North County coastal prices — will they ever decline?

[lu]

What are your thoughts on North County coastal prices? It seems that they are immune to price declines.

For example, I drove by this property today. Of course, I think it is incredibly over-priced. In this case, so does zillow.

http://www.zillow.com/HomeDetails.htm?zprop=16722833

Do people still believe that coastal properties “never go down”?

[lu]

More info — yes, it’s for sale at just under $1.4M.

1878 sqft
fee simple
attached 2-car garage
hdwd floors
3 story
panoramic ocean views

[lu]

More info — yes, it’s for sale at just under $1.4M.

1878 sqft
fee simple
attached 2-car garage
hdwd floors
3 story
panoramic ocean views

[lu]

More info — yes, it’s for sale at just under $1.4M.

1878 sqft
fee simple
attached 2-car garage
hdwd floors
3 story
panoramic ocean views

[JWM in SD]

No, they are not immune, you just need to adjust your timeframe by several years is all. Just rent, what’s the big deal about buying right now?

[JWM in SD]

No, they are not immune, you just need to adjust your timeframe by several years is all. Just rent, what’s the big deal about buying right now?

[JWM in SD]

No, they are not immune, you just need to adjust your timeframe by several years is all. Just rent, what’s the big deal about buying right now?

[Ex-SD]

If history repeats itself…………AND IT WILL…………………..the coastal communities are usually the last to drop but they DO drop just like everywhere else. If you watch the L.A. blogs, high end communities like Santa Monica and Pacific Palisades are now beginning to feel the heat and prices are dropping.

I am firmly convinced that we won’t see the bottom until the end of 2011 or the middle of 2012 (at the earliest). Whenever the bottom hits, prices will not rebound overnight just like they didn’t go to the top overnight………..so you’ll have plenty of time to shop when you are convinced that the bottom has been found. There are no guarantees but the trends with bubbles in the housing market in this country have always repeated themselves since 1890 so there is little reason to believe that this one will be shorter or have less impact. All the signs are there that this one will have more impact due to the crazy lending policies and easy money that was available. Buying in a bubble market before that time is like going to Las Vegas and playing the $1000 slot machines……………you’ll probably lose a lot of money.

**There is always the possibility that interest rates will be much higher by the time the bottom hits (or thereafter) which is something that you will have to factor in but nobody can say for sure.

[Ex-SD]

If history repeats itself…………AND IT WILL…………………..the coastal communities are usually the last to drop but they DO drop just like everywhere else. If you watch the L.A. blogs, high end communities like Santa Monica and Pacific Palisades are now beginning to feel the heat and prices are dropping.

I am firmly convinced that we won’t see the bottom until the end of 2011 or the middle of 2012 (at the earliest). Whenever the bottom hits, prices will not rebound overnight just like they didn’t go to the top overnight………..so you’ll have plenty of time to shop when you are convinced that the bottom has been found. There are no guarantees but the trends with bubbles in the housing market in this country have always repeated themselves since 1890 so there is little reason to believe that this one will be shorter or have less impact. All the signs are there that this one will have more impact due to the crazy lending policies and easy money that was available. Buying in a bubble market before that time is like going to Las Vegas and playing the $1000 slot machines……………you’ll probably lose a lot of money.

**There is always the possibility that interest rates will be much higher by the time the bottom hits (or thereafter) which is something that you will have to factor in but nobody can say for sure.

[Ex-SD]

If history repeats itself…………AND IT WILL…………………..the coastal communities are usually the last to drop but they DO drop just like everywhere else. If you watch the L.A. blogs, high end communities like Santa Monica and Pacific Palisades are now beginning to feel the heat and prices are dropping.

I am firmly convinced that we won’t see the bottom until the end of 2011 or the middle of 2012 (at the earliest). Whenever the bottom hits, prices will not rebound overnight just like they didn’t go to the top overnight………..so you’ll have plenty of time to shop when you are convinced that the bottom has been found. There are no guarantees but the trends with bubbles in the housing market in this country have always repeated themselves since 1890 so there is little reason to believe that this one will be shorter or have less impact. All the signs are there that this one will have more impact due to the crazy lending policies and easy money that was available. Buying in a bubble market before that time is like going to Las Vegas and playing the $1000 slot machines……………you’ll probably lose a lot of money.

**There is always the possibility that interest rates will be much higher by the time the bottom hits (or thereafter) which is something that you will have to factor in but nobody can say for sure.

[34f3f3f]

By which time the fire hazard zones will have been updated and we (hopefully) will be able to see whether these expensive coastal homes are worth the risk anyway.

[34f3f3f]

By which time the fire hazard zones will have been updated and we (hopefully) will be able to see whether these expensive coastal homes are worth the risk anyway.

[34f3f3f]

By which time the fire hazard zones will have been updated and we (hopefully) will be able to see whether these expensive coastal homes are worth the risk anyway.

[lu]

JWM — I agree with you. I’m renting a place just down the street. My apartment also has a panoramic ocean view and a large garage (albeit detached). It costs me just $2200 per month; that’s a much better deal than the mortgage on $1.4M. 🙂

I’m just curious what other people thought about this listing, and prices in North County Coastal areas in general.

– Lu

quote:
———–
| No, they are not immune, you just need to adjust your timeframe
| by several years is all. Just rent, what’s the big deal about buying
| right now?
———–

[lu]

JWM — I agree with you. I’m renting a place just down the street. My apartment also has a panoramic ocean view and a large garage (albeit detached). It costs me just $2200 per month; that’s a much better deal than the mortgage on $1.4M. 🙂

I’m just curious what other people thought about this listing, and prices in North County Coastal areas in general.

– Lu

quote:
———–
| No, they are not immune, you just need to adjust your timeframe
| by several years is all. Just rent, what’s the big deal about buying
| right now?
———–

[Author]

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