Number of Million Dollar Homes?

[JWM in SD]

Yeah, but the wifey probably wants to believe the Realtor and therein lies the problem for Richard. Trust me, that is a difficult one to overcome. I had to do it and took 2 plus years before I got my wife to finally concede that there was a problem in the housing market and that we shouldn’t buy one. Two Very Long Years……

[(former)FormerSanDiegan]

If you look at Esmith’s blog he shows a distribution of home prices in San Diego.
http://sdhpi.blogspot.com/

According to his estimates the $1 Mil mark is about 10-12% of the homes as of April 2008.

As of 2006, Census Bureau shows about 5.25% of San Diego households have income exceeding 200K. At 200K income one would need a sizeable (~25%) down payment to afford a $1 Mil house.

So, the number of households who can afford $1Mil or more must be less than the number of homes valued at 1 Mil +.

I would not make any conclusions or assumptions based on this. At least the number of $1 MIl + homes is only about 2X the number of people who might marginally be able to afford it.

I don’t know whether to or how to account for long-time owners who purchased at much lower levels than today and who (except for their current equity) could not afford to buy their own $1 Mil+ home today.

[(former)FormerSanDiegan]

If you look at Esmith’s blog he shows a distribution of home prices in San Diego.
http://sdhpi.blogspot.com/

According to his estimates the $1 Mil mark is about 10-12% of the homes as of April 2008.

As of 2006, Census Bureau shows about 5.25% of San Diego households have income exceeding 200K. At 200K income one would need a sizeable (~25%) down payment to afford a $1 Mil house.

So, the number of households who can afford $1Mil or more must be less than the number of homes valued at 1 Mil +.

I would not make any conclusions or assumptions based on this. At least the number of $1 MIl + homes is only about 2X the number of people who might marginally be able to afford it.

I don’t know whether to or how to account for long-time owners who purchased at much lower levels than today and who (except for their current equity) could not afford to buy their own $1 Mil+ home today.

[(former)FormerSanDiegan]

If you look at Esmith’s blog he shows a distribution of home prices in San Diego.
http://sdhpi.blogspot.com/

According to his estimates the $1 Mil mark is about 10-12% of the homes as of April 2008.

As of 2006, Census Bureau shows about 5.25% of San Diego households have income exceeding 200K. At 200K income one would need a sizeable (~25%) down payment to afford a $1 Mil house.

So, the number of households who can afford $1Mil or more must be less than the number of homes valued at 1 Mil +.

I would not make any conclusions or assumptions based on this. At least the number of $1 MIl + homes is only about 2X the number of people who might marginally be able to afford it.

I don’t know whether to or how to account for long-time owners who purchased at much lower levels than today and who (except for their current equity) could not afford to buy their own $1 Mil+ home today.

[(former)FormerSanDiegan]

If you look at Esmith’s blog he shows a distribution of home prices in San Diego.
http://sdhpi.blogspot.com/

According to his estimates the $1 Mil mark is about 10-12% of the homes as of April 2008.

As of 2006, Census Bureau shows about 5.25% of San Diego households have income exceeding 200K. At 200K income one would need a sizeable (~25%) down payment to afford a $1 Mil house.

So, the number of households who can afford $1Mil or more must be less than the number of homes valued at 1 Mil +.

I would not make any conclusions or assumptions based on this. At least the number of $1 MIl + homes is only about 2X the number of people who might marginally be able to afford it.

I don’t know whether to or how to account for long-time owners who purchased at much lower levels than today and who (except for their current equity) could not afford to buy their own $1 Mil+ home today.

[(former)FormerSanDiegan]

If you look at Esmith’s blog he shows a distribution of home prices in San Diego.
http://sdhpi.blogspot.com/

According to his estimates the $1 Mil mark is about 10-12% of the homes as of April 2008.

As of 2006, Census Bureau shows about 5.25% of San Diego households have income exceeding 200K. At 200K income one would need a sizeable (~25%) down payment to afford a $1 Mil house.

So, the number of households who can afford $1Mil or more must be less than the number of homes valued at 1 Mil +.

I would not make any conclusions or assumptions based on this. At least the number of $1 MIl + homes is only about 2X the number of people who might marginally be able to afford it.

I don’t know whether to or how to account for long-time owners who purchased at much lower levels than today and who (except for their current equity) could not afford to buy their own $1 Mil+ home today.

[cr]

Tell your realtor you’re waiting for the influx of summer inventory to see more $1MM homes, and that you believe they will actually fall below $1MM. If he laughs at you, I’d recommend a new realtor too.

[cr]

Tell your realtor you’re waiting for the influx of summer inventory to see more $1MM homes, and that you believe they will actually fall below $1MM. If he laughs at you, I’d recommend a new realtor too.

[cr]

Tell your realtor you’re waiting for the influx of summer inventory to see more $1MM homes, and that you believe they will actually fall below $1MM. If he laughs at you, I’d recommend a new realtor too.

[cr]

Tell your realtor you’re waiting for the influx of summer inventory to see more $1MM homes, and that you believe they will actually fall below $1MM. If he laughs at you, I’d recommend a new realtor too.

[cr]

Tell your realtor you’re waiting for the influx of summer inventory to see more $1MM homes, and that you believe they will actually fall below $1MM. If he laughs at you, I’d recommend a new realtor too.

[(former)FormerSanDiegan]

I think the agent is correct.

The number of $1M+ homes on the market is declining.
They are becoming $900K homes.

[(former)FormerSanDiegan]

I think the agent is correct.

The number of $1M+ homes on the market is declining.
They are becoming $900K homes.

[(former)FormerSanDiegan]

I think the agent is correct.

The number of $1M+ homes on the market is declining.
They are becoming $900K homes.

[(former)FormerSanDiegan]

I think the agent is correct.

The number of $1M+ homes on the market is declining.
They are becoming $900K homes.

[Author]

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