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Home › Forums › Housing › La Jolla SFRs at $583/Sqft. last month. Condos also drop over 45% in Price

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  • July 29, 2008 at 2:11 PM #248998
    jpinpb
    Participant

    I’ve been making notes of some of the foreclosures and NODs happening in LJ. It’s not as crazy as Chula Vista, but price-wise, on a larger dollar scale it is. LJ is not immune and is getting their fair share. It will be enough to force people to adjust pricing.

    July 29, 2008 at 4:55 PM #248794
    La Jolla Renter
    Participant

    On thing to remember about the business savvy La Jolla homeowners:

    They will cut and run as soon as they can if it makes business sense. There are probably hundreds of homeowners in La Jolla that are meeting with their CPAs and attorneys right now, plotting an exit strategy.

    If they can get out, why wouldn’t they.

    I know a condo investor/attorney that let multiple condos in La Jolla go into default because they want to renegotiate with the lender. They claim it was a voluntary move, not a cash flow problem.

    Sophisticated business people do not need a 750+ credit score. It is a nice to have, but not a must have. Trash their credit for a couple years to cut a $1M loss… you bet they would.

    July 29, 2008 at 4:55 PM #248952
    La Jolla Renter
    Participant

    On thing to remember about the business savvy La Jolla homeowners:

    They will cut and run as soon as they can if it makes business sense. There are probably hundreds of homeowners in La Jolla that are meeting with their CPAs and attorneys right now, plotting an exit strategy.

    If they can get out, why wouldn’t they.

    I know a condo investor/attorney that let multiple condos in La Jolla go into default because they want to renegotiate with the lender. They claim it was a voluntary move, not a cash flow problem.

    Sophisticated business people do not need a 750+ credit score. It is a nice to have, but not a must have. Trash their credit for a couple years to cut a $1M loss… you bet they would.

    July 29, 2008 at 4:55 PM #248960
    La Jolla Renter
    Participant

    On thing to remember about the business savvy La Jolla homeowners:

    They will cut and run as soon as they can if it makes business sense. There are probably hundreds of homeowners in La Jolla that are meeting with their CPAs and attorneys right now, plotting an exit strategy.

    If they can get out, why wouldn’t they.

    I know a condo investor/attorney that let multiple condos in La Jolla go into default because they want to renegotiate with the lender. They claim it was a voluntary move, not a cash flow problem.

    Sophisticated business people do not need a 750+ credit score. It is a nice to have, but not a must have. Trash their credit for a couple years to cut a $1M loss… you bet they would.

    July 29, 2008 at 4:55 PM #249020
    La Jolla Renter
    Participant

    On thing to remember about the business savvy La Jolla homeowners:

    They will cut and run as soon as they can if it makes business sense. There are probably hundreds of homeowners in La Jolla that are meeting with their CPAs and attorneys right now, plotting an exit strategy.

    If they can get out, why wouldn’t they.

    I know a condo investor/attorney that let multiple condos in La Jolla go into default because they want to renegotiate with the lender. They claim it was a voluntary move, not a cash flow problem.

    Sophisticated business people do not need a 750+ credit score. It is a nice to have, but not a must have. Trash their credit for a couple years to cut a $1M loss… you bet they would.

    July 29, 2008 at 4:55 PM #249029
    La Jolla Renter
    Participant

    On thing to remember about the business savvy La Jolla homeowners:

    They will cut and run as soon as they can if it makes business sense. There are probably hundreds of homeowners in La Jolla that are meeting with their CPAs and attorneys right now, plotting an exit strategy.

    If they can get out, why wouldn’t they.

    I know a condo investor/attorney that let multiple condos in La Jolla go into default because they want to renegotiate with the lender. They claim it was a voluntary move, not a cash flow problem.

    Sophisticated business people do not need a 750+ credit score. It is a nice to have, but not a must have. Trash their credit for a couple years to cut a $1M loss… you bet they would.

    July 29, 2008 at 7:49 PM #248827
    jpinpb
    Participant

    LJ Renter – But the coast is immune. It will not be touched by the ugliness of this market. That is only reserved for Temecula and Chula Vista and – (insert your favorite painful area).

    The beautiful people of LJ cannot/will not suffer the wrath of the market.

    /end sarcasm.

    July 29, 2008 at 7:49 PM #248986
    jpinpb
    Participant

    LJ Renter – But the coast is immune. It will not be touched by the ugliness of this market. That is only reserved for Temecula and Chula Vista and – (insert your favorite painful area).

    The beautiful people of LJ cannot/will not suffer the wrath of the market.

    /end sarcasm.

    July 29, 2008 at 7:49 PM #248993
    jpinpb
    Participant

    LJ Renter – But the coast is immune. It will not be touched by the ugliness of this market. That is only reserved for Temecula and Chula Vista and – (insert your favorite painful area).

    The beautiful people of LJ cannot/will not suffer the wrath of the market.

    /end sarcasm.

    July 29, 2008 at 7:49 PM #249052
    jpinpb
    Participant

    LJ Renter – But the coast is immune. It will not be touched by the ugliness of this market. That is only reserved for Temecula and Chula Vista and – (insert your favorite painful area).

    The beautiful people of LJ cannot/will not suffer the wrath of the market.

    /end sarcasm.

    July 29, 2008 at 7:49 PM #249063
    jpinpb
    Participant

    LJ Renter – But the coast is immune. It will not be touched by the ugliness of this market. That is only reserved for Temecula and Chula Vista and – (insert your favorite painful area).

    The beautiful people of LJ cannot/will not suffer the wrath of the market.

    /end sarcasm.

    July 30, 2008 at 8:41 AM #248919
    latesummer2008
    Participant

    Affluent Investors will Cut and Run. So true. As they are generally more informed about markets. That is why the decline, although taking longer to arrive in La Jolla, will be swifter in timeframe. Just look at at history, happens everytime. It is human nature to be in denial and think “This time will be different”

    Sorry folks….

    July 30, 2008 at 8:41 AM #249082
    latesummer2008
    Participant

    Affluent Investors will Cut and Run. So true. As they are generally more informed about markets. That is why the decline, although taking longer to arrive in La Jolla, will be swifter in timeframe. Just look at at history, happens everytime. It is human nature to be in denial and think “This time will be different”

    Sorry folks….

    July 30, 2008 at 8:41 AM #249088
    latesummer2008
    Participant

    Affluent Investors will Cut and Run. So true. As they are generally more informed about markets. That is why the decline, although taking longer to arrive in La Jolla, will be swifter in timeframe. Just look at at history, happens everytime. It is human nature to be in denial and think “This time will be different”

    Sorry folks….

    July 30, 2008 at 8:41 AM #249145
    latesummer2008
    Participant

    Affluent Investors will Cut and Run. So true. As they are generally more informed about markets. That is why the decline, although taking longer to arrive in La Jolla, will be swifter in timeframe. Just look at at history, happens everytime. It is human nature to be in denial and think “This time will be different”

    Sorry folks….

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