Pain in La Jolla

[XBoxBoy]

A new contestant! Ah yes, it looks like time for a round of Pain In La Jolla!

Today’s contestant bought in a nice area by UCSD in Dec. 2006 for a low price of $1,200,000. And now they’ve sold for a paltry $1,000,000. A 17% loss.

Actually, not that bad a loss in comparison to other parts of San Diego. But then again, I don’t expect the same level of distress in La Jolla as in other areas. But it definitely shows that the upper end is getting hit too.

Here’s the details

http://www.sdlookup.com/Property-8FF847DD-8835_Robinhood_Ln_La_Jolla_CA_92037

XBoxBoy

[Huckleberry]

Me thinks awombadavis purchased in PB at the top of the market and is in denial that values will eventually drop substantially in that neighborhood just like all the others in SD.

I agree with other posts, there are going to be lots of nice places available to those with cash on the sidelines. Mark my words, there is going to be a monumental meltdown once Alt-A and pay option ARMs start resetting from ’09-’11. These loans are a LOT of speculators that purchased in PB that are going to walk away from their debt obligations and send PB properties back to the banks.

There will be lots of opportunities to purchase NICE homes in PB in the next few years, GUARANTEED!

[Huckleberry]

Me thinks awombadavis purchased in PB at the top of the market and is in denial that values will eventually drop substantially in that neighborhood just like all the others in SD.

I agree with other posts, there are going to be lots of nice places available to those with cash on the sidelines. Mark my words, there is going to be a monumental meltdown once Alt-A and pay option ARMs start resetting from ’09-’11. These loans are a LOT of speculators that purchased in PB that are going to walk away from their debt obligations and send PB properties back to the banks.

There will be lots of opportunities to purchase NICE homes in PB in the next few years, GUARANTEED!

[Huckleberry]

Me thinks awombadavis purchased in PB at the top of the market and is in denial that values will eventually drop substantially in that neighborhood just like all the others in SD.

I agree with other posts, there are going to be lots of nice places available to those with cash on the sidelines. Mark my words, there is going to be a monumental meltdown once Alt-A and pay option ARMs start resetting from ’09-’11. These loans are a LOT of speculators that purchased in PB that are going to walk away from their debt obligations and send PB properties back to the banks.

There will be lots of opportunities to purchase NICE homes in PB in the next few years, GUARANTEED!

[Huckleberry]

Me thinks awombadavis purchased in PB at the top of the market and is in denial that values will eventually drop substantially in that neighborhood just like all the others in SD.

I agree with other posts, there are going to be lots of nice places available to those with cash on the sidelines. Mark my words, there is going to be a monumental meltdown once Alt-A and pay option ARMs start resetting from ’09-’11. These loans are a LOT of speculators that purchased in PB that are going to walk away from their debt obligations and send PB properties back to the banks.

There will be lots of opportunities to purchase NICE homes in PB in the next few years, GUARANTEED!

[Huckleberry]

Me thinks awombadavis purchased in PB at the top of the market and is in denial that values will eventually drop substantially in that neighborhood just like all the others in SD.

I agree with other posts, there are going to be lots of nice places available to those with cash on the sidelines. Mark my words, there is going to be a monumental meltdown once Alt-A and pay option ARMs start resetting from ’09-’11. These loans are a LOT of speculators that purchased in PB that are going to walk away from their debt obligations and send PB properties back to the banks.

There will be lots of opportunities to purchase NICE homes in PB in the next few years, GUARANTEED!

[Anonymous]

You “thinks” wrong. I’ve owned my home for several years… I have a very high income and a very secure job, as does my spouse, and I am not a player at all in this market. I’m not buying or selling. If all you doom and gloom people are correct, which I seriously doubt, I’ll actually keep my property and buy another one.

Good luck to you in picking up a “NICE” home in PB. I don’t know what your definition of that is, since you were not specific. I’d say $700 for a 1200 sq. ft. in an OK location, no updates is about as good as it will get. Obviously cheaper in the crappy spots, but I wouldn’t call that “NICE.”

Oh, and I’d guess you’re a renter.

[Anonymous]

You “thinks” wrong. I’ve owned my home for several years… I have a very high income and a very secure job, as does my spouse, and I am not a player at all in this market. I’m not buying or selling. If all you doom and gloom people are correct, which I seriously doubt, I’ll actually keep my property and buy another one.

Good luck to you in picking up a “NICE” home in PB. I don’t know what your definition of that is, since you were not specific. I’d say $700 for a 1200 sq. ft. in an OK location, no updates is about as good as it will get. Obviously cheaper in the crappy spots, but I wouldn’t call that “NICE.”

Oh, and I’d guess you’re a renter.

[Anonymous]

You “thinks” wrong. I’ve owned my home for several years… I have a very high income and a very secure job, as does my spouse, and I am not a player at all in this market. I’m not buying or selling. If all you doom and gloom people are correct, which I seriously doubt, I’ll actually keep my property and buy another one.

Good luck to you in picking up a “NICE” home in PB. I don’t know what your definition of that is, since you were not specific. I’d say $700 for a 1200 sq. ft. in an OK location, no updates is about as good as it will get. Obviously cheaper in the crappy spots, but I wouldn’t call that “NICE.”

Oh, and I’d guess you’re a renter.

[Anonymous]

You “thinks” wrong. I’ve owned my home for several years… I have a very high income and a very secure job, as does my spouse, and I am not a player at all in this market. I’m not buying or selling. If all you doom and gloom people are correct, which I seriously doubt, I’ll actually keep my property and buy another one.

Good luck to you in picking up a “NICE” home in PB. I don’t know what your definition of that is, since you were not specific. I’d say $700 for a 1200 sq. ft. in an OK location, no updates is about as good as it will get. Obviously cheaper in the crappy spots, but I wouldn’t call that “NICE.”

Oh, and I’d guess you’re a renter.

[Anonymous]

You “thinks” wrong. I’ve owned my home for several years… I have a very high income and a very secure job, as does my spouse, and I am not a player at all in this market. I’m not buying or selling. If all you doom and gloom people are correct, which I seriously doubt, I’ll actually keep my property and buy another one.

Good luck to you in picking up a “NICE” home in PB. I don’t know what your definition of that is, since you were not specific. I’d say $700 for a 1200 sq. ft. in an OK location, no updates is about as good as it will get. Obviously cheaper in the crappy spots, but I wouldn’t call that “NICE.”

Oh, and I’d guess you’re a renter.

[jpinpb]

I’m amused by homeowners who attach some stigma to renters. I own real estate (among stocks and savings – w/little debt)commercial lot, 5 acres, a lot in Julian and a lot in Utah, and a condo on the East Coast – free and clear. I also owned 2 houses in the past, which I’ve sold. Now I rent.

Renting can be a choice. Renting makes sense when it’s considerably less than what a bubblicious mortgage would cost monthly. Though I want to buy a house again, I must say renting is liberating.

Seems from some posts there are more homeowners bitter about the falling market than some renters were when prices were increasing.

Edit: Maybe now the new acronym should be FBB.

[jpinpb]

I’m amused by homeowners who attach some stigma to renters. I own real estate (among stocks and savings – w/little debt)commercial lot, 5 acres, a lot in Julian and a lot in Utah, and a condo on the East Coast – free and clear. I also owned 2 houses in the past, which I’ve sold. Now I rent.

Renting can be a choice. Renting makes sense when it’s considerably less than what a bubblicious mortgage would cost monthly. Though I want to buy a house again, I must say renting is liberating.

Seems from some posts there are more homeowners bitter about the falling market than some renters were when prices were increasing.

Edit: Maybe now the new acronym should be FBB.

[jpinpb]

I’m amused by homeowners who attach some stigma to renters. I own real estate (among stocks and savings – w/little debt)commercial lot, 5 acres, a lot in Julian and a lot in Utah, and a condo on the East Coast – free and clear. I also owned 2 houses in the past, which I’ve sold. Now I rent.

Renting can be a choice. Renting makes sense when it’s considerably less than what a bubblicious mortgage would cost monthly. Though I want to buy a house again, I must say renting is liberating.

Seems from some posts there are more homeowners bitter about the falling market than some renters were when prices were increasing.

Edit: Maybe now the new acronym should be FBB.

[jpinpb]

I’m amused by homeowners who attach some stigma to renters. I own real estate (among stocks and savings – w/little debt)commercial lot, 5 acres, a lot in Julian and a lot in Utah, and a condo on the East Coast – free and clear. I also owned 2 houses in the past, which I’ve sold. Now I rent.

Renting can be a choice. Renting makes sense when it’s considerably less than what a bubblicious mortgage would cost monthly. Though I want to buy a house again, I must say renting is liberating.

Seems from some posts there are more homeowners bitter about the falling market than some renters were when prices were increasing.

Edit: Maybe now the new acronym should be FBB.

[Author]

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