Qualifying income for $1m – quaint?

[kev374]

as far as I can see, the top end of the market is experiencing the most price drops at least here in South Orange County. I have seen $1.2 million houses purchased in 2005 listed now for a loss at $900k. A lot of speculators in that market as well. The top end is getting hammered just like the lower tiers.

As for the statistic about so many buyers for top end homes, using that view is erroneous. I would bet that MOST people with $1 mil. liquid net worth are already homeowners and not creating any significant new demand.

[kev374]

as far as I can see, the top end of the market is experiencing the most price drops at least here in South Orange County. I have seen $1.2 million houses purchased in 2005 listed now for a loss at $900k. A lot of speculators in that market as well. The top end is getting hammered just like the lower tiers.

As for the statistic about so many buyers for top end homes, using that view is erroneous. I would bet that MOST people with $1 mil. liquid net worth are already homeowners and not creating any significant new demand.

[Alex_angel]

Kev,
You’d be surprised at how many easy coast millionaires simply buy homes here as a retreat. Huge chunks of the coastal properties are second or vacation home for the richie riches of this world.

[Alex_angel]

Kev,
You’d be surprised at how many easy coast millionaires simply buy homes here as a retreat. Huge chunks of the coastal properties are second or vacation home for the richie riches of this world.

[Alex_angel]

Kev,
You’d be surprised at how many easy coast millionaires simply buy homes here as a retreat. Huge chunks of the coastal properties are second or vacation home for the richie riches of this world.

[Alex_angel]

Kev,
You’d be surprised at how many easy coast millionaires simply buy homes here as a retreat. Huge chunks of the coastal properties are second or vacation home for the richie riches of this world.

[cyphire]

I lived down by the water in La Jolla – lots of the homes where I rented were 3rd or 4th homes for out of towners. Where I lived previously in the North County, 2 of my neighbors were from Chicago and only came there in the winter. It’s a crazy world out there.

Alex_Angel… Where are : “People are still trying to outbid each other on homes” happening?

I don’t see it.

The market is where I expected it to be, and has a lot more dropping to do (at least a few years).

[cyphire]

I lived down by the water in La Jolla – lots of the homes where I rented were 3rd or 4th homes for out of towners. Where I lived previously in the North County, 2 of my neighbors were from Chicago and only came there in the winter. It’s a crazy world out there.

Alex_Angel… Where are : “People are still trying to outbid each other on homes” happening?

I don’t see it.

The market is where I expected it to be, and has a lot more dropping to do (at least a few years).

[cyphire]

I lived down by the water in La Jolla – lots of the homes where I rented were 3rd or 4th homes for out of towners. Where I lived previously in the North County, 2 of my neighbors were from Chicago and only came there in the winter. It’s a crazy world out there.

Alex_Angel… Where are : “People are still trying to outbid each other on homes” happening?

I don’t see it.

The market is where I expected it to be, and has a lot more dropping to do (at least a few years).

[cyphire]

I lived down by the water in La Jolla – lots of the homes where I rented were 3rd or 4th homes for out of towners. Where I lived previously in the North County, 2 of my neighbors were from Chicago and only came there in the winter. It’s a crazy world out there.

Alex_Angel… Where are : “People are still trying to outbid each other on homes” happening?

I don’t see it.

The market is where I expected it to be, and has a lot more dropping to do (at least a few years).

[Author]

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