Massive 26% Markdown on Carmel Valley McMansion

[mrwrong]

New_Renter,

Agree on all points. I wouldn’t touch it at $1.5M and I’m really surprised there are so much interests.

Mr. Wrong

[(former)FormerSanDiegan]

Medium Price ? Pepsi ?

Submitted by pepsi on January 3, 2008 – 1:52pm.

Just some numbers for CV (signle family resell):

Medium price (2001 – 2006):

2001: $610K

2002: $670K

2003: $750K

2004: $969K

2005: $1.04M

2006: $1.028M

Medium Price for Nov, 2007: $875K (That is less than 5% annual appreciation from 2001 medium price)

[(former)FormerSanDiegan]

Medium Price ? Pepsi ?

Submitted by pepsi on January 3, 2008 – 1:52pm.

Just some numbers for CV (signle family resell):

Medium price (2001 – 2006):

2001: $610K

2002: $670K

2003: $750K

2004: $969K

2005: $1.04M

2006: $1.028M

Medium Price for Nov, 2007: $875K (That is less than 5% annual appreciation from 2001 medium price)

[(former)FormerSanDiegan]

Medium Price ? Pepsi ?

Submitted by pepsi on January 3, 2008 – 1:52pm.

Just some numbers for CV (signle family resell):

Medium price (2001 – 2006):

2001: $610K

2002: $670K

2003: $750K

2004: $969K

2005: $1.04M

2006: $1.028M

Medium Price for Nov, 2007: $875K (That is less than 5% annual appreciation from 2001 medium price)

[(former)FormerSanDiegan]

Medium Price ? Pepsi ?

Submitted by pepsi on January 3, 2008 – 1:52pm.

Just some numbers for CV (signle family resell):

Medium price (2001 – 2006):

2001: $610K

2002: $670K

2003: $750K

2004: $969K

2005: $1.04M

2006: $1.028M

Medium Price for Nov, 2007: $875K (That is less than 5% annual appreciation from 2001 medium price)

[(former)FormerSanDiegan]

Medium Price ? Pepsi ?

Submitted by pepsi on January 3, 2008 – 1:52pm.

Just some numbers for CV (signle family resell):

Medium price (2001 – 2006):

2001: $610K

2002: $670K

2003: $750K

2004: $969K

2005: $1.04M

2006: $1.028M

Medium Price for Nov, 2007: $875K (That is less than 5% annual appreciation from 2001 medium price)

[Ex-SD]

Housing prices may or may NOT follow the percentage of inflation, even in a healthy market. There are many factors that cause housing to go up when times are good and inflation is only one of them. I’ve read quite a few posts since I started reading this board where many a poster automatically figures in inflation when trying to determine where a house should presently be priced. I’m not saying that they’re absolutely wrong…..it’s just my opinion that they are. If “X” house was selling for $500k in 2001 and housing returns to 2001 levels, my opinion is that “X” house will most likely return to a price of $500k……NOT $500k plus the cost of inflation for the years between 2001-2008. Reality has no rules and regulations when it comes to housing bubbles bursting and it IS and will continue to BE a buyers market for a long time. There is just way too much inventory and it’s going to get a lot larger and there’s going to be a shortage of good, qualified buyers with down payments and the desire to buy all of these properties unless they’re severely discounted.

[Ex-SD]

Housing prices may or may NOT follow the percentage of inflation, even in a healthy market. There are many factors that cause housing to go up when times are good and inflation is only one of them. I’ve read quite a few posts since I started reading this board where many a poster automatically figures in inflation when trying to determine where a house should presently be priced. I’m not saying that they’re absolutely wrong…..it’s just my opinion that they are. If “X” house was selling for $500k in 2001 and housing returns to 2001 levels, my opinion is that “X” house will most likely return to a price of $500k……NOT $500k plus the cost of inflation for the years between 2001-2008. Reality has no rules and regulations when it comes to housing bubbles bursting and it IS and will continue to BE a buyers market for a long time. There is just way too much inventory and it’s going to get a lot larger and there’s going to be a shortage of good, qualified buyers with down payments and the desire to buy all of these properties unless they’re severely discounted.

[Ex-SD]

Housing prices may or may NOT follow the percentage of inflation, even in a healthy market. There are many factors that cause housing to go up when times are good and inflation is only one of them. I’ve read quite a few posts since I started reading this board where many a poster automatically figures in inflation when trying to determine where a house should presently be priced. I’m not saying that they’re absolutely wrong…..it’s just my opinion that they are. If “X” house was selling for $500k in 2001 and housing returns to 2001 levels, my opinion is that “X” house will most likely return to a price of $500k……NOT $500k plus the cost of inflation for the years between 2001-2008. Reality has no rules and regulations when it comes to housing bubbles bursting and it IS and will continue to BE a buyers market for a long time. There is just way too much inventory and it’s going to get a lot larger and there’s going to be a shortage of good, qualified buyers with down payments and the desire to buy all of these properties unless they’re severely discounted.

[Ex-SD]

Housing prices may or may NOT follow the percentage of inflation, even in a healthy market. There are many factors that cause housing to go up when times are good and inflation is only one of them. I’ve read quite a few posts since I started reading this board where many a poster automatically figures in inflation when trying to determine where a house should presently be priced. I’m not saying that they’re absolutely wrong…..it’s just my opinion that they are. If “X” house was selling for $500k in 2001 and housing returns to 2001 levels, my opinion is that “X” house will most likely return to a price of $500k……NOT $500k plus the cost of inflation for the years between 2001-2008. Reality has no rules and regulations when it comes to housing bubbles bursting and it IS and will continue to BE a buyers market for a long time. There is just way too much inventory and it’s going to get a lot larger and there’s going to be a shortage of good, qualified buyers with down payments and the desire to buy all of these properties unless they’re severely discounted.

[Ex-SD]

Housing prices may or may NOT follow the percentage of inflation, even in a healthy market. There are many factors that cause housing to go up when times are good and inflation is only one of them. I’ve read quite a few posts since I started reading this board where many a poster automatically figures in inflation when trying to determine where a house should presently be priced. I’m not saying that they’re absolutely wrong…..it’s just my opinion that they are. If “X” house was selling for $500k in 2001 and housing returns to 2001 levels, my opinion is that “X” house will most likely return to a price of $500k……NOT $500k plus the cost of inflation for the years between 2001-2008. Reality has no rules and regulations when it comes to housing bubbles bursting and it IS and will continue to BE a buyers market for a long time. There is just way too much inventory and it’s going to get a lot larger and there’s going to be a shortage of good, qualified buyers with down payments and the desire to buy all of these properties unless they’re severely discounted.

[(former)FormerSanDiegan]

Housing prices may or may NOT follow the percentage of inflation, even in a healthy market. There are many factors that cause housing to go up when times are good and inflation is only one of them. I’ve read quite a few posts since I started reading this board where many a poster automatically figures in inflation when trying to determine where a house should presently be priced. I’m not saying that they’re absolutely wrong…..it’s just my opinion that they are. If “X” house was selling for $500k in 2001 and housing returns to 2001 levels, my opinion is that “X” house will most likely return to a price of $500k……NOT $500k plus the cost of inflation for the years between 2001-2008.

Over long periods of time inflation matters.
Indexing to inflation accounts for distortions in nominal dollar terms. Any economist worth his/her salt accounts for inflation. (Schiff does, Shiller does).

One could use prices, relative to incomes (as Rich does) to come up with perhaps a more relevant metric.

If one ignores inflation one might make the mistake of expecting prices to revert to where they were in 1965 when a SFR in Point Loma could be had for about $35K. After all the weather is not that much better now, is it ?

[(former)FormerSanDiegan]

Housing prices may or may NOT follow the percentage of inflation, even in a healthy market. There are many factors that cause housing to go up when times are good and inflation is only one of them. I’ve read quite a few posts since I started reading this board where many a poster automatically figures in inflation when trying to determine where a house should presently be priced. I’m not saying that they’re absolutely wrong…..it’s just my opinion that they are. If “X” house was selling for $500k in 2001 and housing returns to 2001 levels, my opinion is that “X” house will most likely return to a price of $500k……NOT $500k plus the cost of inflation for the years between 2001-2008.

Over long periods of time inflation matters.
Indexing to inflation accounts for distortions in nominal dollar terms. Any economist worth his/her salt accounts for inflation. (Schiff does, Shiller does).

One could use prices, relative to incomes (as Rich does) to come up with perhaps a more relevant metric.

If one ignores inflation one might make the mistake of expecting prices to revert to where they were in 1965 when a SFR in Point Loma could be had for about $35K. After all the weather is not that much better now, is it ?

[(former)FormerSanDiegan]

Housing prices may or may NOT follow the percentage of inflation, even in a healthy market. There are many factors that cause housing to go up when times are good and inflation is only one of them. I’ve read quite a few posts since I started reading this board where many a poster automatically figures in inflation when trying to determine where a house should presently be priced. I’m not saying that they’re absolutely wrong…..it’s just my opinion that they are. If “X” house was selling for $500k in 2001 and housing returns to 2001 levels, my opinion is that “X” house will most likely return to a price of $500k……NOT $500k plus the cost of inflation for the years between 2001-2008.

Over long periods of time inflation matters.
Indexing to inflation accounts for distortions in nominal dollar terms. Any economist worth his/her salt accounts for inflation. (Schiff does, Shiller does).

One could use prices, relative to incomes (as Rich does) to come up with perhaps a more relevant metric.

If one ignores inflation one might make the mistake of expecting prices to revert to where they were in 1965 when a SFR in Point Loma could be had for about $35K. After all the weather is not that much better now, is it ?

[(former)FormerSanDiegan]

Housing prices may or may NOT follow the percentage of inflation, even in a healthy market. There are many factors that cause housing to go up when times are good and inflation is only one of them. I’ve read quite a few posts since I started reading this board where many a poster automatically figures in inflation when trying to determine where a house should presently be priced. I’m not saying that they’re absolutely wrong…..it’s just my opinion that they are. If “X” house was selling for $500k in 2001 and housing returns to 2001 levels, my opinion is that “X” house will most likely return to a price of $500k……NOT $500k plus the cost of inflation for the years between 2001-2008.

Over long periods of time inflation matters.
Indexing to inflation accounts for distortions in nominal dollar terms. Any economist worth his/her salt accounts for inflation. (Schiff does, Shiller does).

One could use prices, relative to incomes (as Rich does) to come up with perhaps a more relevant metric.

If one ignores inflation one might make the mistake of expecting prices to revert to where they were in 1965 when a SFR in Point Loma could be had for about $35K. After all the weather is not that much better now, is it ?

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