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September 4, 2006 at 7:36 AM #7419September 4, 2006 at 7:58 AM #34360zkParticipant
I tried the fancy link thing under the words “hopes prices will drop,” but it didn’t show up. I’ve got it figured out now.
September 4, 2006 at 8:03 AM #34361zkParticipantSales have stalled partly because “the sellers are not bringing prices down fast enough,” Mr. Lereah said. “They’ve been very stubborn.”
Gee, Dave, can you think of any reason why they might be stubbornly refusing to drop prices at all, let alone “fast enough?”
Do you think maybe it’s because you’ve told them eight billion times in the last couple years that they won’t have to? That prices won’t go down?
September 4, 2006 at 9:58 AM #34371SD RealtorParticipantTo bad he is not looking at the real data. For the umpteenth time, I will say that in many neighborhoods here in SD pricing has already dropped well below the 5-10% level.
September 4, 2006 at 3:42 PM #34394SD RealtorParticipantI agree vrudny…
In fact, if we limited the conversations to condos only, I would flip it around and say show me condo complexes that have not dropped by at least 10%. For every one you show me I bet I can show you 3 that have.
September 4, 2006 at 4:43 PM #34400zkParticipantI think he’s talking about real estate nationally. And if he thinks it’ll drop at least that much nationally (and he probably does, or he wouldn’t have decided on that type of spin), then it’ll probably drop a lot more in San Diego.
September 4, 2006 at 4:47 PM #34401vcguy_10ParticipantWell, of course, if you take the intersection of the San Diego and condo sets, you are going to look at the very segment that is falling first (and possibly fastest). But if you were to look at the union of the California and Florida sets (both SFH and condos), you’ll probably agree that overall prices still haven’t moved much.
Apologies for the set theory language.
September 4, 2006 at 9:33 PM #34418SD RealtorParticipantThat is the exact reason why the statistics reported by the media are simply not useful. That is why I have to spend a half hour at listing appointments with condo owners explaining the every single stat they have heard over the past 5 years are essentially meaningless.
Try telling the UTC first time homeowner that bought a condo about a national number or an intersection of union of sets. Try telling the guy that bought a 1 bedroom off of Hyde Park for an investment about it, or the couple who bought a condo in Eastlake. In all of these neighborhoods people are looking at 20% in the BEST case.
The ONLY meaningful statistic for homeowners is what references the type of home the live in, in the very local area that they live in. ANYTHING else will mislead them.
The disservice that has been done over the past several years will indeed come back around in the form of people losing the homes. Plain and simple. I am not justifying the bad decisions they made, please know that. However if one good thing could come out of all this it would be for NAR, CAR, AND SDAR to tell people to turn a deaf ear to national stats and focus on local stats.
There are more then enough resources to find out local stats by housing type and zip code.
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