets.

[peterk2001]

just wondering how you properly “structure” your assets to be able to walk away from something like this????

[farbet]

off shore accounts maybe.

[drunkle]

ok. tired of the 24/7 coverage of the la jolla “catastrophe”. how many poor kids have lost their lives in iraq/afganistan? how many brown folks have been lost in darfur? how many myanmar students have gone missing?

the fcking real estate values of la jolla dentists is getting old.

[NotCranky]

Good points BSR. I was thinking about that myself.

FLU
“Actually, I don’t think anyone that posts here regularly can’t really tell anyone else to get a life with a straight face…”

I am glad to know you didn’t have a strait face on your mug when you came on here a few weekends ago(labor day) and told anyone posting to get a life. At least you could have invited me and tg to the damn BBQ! I almost hung myself because of what you said ;).

[mixxalot]

Affordable La Jolla now?

Kewl, cowtipping! Now I can actually afford to buy a dump in La Jolla.

Funny when I first moved here I actually thought it was pronounced Lah-Jaw-la.

If these filthy lucre suckers wanna sell me the landslide sinkhole for a dime I would buy it and rebuild.

[farbet]

Back to 1961 prices for this area. Instant loss big big time.

[bsrsharma]

how you properly "structure" your assets to be able to walk away from something like this?

Most of the La Jolla kind professionals (doctors, lawyers, businessmen etc.,) have a Corporation (regular, professional, S corp, LLC etc,) Most of the assets can then be held by the corporation. Another option is to set up Trusts to hold assets. That way, they can remain "Asset Lite" and reduce legal liability. It can probably be inverted too i.e. the house is held by a "Asset Lite" Corporation. There are probably a million ways to keep your money safe when one is rich.

[FoamFinger1]

When is the benefit concert scheduled? We need Bono or some other celeb to do a song.

“We are the children…of La Jolla…the silver spoon of my childhood is sliding down into Rose Canyon…we are the world…the children of somalia have no food, I lost my spoon…we are the world…”

or something to that effect.

[XBoxBoy]

Update on the slide

This morning I went for a run up to the cross, and on my way back down the hill, ran down Mount Soledad Rd. If any of you are thinking of swinging by to see if you can see anything, don’t bother, everything is still blocked off. All you can see is the tops of some boring machines poking up in the distance.

You can however, run/walk/drive along Palomino until it turns into Desert View and this loop is open all the way around. (This is the area just downhill from the slide.) Nothing much to see there though. Although I did notice that Desert View has houses built on an extremely steep slope, and hmmmm… there are cracks in the road here too. It’s hard to believe that people have actual built houses on this hillside to be honest.

As to property prices in La Jolla, it’s worth noting that one house that was pending in the Ridgegate community, right up the hill a bit, just fell out of escrow and is back on the market as of today.

http://www.sdlookup.com/MLS-076056124-2425_Darlington_Row_La_Jolla_CA_92037

Think there might be a relationship between the slide and the next couple of days a buyer backs out of a house just up the hill a bit? Seems likely to me…

XboxBoy

[peterk2001]

Walking away?? Just wondering if one had the misfortune of owning a home that was declared a total loss what would happen if you didn’t have much equity into the place and walked away….Let’s say you had a 90 or 100% loan with no HELOC and “gave the keys back” to the lender…I think there are 1099 tax consequences and your credit would be screwed up for years, but you might be able to preserve assests…

Is this feasable…I know this topic was posted before, but I am still unclear..Or do you need to declare bankrupcy to do this??

thanks

[temeculaguy]

Yeah, how come Rustico and I didn’t get invited to the BBQ, I had to take all the sharp objects and rope out his house. After those attacks I cried for two hours then went to Target to buy more kleenex and asked what section they had a “life” in. The real reson I feel left out on Labor Day is that I don’t consider myself much of a laborer, I pay a someone to mow my lawn, clean my house, fix my car, so it seemed appropriate to pay someone to go to the BBQ for me.

[Author]

Posts