Pain in La Jolla

[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.

[La Jolla Renter]

How the $650k PB condo works…

20, 30 something gets down payment from parents, buys 650k condo, has 2 roommates/friends pay $750k a month each, 75% of income goes to housing, 25% toward car and wave runner, lives off the $1500 cash he doesn’t claim with uncle sam.

Side note… owner and 2 roommates park on the street because no parking in front of 650k tandem garage which house wave runner, beach cruisers, & skateboards.

Did I miss anything?

[La Jolla Renter]

How the $650k PB condo works…

20, 30 something gets down payment from parents, buys 650k condo, has 2 roommates/friends pay $750k a month each, 75% of income goes to housing, 25% toward car and wave runner, lives off the $1500 cash he doesn’t claim with uncle sam.

Side note… owner and 2 roommates park on the street because no parking in front of 650k tandem garage which house wave runner, beach cruisers, & skateboards.

Did I miss anything?

[La Jolla Renter]

How the $650k PB condo works…

20, 30 something gets down payment from parents, buys 650k condo, has 2 roommates/friends pay $750k a month each, 75% of income goes to housing, 25% toward car and wave runner, lives off the $1500 cash he doesn’t claim with uncle sam.

Side note… owner and 2 roommates park on the street because no parking in front of 650k tandem garage which house wave runner, beach cruisers, & skateboards.

Did I miss anything?

[La Jolla Renter]

How the $650k PB condo works…

20, 30 something gets down payment from parents, buys 650k condo, has 2 roommates/friends pay $750k a month each, 75% of income goes to housing, 25% toward car and wave runner, lives off the $1500 cash he doesn’t claim with uncle sam.

Side note… owner and 2 roommates park on the street because no parking in front of 650k tandem garage which house wave runner, beach cruisers, & skateboards.

Did I miss anything?

[La Jolla Renter]

How the $650k PB condo works…

20, 30 something gets down payment from parents, buys 650k condo, has 2 roommates/friends pay $750k a month each, 75% of income goes to housing, 25% toward car and wave runner, lives off the $1500 cash he doesn’t claim with uncle sam.

Side note… owner and 2 roommates park on the street because no parking in front of 650k tandem garage which house wave runner, beach cruisers, & skateboards.

Did I miss anything?

[jpinpb]

All I can do is laugh. I’m not clairevoyant, but I’m getting neurotic about watching the market in PB. Decline is happening and will continue. I’m not worried about that at all. I’m worried I might see something I really like and emotions take over and I buy today and prices will go down even more and I’ll regret it. That scares me way more than the fear that prices will remain this level, much less go up. Question is how low and I feel comfortable saying 2002 prices can happen in a year or so from what I’ve been seeing. Like I say, something has to drastically happen to not only stop it, but reverse it.

This incline did not happen over night. It happened over the course of what, 2001-2006. In not quite 2 years we have seen price declines and we are not halfway through this whole subprime mess.

BTW, some of the default notices on places in PB are going to addresses other than what the default is on, i.e. investors w/other properties. And that doesn’t surprise me. Investors renting their units out.

Also, many of the loans on the default notices that I see were taken in 2005. Wonder when the 2006 loans start defaulting. What will happen then?

Stand by to stand by.

[jpinpb]

All I can do is laugh. I’m not clairevoyant, but I’m getting neurotic about watching the market in PB. Decline is happening and will continue. I’m not worried about that at all. I’m worried I might see something I really like and emotions take over and I buy today and prices will go down even more and I’ll regret it. That scares me way more than the fear that prices will remain this level, much less go up. Question is how low and I feel comfortable saying 2002 prices can happen in a year or so from what I’ve been seeing. Like I say, something has to drastically happen to not only stop it, but reverse it.

This incline did not happen over night. It happened over the course of what, 2001-2006. In not quite 2 years we have seen price declines and we are not halfway through this whole subprime mess.

BTW, some of the default notices on places in PB are going to addresses other than what the default is on, i.e. investors w/other properties. And that doesn’t surprise me. Investors renting their units out.

Also, many of the loans on the default notices that I see were taken in 2005. Wonder when the 2006 loans start defaulting. What will happen then?

Stand by to stand by.

[jpinpb]

All I can do is laugh. I’m not clairevoyant, but I’m getting neurotic about watching the market in PB. Decline is happening and will continue. I’m not worried about that at all. I’m worried I might see something I really like and emotions take over and I buy today and prices will go down even more and I’ll regret it. That scares me way more than the fear that prices will remain this level, much less go up. Question is how low and I feel comfortable saying 2002 prices can happen in a year or so from what I’ve been seeing. Like I say, something has to drastically happen to not only stop it, but reverse it.

This incline did not happen over night. It happened over the course of what, 2001-2006. In not quite 2 years we have seen price declines and we are not halfway through this whole subprime mess.

BTW, some of the default notices on places in PB are going to addresses other than what the default is on, i.e. investors w/other properties. And that doesn’t surprise me. Investors renting their units out.

Also, many of the loans on the default notices that I see were taken in 2005. Wonder when the 2006 loans start defaulting. What will happen then?

Stand by to stand by.

[jpinpb]

All I can do is laugh. I’m not clairevoyant, but I’m getting neurotic about watching the market in PB. Decline is happening and will continue. I’m not worried about that at all. I’m worried I might see something I really like and emotions take over and I buy today and prices will go down even more and I’ll regret it. That scares me way more than the fear that prices will remain this level, much less go up. Question is how low and I feel comfortable saying 2002 prices can happen in a year or so from what I’ve been seeing. Like I say, something has to drastically happen to not only stop it, but reverse it.

This incline did not happen over night. It happened over the course of what, 2001-2006. In not quite 2 years we have seen price declines and we are not halfway through this whole subprime mess.

BTW, some of the default notices on places in PB are going to addresses other than what the default is on, i.e. investors w/other properties. And that doesn’t surprise me. Investors renting their units out.

Also, many of the loans on the default notices that I see were taken in 2005. Wonder when the 2006 loans start defaulting. What will happen then?

Stand by to stand by.

[jpinpb]

All I can do is laugh. I’m not clairevoyant, but I’m getting neurotic about watching the market in PB. Decline is happening and will continue. I’m not worried about that at all. I’m worried I might see something I really like and emotions take over and I buy today and prices will go down even more and I’ll regret it. That scares me way more than the fear that prices will remain this level, much less go up. Question is how low and I feel comfortable saying 2002 prices can happen in a year or so from what I’ve been seeing. Like I say, something has to drastically happen to not only stop it, but reverse it.

This incline did not happen over night. It happened over the course of what, 2001-2006. In not quite 2 years we have seen price declines and we are not halfway through this whole subprime mess.

BTW, some of the default notices on places in PB are going to addresses other than what the default is on, i.e. investors w/other properties. And that doesn’t surprise me. Investors renting their units out.

Also, many of the loans on the default notices that I see were taken in 2005. Wonder when the 2006 loans start defaulting. What will happen then?

Stand by to stand by.

[Anonymous]

What do you think a decent SFH in PB is going to go for to be affordable for the middle class? I’m talking about the areas where people actually want to live, not on Ingraham or in the hood near Mission Bay High. I just don’t see it happening.

[Anonymous]

What do you think a decent SFH in PB is going to go for to be affordable for the middle class? I’m talking about the areas where people actually want to live, not on Ingraham or in the hood near Mission Bay High. I just don’t see it happening.

[Anonymous]

What do you think a decent SFH in PB is going to go for to be affordable for the middle class? I’m talking about the areas where people actually want to live, not on Ingraham or in the hood near Mission Bay High. I just don’t see it happening.

[Anonymous]

What do you think a decent SFH in PB is going to go for to be affordable for the middle class? I’m talking about the areas where people actually want to live, not on Ingraham or in the hood near Mission Bay High. I just don’t see it happening.

[Author]

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