Housing won’t hit bottom ’til 2012

[Anonymous]

Although I look mainly at coastal S.D (Pt loma thru La Jolla), I am just asking for any example areas that meet your criteria because I quite frankly don’t believe any area has really hit bottom.

Regarding the lower pricing I am seeing in La Jolla, it is a combination of all cases. There are some short sales, some foreclosures, and in some cases long time residents (presumably way above water) who are finally waking up to reality that they have to lower their asking prices significantly if they want to sell.

[briansd1]

bearishgurl, I have said before that if one wants to buy, one should go to the County Recorder’s office to review all the properties on a street before making an offer.

Yes, I agree that one should research the micro-markets.

I’m interested in downtown and I looked up ALL the condos certain buildings and made spreadsheets. Considering that the condos all sold during the peak, I felt that foreclosures and lack of extended term wherewithal made it very likely that prices would continue to drop.

Everyone should do such research before making an offer.

A friend bought in an 8-house development (not in San Diego) that will become a 16-house development in the future. I researched if for him and out of the 8 houses, the developer sold 3 houses for $300k last year and is renting out 3 houses.

My friend got his house for $255k, and he got a 3.5% VA loan with no-downpayment. His mortgage is around $1,200 and rent would be about $2,000. So that’s a deal worth buying, even if prices could drop to $230k.

I really don’t care about the idyllic suburban lifestyle that sdrealtor talks about here. I’m not a nesting housewife.

About the established neighborhoods like Point Loma, I believe that prices will drop. As I said before, those are old, functionally obsolete houses that owners are still trying to get near peak.

I’ve been around the block a few times and I experienced the booms of the 1980s and the crash of the 1990s. I bought and sold a few houses, and I still own.

I do agree that there are some good deals, but market trends are also important to follow, if your goal is to make money. My goal is to make money much more than finding an idyllic “forever” residence.

[briansd1]

bearishgurl, I have said before that if one wants to buy, one should go to the County Recorder’s office to review all the properties on a street before making an offer.

Yes, I agree that one should research the micro-markets.

I’m interested in downtown and I looked up ALL the condos certain buildings and made spreadsheets. Considering that the condos all sold during the peak, I felt that foreclosures and lack of extended term wherewithal made it very likely that prices would continue to drop.

Everyone should do such research before making an offer.

A friend bought in an 8-house development (not in San Diego) that will become a 16-house development in the future. I researched if for him and out of the 8 houses, the developer sold 3 houses for $300k last year and is renting out 3 houses.

My friend got his house for $255k, and he got a 3.5% VA loan with no-downpayment. His mortgage is around $1,200 and rent would be about $2,000. So that’s a deal worth buying, even if prices could drop to $230k.

I really don’t care about the idyllic suburban lifestyle that sdrealtor talks about here. I’m not a nesting housewife.

About the established neighborhoods like Point Loma, I believe that prices will drop. As I said before, those are old, functionally obsolete houses that owners are still trying to get near peak.

I’ve been around the block a few times and I experienced the booms of the 1980s and the crash of the 1990s. I bought and sold a few houses, and I still own.

I do agree that there are some good deals, but market trends are also important to follow, if your goal is to make money. My goal is to make money much more than finding an idyllic “forever” residence.

[briansd1]

bearishgurl, I have said before that if one wants to buy, one should go to the County Recorder’s office to review all the properties on a street before making an offer.

Yes, I agree that one should research the micro-markets.

I’m interested in downtown and I looked up ALL the condos certain buildings and made spreadsheets. Considering that the condos all sold during the peak, I felt that foreclosures and lack of extended term wherewithal made it very likely that prices would continue to drop.

Everyone should do such research before making an offer.

A friend bought in an 8-house development (not in San Diego) that will become a 16-house development in the future. I researched if for him and out of the 8 houses, the developer sold 3 houses for $300k last year and is renting out 3 houses.

My friend got his house for $255k, and he got a 3.5% VA loan with no-downpayment. His mortgage is around $1,200 and rent would be about $2,000. So that’s a deal worth buying, even if prices could drop to $230k.

I really don’t care about the idyllic suburban lifestyle that sdrealtor talks about here. I’m not a nesting housewife.

About the established neighborhoods like Point Loma, I believe that prices will drop. As I said before, those are old, functionally obsolete houses that owners are still trying to get near peak.

I’ve been around the block a few times and I experienced the booms of the 1980s and the crash of the 1990s. I bought and sold a few houses, and I still own.

I do agree that there are some good deals, but market trends are also important to follow, if your goal is to make money. My goal is to make money much more than finding an idyllic “forever” residence.

[briansd1]

bearishgurl, I have said before that if one wants to buy, one should go to the County Recorder’s office to review all the properties on a street before making an offer.

Yes, I agree that one should research the micro-markets.

I’m interested in downtown and I looked up ALL the condos certain buildings and made spreadsheets. Considering that the condos all sold during the peak, I felt that foreclosures and lack of extended term wherewithal made it very likely that prices would continue to drop.

Everyone should do such research before making an offer.

A friend bought in an 8-house development (not in San Diego) that will become a 16-house development in the future. I researched if for him and out of the 8 houses, the developer sold 3 houses for $300k last year and is renting out 3 houses.

My friend got his house for $255k, and he got a 3.5% VA loan with no-downpayment. His mortgage is around $1,200 and rent would be about $2,000. So that’s a deal worth buying, even if prices could drop to $230k.

I really don’t care about the idyllic suburban lifestyle that sdrealtor talks about here. I’m not a nesting housewife.

About the established neighborhoods like Point Loma, I believe that prices will drop. As I said before, those are old, functionally obsolete houses that owners are still trying to get near peak.

I’ve been around the block a few times and I experienced the booms of the 1980s and the crash of the 1990s. I bought and sold a few houses, and I still own.

I do agree that there are some good deals, but market trends are also important to follow, if your goal is to make money. My goal is to make money much more than finding an idyllic “forever” residence.

[briansd1]

bearishgurl, I have said before that if one wants to buy, one should go to the County Recorder’s office to review all the properties on a street before making an offer.

Yes, I agree that one should research the micro-markets.

I’m interested in downtown and I looked up ALL the condos certain buildings and made spreadsheets. Considering that the condos all sold during the peak, I felt that foreclosures and lack of extended term wherewithal made it very likely that prices would continue to drop.

Everyone should do such research before making an offer.

A friend bought in an 8-house development (not in San Diego) that will become a 16-house development in the future. I researched if for him and out of the 8 houses, the developer sold 3 houses for $300k last year and is renting out 3 houses.

My friend got his house for $255k, and he got a 3.5% VA loan with no-downpayment. His mortgage is around $1,200 and rent would be about $2,000. So that’s a deal worth buying, even if prices could drop to $230k.

I really don’t care about the idyllic suburban lifestyle that sdrealtor talks about here. I’m not a nesting housewife.

About the established neighborhoods like Point Loma, I believe that prices will drop. As I said before, those are old, functionally obsolete houses that owners are still trying to get near peak.

I’ve been around the block a few times and I experienced the booms of the 1980s and the crash of the 1990s. I bought and sold a few houses, and I still own.

I do agree that there are some good deals, but market trends are also important to follow, if your goal is to make money. My goal is to make money much more than finding an idyllic “forever” residence.

[bearishgurl]

[quote=deadzone]So why risk it? The downside risk clearly outweighs the upside.
(sdr need not reply with his “my home is not an investment” lecture, heard it 1000 times before).[/quote]

deadzone, FWIW, I’m not currently active in RE sales. No one here is telling potential Pigg-buyers that they shouldn’t sit on the fence if they wish to. It’s a free country. But if you have your sights set on an area with little to no distress and are waiting a few months/years to buy in hopes the prices will go down, GOOD LUCK TO YOU.

Just don’t come back whining that the prices are still too high and/or interest rates are too high in 2012 (or whenever you decide to jump off the fence and get serious about buying).

Did you ever stop to think that future price and/or mtg interest rate could make it HARDER than it is today to purchase the same property in 2012 and beyond??

[bearishgurl]

[quote=deadzone]So why risk it? The downside risk clearly outweighs the upside.
(sdr need not reply with his “my home is not an investment” lecture, heard it 1000 times before).[/quote]

deadzone, FWIW, I’m not currently active in RE sales. No one here is telling potential Pigg-buyers that they shouldn’t sit on the fence if they wish to. It’s a free country. But if you have your sights set on an area with little to no distress and are waiting a few months/years to buy in hopes the prices will go down, GOOD LUCK TO YOU.

Just don’t come back whining that the prices are still too high and/or interest rates are too high in 2012 (or whenever you decide to jump off the fence and get serious about buying).

Did you ever stop to think that future price and/or mtg interest rate could make it HARDER than it is today to purchase the same property in 2012 and beyond??

[bearishgurl]

[quote=deadzone]So why risk it? The downside risk clearly outweighs the upside.
(sdr need not reply with his “my home is not an investment” lecture, heard it 1000 times before).[/quote]

deadzone, FWIW, I’m not currently active in RE sales. No one here is telling potential Pigg-buyers that they shouldn’t sit on the fence if they wish to. It’s a free country. But if you have your sights set on an area with little to no distress and are waiting a few months/years to buy in hopes the prices will go down, GOOD LUCK TO YOU.

Just don’t come back whining that the prices are still too high and/or interest rates are too high in 2012 (or whenever you decide to jump off the fence and get serious about buying).

Did you ever stop to think that future price and/or mtg interest rate could make it HARDER than it is today to purchase the same property in 2012 and beyond??

[bearishgurl]

[quote=deadzone]So why risk it? The downside risk clearly outweighs the upside.
(sdr need not reply with his “my home is not an investment” lecture, heard it 1000 times before).[/quote]

deadzone, FWIW, I’m not currently active in RE sales. No one here is telling potential Pigg-buyers that they shouldn’t sit on the fence if they wish to. It’s a free country. But if you have your sights set on an area with little to no distress and are waiting a few months/years to buy in hopes the prices will go down, GOOD LUCK TO YOU.

Just don’t come back whining that the prices are still too high and/or interest rates are too high in 2012 (or whenever you decide to jump off the fence and get serious about buying).

Did you ever stop to think that future price and/or mtg interest rate could make it HARDER than it is today to purchase the same property in 2012 and beyond??

[bearishgurl]

[quote=deadzone]So why risk it? The downside risk clearly outweighs the upside.
(sdr need not reply with his “my home is not an investment” lecture, heard it 1000 times before).[/quote]

deadzone, FWIW, I’m not currently active in RE sales. No one here is telling potential Pigg-buyers that they shouldn’t sit on the fence if they wish to. It’s a free country. But if you have your sights set on an area with little to no distress and are waiting a few months/years to buy in hopes the prices will go down, GOOD LUCK TO YOU.

Just don’t come back whining that the prices are still too high and/or interest rates are too high in 2012 (or whenever you decide to jump off the fence and get serious about buying).

Did you ever stop to think that future price and/or mtg interest rate could make it HARDER than it is today to purchase the same property in 2012 and beyond??

[faterikcartman]

[quote=sdrealtor]. The best deals are very elusive. The house my client is getting is the kind that stays in a family forever and only rarely do properties like this hit the market at any time or any price. If you arent looking now and arent ready to strike when that opportunity presents itself (which could take a couple eyars of work to find) it is very unlikely you will be among the truly big winners in this cycle.[/quote]

This too. If you’ve got a lot, relatively, of money to spend your particulars are generally, well, more particular. We have made house hunting almost a hobby for eleven years. It is remarkable how rare the great deal “dream home” houses and lots really are. Oh we’ve seen many in magazines and on the Internet, but those rarely are the same in person.

If you are looking at it purely from a financial sense maybe you don’t need to get going, but if you’re looking for a house you could die in I would start looking now. Earnestly.

[faterikcartman]

[quote=sdrealtor]. The best deals are very elusive. The house my client is getting is the kind that stays in a family forever and only rarely do properties like this hit the market at any time or any price. If you arent looking now and arent ready to strike when that opportunity presents itself (which could take a couple eyars of work to find) it is very unlikely you will be among the truly big winners in this cycle.[/quote]

This too. If you’ve got a lot, relatively, of money to spend your particulars are generally, well, more particular. We have made house hunting almost a hobby for eleven years. It is remarkable how rare the great deal “dream home” houses and lots really are. Oh we’ve seen many in magazines and on the Internet, but those rarely are the same in person.

If you are looking at it purely from a financial sense maybe you don’t need to get going, but if you’re looking for a house you could die in I would start looking now. Earnestly.

[faterikcartman]

[quote=sdrealtor]. The best deals are very elusive. The house my client is getting is the kind that stays in a family forever and only rarely do properties like this hit the market at any time or any price. If you arent looking now and arent ready to strike when that opportunity presents itself (which could take a couple eyars of work to find) it is very unlikely you will be among the truly big winners in this cycle.[/quote]

This too. If you’ve got a lot, relatively, of money to spend your particulars are generally, well, more particular. We have made house hunting almost a hobby for eleven years. It is remarkable how rare the great deal “dream home” houses and lots really are. Oh we’ve seen many in magazines and on the Internet, but those rarely are the same in person.

If you are looking at it purely from a financial sense maybe you don’t need to get going, but if you’re looking for a house you could die in I would start looking now. Earnestly.

[faterikcartman]

[quote=sdrealtor]. The best deals are very elusive. The house my client is getting is the kind that stays in a family forever and only rarely do properties like this hit the market at any time or any price. If you arent looking now and arent ready to strike when that opportunity presents itself (which could take a couple eyars of work to find) it is very unlikely you will be among the truly big winners in this cycle.[/quote]

This too. If you’ve got a lot, relatively, of money to spend your particulars are generally, well, more particular. We have made house hunting almost a hobby for eleven years. It is remarkable how rare the great deal “dream home” houses and lots really are. Oh we’ve seen many in magazines and on the Internet, but those rarely are the same in person.

If you are looking at it purely from a financial sense maybe you don’t need to get going, but if you’re looking for a house you could die in I would start looking now. Earnestly.

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