Impossible Dream?

[Omega Point]

We plan on moving back to San Diego late 2008 or early 2009, renting for a year, and then purchasing a home in 2010. We’ll have about $600K cash to spend on a house. Ideally, we would like to buy a 2,800 sq. ft house in the Encinitas, Del Mar area west of the 5. By 2010, will it be possible to pay cash for this house or will prices not drop by that much? Impossible dream?

[JJGittes]

OK, I’ll bite. My bet is, no way, unless its inches from th I-5 guard rail, and I wouldn’t let my dog sleep in it.

[JJGittes]

OK, I’ll bite. My bet is, no way, unless its inches from th I-5 guard rail, and I wouldn’t let my dog sleep in it.

[SD Realtor]

I would agree with JJ… Del Mar/Solana Beach nope… Cardiff east of 5 in the small homes where you can hear the traffic…. maybe so…Encinitas west of 5 I don’t see it but ya never know.

SD Realtor

[SD Realtor]

I would agree with JJ… Del Mar/Solana Beach nope… Cardiff east of 5 in the small homes where you can hear the traffic…. maybe so…Encinitas west of 5 I don’t see it but ya never know.

SD Realtor

[what_a_disasta]

Sounds about right, I doubt you could even find a good one that size for 2x that price. However, west of I-5 is definately the place to be on a nice day. The big downer for me is that it is gloomy and overcast for a big part of the day for 340 days of the year. It sometimes feels pretty chilly there compared to areas further inland.

[what_a_disasta]

Sounds about right, I doubt you could even find a good one that size for 2x that price. However, west of I-5 is definately the place to be on a nice day. The big downer for me is that it is gloomy and overcast for a big part of the day for 340 days of the year. It sometimes feels pretty chilly there compared to areas further inland.

[Omega Point]

Ok, how about this? What size home do you think $600K will buy in 2010 in that same area? Thanks. Perhaps I’m a tad too optimistic about home prices taking a deep plunge.

[Omega Point]

Ok, how about this? What size home do you think $600K will buy in 2010 in that same area? Thanks. Perhaps I’m a tad too optimistic about home prices taking a deep plunge.

[what_a_disasta]

A 2 bedroom condo, built in the 70’s or 80’s.

[what_a_disasta]

A 2 bedroom condo, built in the 70’s or 80’s.

[PerryChase]

Never say never.

Let’s see how the credit bubble deflates. Keep your money ready at hand and you might find yourself a great deal.

[PerryChase]

Never say never.

Let’s see how the credit bubble deflates. Keep your money ready at hand and you might find yourself a great deal.

[temeculaguy]

I’m with Perry, keep your cash at the ready and when you rent, read your lease and make sure you can get out of it without too much in penalties in case the right house comes along. It is too hard to pick a month or a year and say that will be the bottom for a specific area but 2010 is as good a guess as any however 2008 or 2009 might see some interesting events. The problem with what you want is that you have picked one of the most desirable areas (not just in the county but the country if not the world) and you won’t be the only one hunting for bargains. The premium areas aren’t immune but they tend to dip last and will have more support at lower levels, your window of time of to act will be short. Go to zillow and find properties that you like that sold in 2003 and that will be close to what you can expect in 2009. Even if everything goes to hell, there will still be people with money and that is where they will want to live.

[temeculaguy]

I’m with Perry, keep your cash at the ready and when you rent, read your lease and make sure you can get out of it without too much in penalties in case the right house comes along. It is too hard to pick a month or a year and say that will be the bottom for a specific area but 2010 is as good a guess as any however 2008 or 2009 might see some interesting events. The problem with what you want is that you have picked one of the most desirable areas (not just in the county but the country if not the world) and you won’t be the only one hunting for bargains. The premium areas aren’t immune but they tend to dip last and will have more support at lower levels, your window of time of to act will be short. Go to zillow and find properties that you like that sold in 2003 and that will be close to what you can expect in 2009. Even if everything goes to hell, there will still be people with money and that is where they will want to live.

[Author]

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