Pain in La Jolla

[34f3f3f]

If some people are prepared to pay these sorts of prices, and no doubt there are a few, that’s pretty desperate, and wherever there is desperation, it’s an indication that it’s neither the time not place to be looking. The notion that it’s still a great time to buy in places where prices are still appreciating is history. Buyers with any grasp of reality don’t want to hear that. Every time a Realtor tells me that prices are still appreciating, or properties are getting multiple offers, I just walk straight out of the door, because it’s just the same old insanity that got us into this mess in the first place. It doesn’t work as an incentive or pressure in this market anymore. Yes, La Jolla is nice, but not that nice that I’d want to throw stupid money at. No doubt cache is a big part of pricing, and that is probably the hard outer shell that needs more than just a little tap to crack.

[gdcox]

Graham

XBox.
Just a little technicallity. Price drop needs to be quoted in percentage terms to be useful for comparison purposes

[gdcox]

Graham

XBox.
Just a little technicallity. Price drop needs to be quoted in percentage terms to be useful for comparison purposes

[gdcox]

Graham

XBox.
Just a little technicallity. Price drop needs to be quoted in percentage terms to be useful for comparison purposes

[gdcox]

Graham

XBox.
Just a little technicallity. Price drop needs to be quoted in percentage terms to be useful for comparison purposes

[gdcox]

Graham

XBox.
Just a little technicallity. Price drop needs to be quoted in percentage terms to be useful for comparison purposes

[Anonymous]

Awombadavis,

You are correct, i should have stated “looking to buy”. And no, there is no official data on that $250K number. Im just using anecdotal info.

The people i know who are looking to buy, would like to, live in PB are the young professionals in the $70-80K range. 3x 10% down is about $250k ish. That’s all.

If they’re married, they probably would go for a house on the hill @ $500K.

Hey, ill admit, those numbers could easily be wrong.
Im just throwing in a vote that PB will be affordable again to people in that price range. And a decent house on Lajolla will be under $1M.

Patience, 8% ++ interest rates, and the foreclosure wave sweeping towards the coast.

Im not betting $100 or anything on it, im just hoping it happens…….until inventory and foreclosures drop or prices pencil out to rents, im not buying anyway……

Jasper

[Anonymous]

Awombadavis,

You are correct, i should have stated “looking to buy”. And no, there is no official data on that $250K number. Im just using anecdotal info.

The people i know who are looking to buy, would like to, live in PB are the young professionals in the $70-80K range. 3x 10% down is about $250k ish. That’s all.

If they’re married, they probably would go for a house on the hill @ $500K.

Hey, ill admit, those numbers could easily be wrong.
Im just throwing in a vote that PB will be affordable again to people in that price range. And a decent house on Lajolla will be under $1M.

Patience, 8% ++ interest rates, and the foreclosure wave sweeping towards the coast.

Im not betting $100 or anything on it, im just hoping it happens…….until inventory and foreclosures drop or prices pencil out to rents, im not buying anyway……

Jasper

[Anonymous]

Awombadavis,

You are correct, i should have stated “looking to buy”. And no, there is no official data on that $250K number. Im just using anecdotal info.

The people i know who are looking to buy, would like to, live in PB are the young professionals in the $70-80K range. 3x 10% down is about $250k ish. That’s all.

If they’re married, they probably would go for a house on the hill @ $500K.

Hey, ill admit, those numbers could easily be wrong.
Im just throwing in a vote that PB will be affordable again to people in that price range. And a decent house on Lajolla will be under $1M.

Patience, 8% ++ interest rates, and the foreclosure wave sweeping towards the coast.

Im not betting $100 or anything on it, im just hoping it happens…….until inventory and foreclosures drop or prices pencil out to rents, im not buying anyway……

Jasper

[Anonymous]

Awombadavis,

You are correct, i should have stated “looking to buy”. And no, there is no official data on that $250K number. Im just using anecdotal info.

The people i know who are looking to buy, would like to, live in PB are the young professionals in the $70-80K range. 3x 10% down is about $250k ish. That’s all.

If they’re married, they probably would go for a house on the hill @ $500K.

Hey, ill admit, those numbers could easily be wrong.
Im just throwing in a vote that PB will be affordable again to people in that price range. And a decent house on Lajolla will be under $1M.

Patience, 8% ++ interest rates, and the foreclosure wave sweeping towards the coast.

Im not betting $100 or anything on it, im just hoping it happens…….until inventory and foreclosures drop or prices pencil out to rents, im not buying anyway……

Jasper

[Anonymous]

Awombadavis,

You are correct, i should have stated “looking to buy”. And no, there is no official data on that $250K number. Im just using anecdotal info.

The people i know who are looking to buy, would like to, live in PB are the young professionals in the $70-80K range. 3x 10% down is about $250k ish. That’s all.

If they’re married, they probably would go for a house on the hill @ $500K.

Hey, ill admit, those numbers could easily be wrong.
Im just throwing in a vote that PB will be affordable again to people in that price range. And a decent house on Lajolla will be under $1M.

Patience, 8% ++ interest rates, and the foreclosure wave sweeping towards the coast.

Im not betting $100 or anything on it, im just hoping it happens…….until inventory and foreclosures drop or prices pencil out to rents, im not buying anyway……

Jasper

[jpinpb]

“Unfortunately for many, PB likely is not going to be affordable for the middle class again.”

I vehemently disagree. I am watching PB vigilantly and can tell you little cracks are spreading. Condos are taking some major hits and condos are the first to go. Checking on defaults, many turn into foreclosures. Many of the defaults are on the market. The defaults and foreclosures are bringing down comps. In the Plaza alone, I have see prices fall and sit a looong time.

It’s only a matter of time. SFH are selling in the 650-700 range already, at one time were higher. I would not be surprised to see prices next year at 550-600k, townhomes down to 350-400k.

Only an act of God is going to change that. There has to be some miraculous rescue that not only stops what’s in the works, but reverses it.

[jpinpb]

“Unfortunately for many, PB likely is not going to be affordable for the middle class again.”

I vehemently disagree. I am watching PB vigilantly and can tell you little cracks are spreading. Condos are taking some major hits and condos are the first to go. Checking on defaults, many turn into foreclosures. Many of the defaults are on the market. The defaults and foreclosures are bringing down comps. In the Plaza alone, I have see prices fall and sit a looong time.

It’s only a matter of time. SFH are selling in the 650-700 range already, at one time were higher. I would not be surprised to see prices next year at 550-600k, townhomes down to 350-400k.

Only an act of God is going to change that. There has to be some miraculous rescue that not only stops what’s in the works, but reverses it.

[jpinpb]

“Unfortunately for many, PB likely is not going to be affordable for the middle class again.”

I vehemently disagree. I am watching PB vigilantly and can tell you little cracks are spreading. Condos are taking some major hits and condos are the first to go. Checking on defaults, many turn into foreclosures. Many of the defaults are on the market. The defaults and foreclosures are bringing down comps. In the Plaza alone, I have see prices fall and sit a looong time.

It’s only a matter of time. SFH are selling in the 650-700 range already, at one time were higher. I would not be surprised to see prices next year at 550-600k, townhomes down to 350-400k.

Only an act of God is going to change that. There has to be some miraculous rescue that not only stops what’s in the works, but reverses it.

[jpinpb]

“Unfortunately for many, PB likely is not going to be affordable for the middle class again.”

I vehemently disagree. I am watching PB vigilantly and can tell you little cracks are spreading. Condos are taking some major hits and condos are the first to go. Checking on defaults, many turn into foreclosures. Many of the defaults are on the market. The defaults and foreclosures are bringing down comps. In the Plaza alone, I have see prices fall and sit a looong time.

It’s only a matter of time. SFH are selling in the 650-700 range already, at one time were higher. I would not be surprised to see prices next year at 550-600k, townhomes down to 350-400k.

Only an act of God is going to change that. There has to be some miraculous rescue that not only stops what’s in the works, but reverses it.

[Author]

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