Point Loma reducing a little

[jpinpb]

Well, last year there were people saying that the good areas can hold out and won’t see much if any declines. I’m seeing it, not just in 92106, but other ZIPs as well. These are just a few recent listings that caught my eye. I’ve even seen some listings 30+% off peak in 92103.

Since I didn’t see these kind of declines last year, I’m suspecting they are starting in the high end and it wouldn’t surprise me if they continue. Sooner or later people run out of wherewithal and I would not assume the bubble was just in the mid-range pricing. I imagine there were a few that got lured into buying during the bubble in the high end.

Regardless of the type of property or condition or view or not, a year or two ago, there were no reductions and sellers had their heels in the ground. Seems a little different out there right now. Unless things really improve in our economy, I can’t imagine we wouldn’t see some more declines.

[javatestcase]

I agree JP. A lot of houses in the “nice areas” of PL and OB had some decent closing prices. Some of places are closing 20% or so down from their original listing prices.

I think you may be right about this being a good time to buy in PLOB. Like a lot of good areas, low turnover kept prices high longer, but the slow summer brought some realism to the market. However inventory has dropped, so that downward pressure may not continue (unless there is another bad summer.)

Armed with much better comps, buyers agents should be negotiating from a much better position. Especially with a lot of places out there 100+ DOM.

BTW, Do you just monitor the peninsula as a hobby, or are you planning to swoop down from PB and scoop up a place?

[javatestcase]

I agree JP. A lot of houses in the “nice areas” of PL and OB had some decent closing prices. Some of places are closing 20% or so down from their original listing prices.

I think you may be right about this being a good time to buy in PLOB. Like a lot of good areas, low turnover kept prices high longer, but the slow summer brought some realism to the market. However inventory has dropped, so that downward pressure may not continue (unless there is another bad summer.)

Armed with much better comps, buyers agents should be negotiating from a much better position. Especially with a lot of places out there 100+ DOM.

BTW, Do you just monitor the peninsula as a hobby, or are you planning to swoop down from PB and scoop up a place?

[javatestcase]

I agree JP. A lot of houses in the “nice areas” of PL and OB had some decent closing prices. Some of places are closing 20% or so down from their original listing prices.

I think you may be right about this being a good time to buy in PLOB. Like a lot of good areas, low turnover kept prices high longer, but the slow summer brought some realism to the market. However inventory has dropped, so that downward pressure may not continue (unless there is another bad summer.)

Armed with much better comps, buyers agents should be negotiating from a much better position. Especially with a lot of places out there 100+ DOM.

BTW, Do you just monitor the peninsula as a hobby, or are you planning to swoop down from PB and scoop up a place?

[javatestcase]

I agree JP. A lot of houses in the “nice areas” of PL and OB had some decent closing prices. Some of places are closing 20% or so down from their original listing prices.

I think you may be right about this being a good time to buy in PLOB. Like a lot of good areas, low turnover kept prices high longer, but the slow summer brought some realism to the market. However inventory has dropped, so that downward pressure may not continue (unless there is another bad summer.)

Armed with much better comps, buyers agents should be negotiating from a much better position. Especially with a lot of places out there 100+ DOM.

BTW, Do you just monitor the peninsula as a hobby, or are you planning to swoop down from PB and scoop up a place?

[javatestcase]

I agree JP. A lot of houses in the “nice areas” of PL and OB had some decent closing prices. Some of places are closing 20% or so down from their original listing prices.

I think you may be right about this being a good time to buy in PLOB. Like a lot of good areas, low turnover kept prices high longer, but the slow summer brought some realism to the market. However inventory has dropped, so that downward pressure may not continue (unless there is another bad summer.)

Armed with much better comps, buyers agents should be negotiating from a much better position. Especially with a lot of places out there 100+ DOM.

BTW, Do you just monitor the peninsula as a hobby, or are you planning to swoop down from PB and scoop up a place?

[desmond]

It is becoming obvious that some homeowners on this board are trying to keep their home values up with keystrokes, or just trying to prove that they are so much smarter than the slobs believing home values still have declines ahead. I think they are still falling, I saw this on Mish today:

It’s far easier to make up for lost opportunities than to make up for catastrophic losses

[desmond]

It is becoming obvious that some homeowners on this board are trying to keep their home values up with keystrokes, or just trying to prove that they are so much smarter than the slobs believing home values still have declines ahead. I think they are still falling, I saw this on Mish today:

It’s far easier to make up for lost opportunities than to make up for catastrophic losses

[desmond]

It is becoming obvious that some homeowners on this board are trying to keep their home values up with keystrokes, or just trying to prove that they are so much smarter than the slobs believing home values still have declines ahead. I think they are still falling, I saw this on Mish today:

It’s far easier to make up for lost opportunities than to make up for catastrophic losses

[desmond]

It is becoming obvious that some homeowners on this board are trying to keep their home values up with keystrokes, or just trying to prove that they are so much smarter than the slobs believing home values still have declines ahead. I think they are still falling, I saw this on Mish today:

It’s far easier to make up for lost opportunities than to make up for catastrophic losses

[desmond]

It is becoming obvious that some homeowners on this board are trying to keep their home values up with keystrokes, or just trying to prove that they are so much smarter than the slobs believing home values still have declines ahead. I think they are still falling, I saw this on Mish today:

It’s far easier to make up for lost opportunities than to make up for catastrophic losses

[jpinpb]

LOL. javatestcase – I’ve become quite disenchanted w/PB. It was good for a while and maybe I just was holding on to what it was, but the City of SD keeps allowing SFR to be mowed down and allowing developers to build 4 to 6 townhomes in its place. Okay. Fine if you’re going to do that. The developer pays whatever the high permits cost to do it. Passes his bill to whoever buys the townhomes for 500k+.

BUT, the City does nothing to improve the infrastructure. The water and sewer mains keep breaking. The same 2 main streets out of PB (Grand and Garnet) are just jammed up w/traffic, especially rush hour. The congestion in PB is just ridiculous. The City has done nothing to improve this, despite allowing rampant building to continue.

Add all that to the other problems that have continued due to the excessive alcohol permits issued to bars and restaurants and all the incidents associated w/that, the DUIs, etc, etc. Well, it’s just too much for me. I’ve even seen some places for sale that have been tempting, but in the end, I decided against it.

[jpinpb]

LOL. javatestcase – I’ve become quite disenchanted w/PB. It was good for a while and maybe I just was holding on to what it was, but the City of SD keeps allowing SFR to be mowed down and allowing developers to build 4 to 6 townhomes in its place. Okay. Fine if you’re going to do that. The developer pays whatever the high permits cost to do it. Passes his bill to whoever buys the townhomes for 500k+.

BUT, the City does nothing to improve the infrastructure. The water and sewer mains keep breaking. The same 2 main streets out of PB (Grand and Garnet) are just jammed up w/traffic, especially rush hour. The congestion in PB is just ridiculous. The City has done nothing to improve this, despite allowing rampant building to continue.

Add all that to the other problems that have continued due to the excessive alcohol permits issued to bars and restaurants and all the incidents associated w/that, the DUIs, etc, etc. Well, it’s just too much for me. I’ve even seen some places for sale that have been tempting, but in the end, I decided against it.

[jpinpb]

LOL. javatestcase – I’ve become quite disenchanted w/PB. It was good for a while and maybe I just was holding on to what it was, but the City of SD keeps allowing SFR to be mowed down and allowing developers to build 4 to 6 townhomes in its place. Okay. Fine if you’re going to do that. The developer pays whatever the high permits cost to do it. Passes his bill to whoever buys the townhomes for 500k+.

BUT, the City does nothing to improve the infrastructure. The water and sewer mains keep breaking. The same 2 main streets out of PB (Grand and Garnet) are just jammed up w/traffic, especially rush hour. The congestion in PB is just ridiculous. The City has done nothing to improve this, despite allowing rampant building to continue.

Add all that to the other problems that have continued due to the excessive alcohol permits issued to bars and restaurants and all the incidents associated w/that, the DUIs, etc, etc. Well, it’s just too much for me. I’ve even seen some places for sale that have been tempting, but in the end, I decided against it.

[jpinpb]

LOL. javatestcase – I’ve become quite disenchanted w/PB. It was good for a while and maybe I just was holding on to what it was, but the City of SD keeps allowing SFR to be mowed down and allowing developers to build 4 to 6 townhomes in its place. Okay. Fine if you’re going to do that. The developer pays whatever the high permits cost to do it. Passes his bill to whoever buys the townhomes for 500k+.

BUT, the City does nothing to improve the infrastructure. The water and sewer mains keep breaking. The same 2 main streets out of PB (Grand and Garnet) are just jammed up w/traffic, especially rush hour. The congestion in PB is just ridiculous. The City has done nothing to improve this, despite allowing rampant building to continue.

Add all that to the other problems that have continued due to the excessive alcohol permits issued to bars and restaurants and all the incidents associated w/that, the DUIs, etc, etc. Well, it’s just too much for me. I’ve even seen some places for sale that have been tempting, but in the end, I decided against it.

[Author]

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