Sticky sellers in RSF and Santaluz

[raptorduck]

Every day I read more and more stories about house prices dropping by bigger and bigger percentages, especially in Southern California, including San Diego. Every day I see new reports of negative expectations for the market.

Yet, despite my being in a “quiet” period of my search for a home in SD, I get updates on homes I have toured or am sort of tracking or am closely tracking in Rancho Santa Fe and Santaluz and, with rare exception, I learn that after 50, 100, 200, 300+ days on the market, the seller is still not budging on his/her inflated price.

Now I know that high end markets trail the markets below, but RSF now has between 1.5-2 years inventory! There are some short sales there. Forclosures? And Santaluz is full of empty newly built 6,000sf + McMansions errected by any one of a number of semi-custom high-end home builders. Builders who have the largest new home inventory overhang they have ever had. You might think that they would lower prices to more market responsive levels, particularly since buyers have to breath in hefty Mello Roos taxes for their trouble? Apparently not. In one of the houses I am tracking, they raised the price.

And then I learn after some digging that a few homes I had my eye on in RSF and Santaluz where they “have” dropped the asking price, were bought by flippers for far less than the new asking price, and not that long ago, so that apparent fall is farce.

I suppose if anyone is in a position to play the “who will blink first” game it is me. I can wait another year and perhaps more before I blink. But those sellers’ eyes must be getting dry and tired because they have not blinked and many of these houses I have seen or know about have been on the market most of the year and in some cases longer than that. Now mind you, I see this same thing in the high end markets here in the Bay Area, where it is actually much worse.

Is this just blind denial, irrationality, or are all these sellers sitting on second homes and don’t need to sell, ever?

Curious and yes, vexing somtimes. This just vexes me. Ok, I admit it, I am very vexed. Hence this post.

[SD Realtor]

Raptor I know it is more then a little frustrating. Real Estate is a game that is played over several years and you will continue to see these sorts of shenanigans, especially in the high end areas. No magic pill for you on this one except you should stick to your guns. Don’t be afraid to submit offers well under the asking range. You can submit 100 offers and get 100 no’s but all it takes is one. I know it takes an extraordinary amount of time and energy.

Perhaps just rent down here the first year or two. Again the high end places will come down but as to how much and when? I am not sure. Many will say they will come down just as much as the low end. I am not quite sure I agree but they will come down. The more money they have, the more they can wait. Also the few distress deals that do come up do usually get snapped up.

Flippers ARE still out there.

Yes you are vexed but keep your focus. We will provide the moral support.

SD Realtor

[farbet]

SDRealtor
Do you own a house?
Not to be inquisitive.I remember reading you are still looking or waiting..Maybe I am wrong

[SD Realtor]

Farbet –

Be inquisitive it is okay. Right now I own a condo in Crown Point that was my very first purchase back in the 90’s and it is now a rental. I also own a small 3/2 in Talmadge that used to be a 3/1 but we added a bathroom. After 2 kids we outgrew it, moved out and now that is a rental as well. Had a third rental in Mission Valley that was purchased strictly to be a rental and sold it to my tenant at about 10% under market last Spring. The market for 1/1’s in Mission Valley has deteriorated since then.

Have been renting in 3 rentals since we moved from the Talmadge home back in 05. The first was a rental in PQ, then we rented off of Calle Cristobal in Mira Mesa, now we are renting in Scripps. Wife wants to kill me.

Over the past year I have submitted 5 lowball offers in Scripps but none of them have been accepted. Only one countered and we could not come to terms. I have not submitted any lowball offers on my own behalf for several months now.

There is a home on my cul de sac that is not occupied. The owner was a guy who started a website for job postings here in San Diego. Two years ago or maybe last year he was bought out by Jobbing. He bought a home (in Scripps) on the south side of Pomerado for 1.1M (give or take) and will put his house on the market in the spring for “I think” the mid – high 700’s. It is in a good location and in good shape but to me overpriced. It does comp out to a recent sale in the cul de sac but again, to me that does not mean much in a declining market. The bad thing is that some dufus will most likely pay it and I will still be stuck renting…. and waiting

thenSD Realtor

[Bugs]

The would-be sellers in the high dollar areas mostly have more ability to hold, so there won’t be as much desperation at this point. Give it a couple years after all the spec homes have been sitting around for a while and some of those sellers will figure it out.

[Bugs]

The would-be sellers in the high dollar areas mostly have more ability to hold, so there won’t be as much desperation at this point. Give it a couple years after all the spec homes have been sitting around for a while and some of those sellers will figure it out.

[Bugs]

The would-be sellers in the high dollar areas mostly have more ability to hold, so there won’t be as much desperation at this point. Give it a couple years after all the spec homes have been sitting around for a while and some of those sellers will figure it out.

[Bugs]

The would-be sellers in the high dollar areas mostly have more ability to hold, so there won’t be as much desperation at this point. Give it a couple years after all the spec homes have been sitting around for a while and some of those sellers will figure it out.

[Bugs]

The would-be sellers in the high dollar areas mostly have more ability to hold, so there won’t be as much desperation at this point. Give it a couple years after all the spec homes have been sitting around for a while and some of those sellers will figure it out.

[farbet]

When you buy, then I will buy SDRealtor. Thanks for the posts.By the way news flash

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s ..

Five-year mortgage rate freeze looms

WASHINGTON – Congressional aides say the Bush administration has hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures

These aides, who spoke on condition of anonymity because the details have not yet been released, said the five-year moratorium represented a compromise between desires by banking regulators for a longer time frame of as much as seven years and industry arguments that the freeze should only last one to two years.

Another person familiar with the matter said the rate-freeze plan would apply to borrowers with loans made at the start of 2005 through July 30 of this year with rates that are scheduled to rise between Jan. 1, 2008, and July 31, 2010.

[farbet]

When you buy, then I will buy SDRealtor. Thanks for the posts.By the way news flash

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s ..

Five-year mortgage rate freeze looms

WASHINGTON – Congressional aides say the Bush administration has hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures

These aides, who spoke on condition of anonymity because the details have not yet been released, said the five-year moratorium represented a compromise between desires by banking regulators for a longer time frame of as much as seven years and industry arguments that the freeze should only last one to two years.

Another person familiar with the matter said the rate-freeze plan would apply to borrowers with loans made at the start of 2005 through July 30 of this year with rates that are scheduled to rise between Jan. 1, 2008, and July 31, 2010.

[farbet]

When you buy, then I will buy SDRealtor. Thanks for the posts.By the way news flash

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s ..

Five-year mortgage rate freeze looms

WASHINGTON – Congressional aides say the Bush administration has hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures

These aides, who spoke on condition of anonymity because the details have not yet been released, said the five-year moratorium represented a compromise between desires by banking regulators for a longer time frame of as much as seven years and industry arguments that the freeze should only last one to two years.

Another person familiar with the matter said the rate-freeze plan would apply to borrowers with loans made at the start of 2005 through July 30 of this year with rates that are scheduled to rise between Jan. 1, 2008, and July 31, 2010.

[farbet]

When you buy, then I will buy SDRealtor. Thanks for the posts.By the way news flash

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s ..

Five-year mortgage rate freeze looms

WASHINGTON – Congressional aides say the Bush administration has hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures

These aides, who spoke on condition of anonymity because the details have not yet been released, said the five-year moratorium represented a compromise between desires by banking regulators for a longer time frame of as much as seven years and industry arguments that the freeze should only last one to two years.

Another person familiar with the matter said the rate-freeze plan would apply to borrowers with loans made at the start of 2005 through July 30 of this year with rates that are scheduled to rise between Jan. 1, 2008, and July 31, 2010.

[farbet]

When you buy, then I will buy SDRealtor. Thanks for the posts.By the way news flash

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s ..

Five-year mortgage rate freeze looms

WASHINGTON – Congressional aides say the Bush administration has hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures

These aides, who spoke on condition of anonymity because the details have not yet been released, said the five-year moratorium represented a compromise between desires by banking regulators for a longer time frame of as much as seven years and industry arguments that the freeze should only last one to two years.

Another person familiar with the matter said the rate-freeze plan would apply to borrowers with loans made at the start of 2005 through July 30 of this year with rates that are scheduled to rise between Jan. 1, 2008, and July 31, 2010.

[SD Realtor]

Farbet –

Be inquisitive it is okay. Right now I own a condo in Crown Point that was my very first purchase back in the 90’s and it is now a rental. I also own a small 3/2 in Talmadge that used to be a 3/1 but we added a bathroom. After 2 kids we outgrew it, moved out and now that is a rental as well. Had a third rental in Mission Valley that was purchased strictly to be a rental and sold it to my tenant at about 10% under market last Spring. The market for 1/1’s in Mission Valley has deteriorated since then.

Have been renting in 3 rentals since we moved from the Talmadge home back in 05. The first was a rental in PQ, then we rented off of Calle Cristobal in Mira Mesa, now we are renting in Scripps. Wife wants to kill me.

Over the past year I have submitted 5 lowball offers in Scripps but none of them have been accepted. Only one countered and we could not come to terms. I have not submitted any lowball offers on my own behalf for several months now.

There is a home on my cul de sac that is not occupied. The owner was a guy who started a website for job postings here in San Diego. Two years ago or maybe last year he was bought out by Jobbing. He bought a home (in Scripps) on the south side of Pomerado for 1.1M (give or take) and will put his house on the market in the spring for “I think” the mid – high 700’s. It is in a good location and in good shape but to me overpriced. It does comp out to a recent sale in the cul de sac but again, to me that does not mean much in a declining market. The bad thing is that some dufus will most likely pay it and I will still be stuck renting…. and waiting

thenSD Realtor

[SD Realtor]

Farbet –

Be inquisitive it is okay. Right now I own a condo in Crown Point that was my very first purchase back in the 90’s and it is now a rental. I also own a small 3/2 in Talmadge that used to be a 3/1 but we added a bathroom. After 2 kids we outgrew it, moved out and now that is a rental as well. Had a third rental in Mission Valley that was purchased strictly to be a rental and sold it to my tenant at about 10% under market last Spring. The market for 1/1’s in Mission Valley has deteriorated since then.

Have been renting in 3 rentals since we moved from the Talmadge home back in 05. The first was a rental in PQ, then we rented off of Calle Cristobal in Mira Mesa, now we are renting in Scripps. Wife wants to kill me.

Over the past year I have submitted 5 lowball offers in Scripps but none of them have been accepted. Only one countered and we could not come to terms. I have not submitted any lowball offers on my own behalf for several months now.

There is a home on my cul de sac that is not occupied. The owner was a guy who started a website for job postings here in San Diego. Two years ago or maybe last year he was bought out by Jobbing. He bought a home (in Scripps) on the south side of Pomerado for 1.1M (give or take) and will put his house on the market in the spring for “I think” the mid – high 700’s. It is in a good location and in good shape but to me overpriced. It does comp out to a recent sale in the cul de sac but again, to me that does not mean much in a declining market. The bad thing is that some dufus will most likely pay it and I will still be stuck renting…. and waiting

thenSD Realtor

[SD Realtor]

Farbet –

Be inquisitive it is okay. Right now I own a condo in Crown Point that was my very first purchase back in the 90’s and it is now a rental. I also own a small 3/2 in Talmadge that used to be a 3/1 but we added a bathroom. After 2 kids we outgrew it, moved out and now that is a rental as well. Had a third rental in Mission Valley that was purchased strictly to be a rental and sold it to my tenant at about 10% under market last Spring. The market for 1/1’s in Mission Valley has deteriorated since then.

Have been renting in 3 rentals since we moved from the Talmadge home back in 05. The first was a rental in PQ, then we rented off of Calle Cristobal in Mira Mesa, now we are renting in Scripps. Wife wants to kill me.

Over the past year I have submitted 5 lowball offers in Scripps but none of them have been accepted. Only one countered and we could not come to terms. I have not submitted any lowball offers on my own behalf for several months now.

There is a home on my cul de sac that is not occupied. The owner was a guy who started a website for job postings here in San Diego. Two years ago or maybe last year he was bought out by Jobbing. He bought a home (in Scripps) on the south side of Pomerado for 1.1M (give or take) and will put his house on the market in the spring for “I think” the mid – high 700’s. It is in a good location and in good shape but to me overpriced. It does comp out to a recent sale in the cul de sac but again, to me that does not mean much in a declining market. The bad thing is that some dufus will most likely pay it and I will still be stuck renting…. and waiting

thenSD Realtor

[SD Realtor]

Farbet –

Be inquisitive it is okay. Right now I own a condo in Crown Point that was my very first purchase back in the 90’s and it is now a rental. I also own a small 3/2 in Talmadge that used to be a 3/1 but we added a bathroom. After 2 kids we outgrew it, moved out and now that is a rental as well. Had a third rental in Mission Valley that was purchased strictly to be a rental and sold it to my tenant at about 10% under market last Spring. The market for 1/1’s in Mission Valley has deteriorated since then.

Have been renting in 3 rentals since we moved from the Talmadge home back in 05. The first was a rental in PQ, then we rented off of Calle Cristobal in Mira Mesa, now we are renting in Scripps. Wife wants to kill me.

Over the past year I have submitted 5 lowball offers in Scripps but none of them have been accepted. Only one countered and we could not come to terms. I have not submitted any lowball offers on my own behalf for several months now.

There is a home on my cul de sac that is not occupied. The owner was a guy who started a website for job postings here in San Diego. Two years ago or maybe last year he was bought out by Jobbing. He bought a home (in Scripps) on the south side of Pomerado for 1.1M (give or take) and will put his house on the market in the spring for “I think” the mid – high 700’s. It is in a good location and in good shape but to me overpriced. It does comp out to a recent sale in the cul de sac but again, to me that does not mean much in a declining market. The bad thing is that some dufus will most likely pay it and I will still be stuck renting…. and waiting

thenSD Realtor

[farbet]

SDRealtor
Do you own a house?
Not to be inquisitive.I remember reading you are still looking or waiting..Maybe I am wrong

[farbet]

SDRealtor
Do you own a house?
Not to be inquisitive.I remember reading you are still looking or waiting..Maybe I am wrong

[farbet]

SDRealtor
Do you own a house?
Not to be inquisitive.I remember reading you are still looking or waiting..Maybe I am wrong

[farbet]

SDRealtor
Do you own a house?
Not to be inquisitive.I remember reading you are still looking or waiting..Maybe I am wrong

[SD Realtor]

Raptor I know it is more then a little frustrating. Real Estate is a game that is played over several years and you will continue to see these sorts of shenanigans, especially in the high end areas. No magic pill for you on this one except you should stick to your guns. Don’t be afraid to submit offers well under the asking range. You can submit 100 offers and get 100 no’s but all it takes is one. I know it takes an extraordinary amount of time and energy.

Perhaps just rent down here the first year or two. Again the high end places will come down but as to how much and when? I am not sure. Many will say they will come down just as much as the low end. I am not quite sure I agree but they will come down. The more money they have, the more they can wait. Also the few distress deals that do come up do usually get snapped up.

Flippers ARE still out there.

Yes you are vexed but keep your focus. We will provide the moral support.

SD Realtor

[SD Realtor]

Raptor I know it is more then a little frustrating. Real Estate is a game that is played over several years and you will continue to see these sorts of shenanigans, especially in the high end areas. No magic pill for you on this one except you should stick to your guns. Don’t be afraid to submit offers well under the asking range. You can submit 100 offers and get 100 no’s but all it takes is one. I know it takes an extraordinary amount of time and energy.

Perhaps just rent down here the first year or two. Again the high end places will come down but as to how much and when? I am not sure. Many will say they will come down just as much as the low end. I am not quite sure I agree but they will come down. The more money they have, the more they can wait. Also the few distress deals that do come up do usually get snapped up.

Flippers ARE still out there.

Yes you are vexed but keep your focus. We will provide the moral support.

SD Realtor

[SD Realtor]

Raptor I know it is more then a little frustrating. Real Estate is a game that is played over several years and you will continue to see these sorts of shenanigans, especially in the high end areas. No magic pill for you on this one except you should stick to your guns. Don’t be afraid to submit offers well under the asking range. You can submit 100 offers and get 100 no’s but all it takes is one. I know it takes an extraordinary amount of time and energy.

Perhaps just rent down here the first year or two. Again the high end places will come down but as to how much and when? I am not sure. Many will say they will come down just as much as the low end. I am not quite sure I agree but they will come down. The more money they have, the more they can wait. Also the few distress deals that do come up do usually get snapped up.

Flippers ARE still out there.

Yes you are vexed but keep your focus. We will provide the moral support.

SD Realtor

[SD Realtor]

Raptor I know it is more then a little frustrating. Real Estate is a game that is played over several years and you will continue to see these sorts of shenanigans, especially in the high end areas. No magic pill for you on this one except you should stick to your guns. Don’t be afraid to submit offers well under the asking range. You can submit 100 offers and get 100 no’s but all it takes is one. I know it takes an extraordinary amount of time and energy.

Perhaps just rent down here the first year or two. Again the high end places will come down but as to how much and when? I am not sure. Many will say they will come down just as much as the low end. I am not quite sure I agree but they will come down. The more money they have, the more they can wait. Also the few distress deals that do come up do usually get snapped up.

Flippers ARE still out there.

Yes you are vexed but keep your focus. We will provide the moral support.

SD Realtor

[Navydoc]

I agree with you, it is vexing. I’m watching these areas closely too, and will likely buy in 2009. The one ray of hope I can see comes from the other area I’m watching closely, 4S (see also thread for 3000 sf breaks $700,000 barrier). After reviewing listing almost daily in 91927 I’ve definitely seen a decline in the price point I’m interested in, namely approx $800,000. Homes that were previously listed at low 1 million are now easily in the low $900’s, some into the mid $800’s. I’m really interested in the 5/4 3000+ sq ft range. Posters in the past few weeks have stated that this area is more immune to price declines but in light of recent information some noteable cracks are clearly forming.

The main difference I see between a community like 4S and RSF is it seems like more people will real money and sound financial practices live in RSF, as opposed to more buyers (I think) in 4S using affordability mortgages. From some of your earlier posts it seems as though your interested in a larger house/higher price point than I am, and that kind of home in RSF is probably owned by someone that can actually afford it, hence the price stickiness. I’m sure if you wait a bit longer the same sort of changes will occur in the older high end communities. Some of those sound business practices may lead people to unload their property before it becomes a financial liability. At least I hope so.

[ocrenter]

this is the perfect example of why RSF prices are sticky.

this group went out and bought 15 million worth of homes all highly leveraged, they are trying to sell most of them but finding no buyers. yet these guys continue to be current on the mortgage and taxes.

almost as if you are paying a game of chicken with them. you know they are draining their resources, but they have a firm belief that things will turn around shortly so they keep making the payments and keeping the asking price high up there.

who’s going to blink first?

[raptorduck]

Navydoc. As many people here know, my range is $2-$5 million purchase price, but my sweet spot is really between $3-$4 million because I prefer not to only put down 20%. But, I need a certain size house with certain things for particular reasons in certain areas for other reasons, hence the broad range.

BTW, if you are a Navy doctor, my hat is off to you. I am a Navy veteran and was stationed in SD, when I first fell in love with it. I got sick once and spent 10 days in Balboa Naval Hospital and my doc was great.

OCrenter, I probably could hold off blinking for another years. My wife, however, may grab me by the hair, sweep her hand around over my eyelids, and make me blink by about this time next year.

Alas, blinking does not mean I have to overpay, however, I can blink on a reasonable opportunity.

I am not looking for an investment. I am looking for a home.

[Navydoc]

Did my residency at Balboa, hope to return there after fellowship. And yes, I knew you were looking for much more house than I am. I hope you find it at the price you want.

[Navydoc]

Did my residency at Balboa, hope to return there after fellowship. And yes, I knew you were looking for much more house than I am. I hope you find it at the price you want.

[Navydoc]

Did my residency at Balboa, hope to return there after fellowship. And yes, I knew you were looking for much more house than I am. I hope you find it at the price you want.

[Navydoc]

Did my residency at Balboa, hope to return there after fellowship. And yes, I knew you were looking for much more house than I am. I hope you find it at the price you want.

[Navydoc]

Did my residency at Balboa, hope to return there after fellowship. And yes, I knew you were looking for much more house than I am. I hope you find it at the price you want.

[raptorduck]

Navydoc. As many people here know, my range is $2-$5 million purchase price, but my sweet spot is really between $3-$4 million because I prefer not to only put down 20%. But, I need a certain size house with certain things for particular reasons in certain areas for other reasons, hence the broad range.

BTW, if you are a Navy doctor, my hat is off to you. I am a Navy veteran and was stationed in SD, when I first fell in love with it. I got sick once and spent 10 days in Balboa Naval Hospital and my doc was great.

OCrenter, I probably could hold off blinking for another years. My wife, however, may grab me by the hair, sweep her hand around over my eyelids, and make me blink by about this time next year.

Alas, blinking does not mean I have to overpay, however, I can blink on a reasonable opportunity.

I am not looking for an investment. I am looking for a home.

[raptorduck]

Navydoc. As many people here know, my range is $2-$5 million purchase price, but my sweet spot is really between $3-$4 million because I prefer not to only put down 20%. But, I need a certain size house with certain things for particular reasons in certain areas for other reasons, hence the broad range.

BTW, if you are a Navy doctor, my hat is off to you. I am a Navy veteran and was stationed in SD, when I first fell in love with it. I got sick once and spent 10 days in Balboa Naval Hospital and my doc was great.

OCrenter, I probably could hold off blinking for another years. My wife, however, may grab me by the hair, sweep her hand around over my eyelids, and make me blink by about this time next year.

Alas, blinking does not mean I have to overpay, however, I can blink on a reasonable opportunity.

I am not looking for an investment. I am looking for a home.

[raptorduck]

Navydoc. As many people here know, my range is $2-$5 million purchase price, but my sweet spot is really between $3-$4 million because I prefer not to only put down 20%. But, I need a certain size house with certain things for particular reasons in certain areas for other reasons, hence the broad range.

BTW, if you are a Navy doctor, my hat is off to you. I am a Navy veteran and was stationed in SD, when I first fell in love with it. I got sick once and spent 10 days in Balboa Naval Hospital and my doc was great.

OCrenter, I probably could hold off blinking for another years. My wife, however, may grab me by the hair, sweep her hand around over my eyelids, and make me blink by about this time next year.

Alas, blinking does not mean I have to overpay, however, I can blink on a reasonable opportunity.

I am not looking for an investment. I am looking for a home.

[raptorduck]

Navydoc. As many people here know, my range is $2-$5 million purchase price, but my sweet spot is really between $3-$4 million because I prefer not to only put down 20%. But, I need a certain size house with certain things for particular reasons in certain areas for other reasons, hence the broad range.

BTW, if you are a Navy doctor, my hat is off to you. I am a Navy veteran and was stationed in SD, when I first fell in love with it. I got sick once and spent 10 days in Balboa Naval Hospital and my doc was great.

OCrenter, I probably could hold off blinking for another years. My wife, however, may grab me by the hair, sweep her hand around over my eyelids, and make me blink by about this time next year.

Alas, blinking does not mean I have to overpay, however, I can blink on a reasonable opportunity.

I am not looking for an investment. I am looking for a home.

[ocrenter]

this is the perfect example of why RSF prices are sticky.

this group went out and bought 15 million worth of homes all highly leveraged, they are trying to sell most of them but finding no buyers. yet these guys continue to be current on the mortgage and taxes.

almost as if you are paying a game of chicken with them. you know they are draining their resources, but they have a firm belief that things will turn around shortly so they keep making the payments and keeping the asking price high up there.

who’s going to blink first?

[ocrenter]

this is the perfect example of why RSF prices are sticky.

this group went out and bought 15 million worth of homes all highly leveraged, they are trying to sell most of them but finding no buyers. yet these guys continue to be current on the mortgage and taxes.

almost as if you are paying a game of chicken with them. you know they are draining their resources, but they have a firm belief that things will turn around shortly so they keep making the payments and keeping the asking price high up there.

who’s going to blink first?

[ocrenter]

this is the perfect example of why RSF prices are sticky.

this group went out and bought 15 million worth of homes all highly leveraged, they are trying to sell most of them but finding no buyers. yet these guys continue to be current on the mortgage and taxes.

almost as if you are paying a game of chicken with them. you know they are draining their resources, but they have a firm belief that things will turn around shortly so they keep making the payments and keeping the asking price high up there.

who’s going to blink first?

[ocrenter]

this is the perfect example of why RSF prices are sticky.

this group went out and bought 15 million worth of homes all highly leveraged, they are trying to sell most of them but finding no buyers. yet these guys continue to be current on the mortgage and taxes.

almost as if you are paying a game of chicken with them. you know they are draining their resources, but they have a firm belief that things will turn around shortly so they keep making the payments and keeping the asking price high up there.

who’s going to blink first?

[Navydoc]

I agree with you, it is vexing. I’m watching these areas closely too, and will likely buy in 2009. The one ray of hope I can see comes from the other area I’m watching closely, 4S (see also thread for 3000 sf breaks $700,000 barrier). After reviewing listing almost daily in 91927 I’ve definitely seen a decline in the price point I’m interested in, namely approx $800,000. Homes that were previously listed at low 1 million are now easily in the low $900’s, some into the mid $800’s. I’m really interested in the 5/4 3000+ sq ft range. Posters in the past few weeks have stated that this area is more immune to price declines but in light of recent information some noteable cracks are clearly forming.

The main difference I see between a community like 4S and RSF is it seems like more people will real money and sound financial practices live in RSF, as opposed to more buyers (I think) in 4S using affordability mortgages. From some of your earlier posts it seems as though your interested in a larger house/higher price point than I am, and that kind of home in RSF is probably owned by someone that can actually afford it, hence the price stickiness. I’m sure if you wait a bit longer the same sort of changes will occur in the older high end communities. Some of those sound business practices may lead people to unload their property before it becomes a financial liability. At least I hope so.

[Navydoc]

I agree with you, it is vexing. I’m watching these areas closely too, and will likely buy in 2009. The one ray of hope I can see comes from the other area I’m watching closely, 4S (see also thread for 3000 sf breaks $700,000 barrier). After reviewing listing almost daily in 91927 I’ve definitely seen a decline in the price point I’m interested in, namely approx $800,000. Homes that were previously listed at low 1 million are now easily in the low $900’s, some into the mid $800’s. I’m really interested in the 5/4 3000+ sq ft range. Posters in the past few weeks have stated that this area is more immune to price declines but in light of recent information some noteable cracks are clearly forming.

The main difference I see between a community like 4S and RSF is it seems like more people will real money and sound financial practices live in RSF, as opposed to more buyers (I think) in 4S using affordability mortgages. From some of your earlier posts it seems as though your interested in a larger house/higher price point than I am, and that kind of home in RSF is probably owned by someone that can actually afford it, hence the price stickiness. I’m sure if you wait a bit longer the same sort of changes will occur in the older high end communities. Some of those sound business practices may lead people to unload their property before it becomes a financial liability. At least I hope so.

[Navydoc]

I agree with you, it is vexing. I’m watching these areas closely too, and will likely buy in 2009. The one ray of hope I can see comes from the other area I’m watching closely, 4S (see also thread for 3000 sf breaks $700,000 barrier). After reviewing listing almost daily in 91927 I’ve definitely seen a decline in the price point I’m interested in, namely approx $800,000. Homes that were previously listed at low 1 million are now easily in the low $900’s, some into the mid $800’s. I’m really interested in the 5/4 3000+ sq ft range. Posters in the past few weeks have stated that this area is more immune to price declines but in light of recent information some noteable cracks are clearly forming.

The main difference I see between a community like 4S and RSF is it seems like more people will real money and sound financial practices live in RSF, as opposed to more buyers (I think) in 4S using affordability mortgages. From some of your earlier posts it seems as though your interested in a larger house/higher price point than I am, and that kind of home in RSF is probably owned by someone that can actually afford it, hence the price stickiness. I’m sure if you wait a bit longer the same sort of changes will occur in the older high end communities. Some of those sound business practices may lead people to unload their property before it becomes a financial liability. At least I hope so.

[Navydoc]

I agree with you, it is vexing. I’m watching these areas closely too, and will likely buy in 2009. The one ray of hope I can see comes from the other area I’m watching closely, 4S (see also thread for 3000 sf breaks $700,000 barrier). After reviewing listing almost daily in 91927 I’ve definitely seen a decline in the price point I’m interested in, namely approx $800,000. Homes that were previously listed at low 1 million are now easily in the low $900’s, some into the mid $800’s. I’m really interested in the 5/4 3000+ sq ft range. Posters in the past few weeks have stated that this area is more immune to price declines but in light of recent information some noteable cracks are clearly forming.

The main difference I see between a community like 4S and RSF is it seems like more people will real money and sound financial practices live in RSF, as opposed to more buyers (I think) in 4S using affordability mortgages. From some of your earlier posts it seems as though your interested in a larger house/higher price point than I am, and that kind of home in RSF is probably owned by someone that can actually afford it, hence the price stickiness. I’m sure if you wait a bit longer the same sort of changes will occur in the older high end communities. Some of those sound business practices may lead people to unload their property before it becomes a financial liability. At least I hope so.

[XBoxBoy]

RaptorDuck,

Like you I’m feeling vexed that things aren’t coming down in the high end areas. My wife and I have been watching and waiting to buy in La Jolla for a couple years now. I would have thought that people would have wised up to the popping bubble, but alas no. However, I encourage you to hang tough, I do believe that ultimately things will turn our way.

XBoxBoy

[SD Realtor]

Navydoc you are living up in West LA aren’t you?

xbox and raptor it is impossible or close to impossible to hit the bottom… hopefully by 09 we will be more then halfway down the slope and by that time the higher end sticky people will have softened up some. I to am amazed at the purchasing that still is going on even with the lower volumes.

People have alot of money…

As you said xbox, ultimately it will get there.

Raptor let me know of any secrets you come across with to help keep your wife patient as I am running out of tricks. With each purchase that is made on properties we (my wife and I) eyeball together I can feel her gripping more and more.

She seems to believe there is this magical immunity to the places we want to buy in. Even when she does admit they may drop, she doesn’t care because we will live there for the duration of the kids growing up… I keep fighting the good fight though.

SD Realtor

[Navydoc]

“Navydoc you are living up in West LA aren’t you? ”

No, I’m living in Carson, as it is a mere stone’s throw away from Harbor UCLA, where I’m doing my fellowship in Maternal-Fetal Medicine. I’m Navy sponsored, so as soon as I finish I go where the Navy sends me. Fortunately, as a subspecialist I can only go 4 places: San Diego, Bethesda, Portsmouth or Okinawa. If I go to Okinawa it’s only for 1 year, then go where I want. San Diego is obviosly my first choice, and training on the West coast gives me an advantage to go there.

[Navydoc]

“Navydoc you are living up in West LA aren’t you? ”

No, I’m living in Carson, as it is a mere stone’s throw away from Harbor UCLA, where I’m doing my fellowship in Maternal-Fetal Medicine. I’m Navy sponsored, so as soon as I finish I go where the Navy sends me. Fortunately, as a subspecialist I can only go 4 places: San Diego, Bethesda, Portsmouth or Okinawa. If I go to Okinawa it’s only for 1 year, then go where I want. San Diego is obviosly my first choice, and training on the West coast gives me an advantage to go there.

[Navydoc]

“Navydoc you are living up in West LA aren’t you? ”

No, I’m living in Carson, as it is a mere stone’s throw away from Harbor UCLA, where I’m doing my fellowship in Maternal-Fetal Medicine. I’m Navy sponsored, so as soon as I finish I go where the Navy sends me. Fortunately, as a subspecialist I can only go 4 places: San Diego, Bethesda, Portsmouth or Okinawa. If I go to Okinawa it’s only for 1 year, then go where I want. San Diego is obviosly my first choice, and training on the West coast gives me an advantage to go there.

[Navydoc]

“Navydoc you are living up in West LA aren’t you? ”

No, I’m living in Carson, as it is a mere stone’s throw away from Harbor UCLA, where I’m doing my fellowship in Maternal-Fetal Medicine. I’m Navy sponsored, so as soon as I finish I go where the Navy sends me. Fortunately, as a subspecialist I can only go 4 places: San Diego, Bethesda, Portsmouth or Okinawa. If I go to Okinawa it’s only for 1 year, then go where I want. San Diego is obviosly my first choice, and training on the West coast gives me an advantage to go there.

[Navydoc]

“Navydoc you are living up in West LA aren’t you? ”

No, I’m living in Carson, as it is a mere stone’s throw away from Harbor UCLA, where I’m doing my fellowship in Maternal-Fetal Medicine. I’m Navy sponsored, so as soon as I finish I go where the Navy sends me. Fortunately, as a subspecialist I can only go 4 places: San Diego, Bethesda, Portsmouth or Okinawa. If I go to Okinawa it’s only for 1 year, then go where I want. San Diego is obviosly my first choice, and training on the West coast gives me an advantage to go there.

[raptorduck]

SDRealtor. I don’t know that I can help. My wife started pushing to upgrade homes 2 years after we bought our current one and we have been in it now for 8 years give or take. Her view is that we should live in the most house we can afford. My view is that we should live in the house we “need.”

Because of changed family circumstances, we now need 3 times the house we have, but I don’t want to spend the max I can afford if I can spend much less and get what we need. If I can get that for $2M great, that is what I will do. If I must pay $5M to get what we want, then I will, but no more (could not anyway with a conventional mortgage). I suspect I will find what we want in my sweet range of $3-$4M, preferably on the lower end of that range.

Although I have seen my equity in my current house drop dramatically this past year, I still have well over 55% equity in my current house and I like that feeling. In this market, 20% down won’t buy me much equity after a year or two so I prefer something closer to 25%-35% to buffer further market depreciation in case of emergency (the better buffer is to not overpay to begin with of course). After I buy, I will follow my philosophy of agressively paying down principal above the min payment until I have at least 70%-80% equity, depending on my starting point.

[TheBreeze]

What about the poor Pigg who has been waiting to buy a house since 2004 or so? He may have to wait until 2012 to see a bottom in this market and even then, depending on his preferred location, prices may not get back to the 2004 level.

Home ownership is strictly an economic decision for me, so I can wait forever. However, for buyers that really want to own their own home, well, I don’t know if it would be worth it for them to try to time a bubble. A bubble-sitter could easily wait 5 years from the time they want to buy until the time the market seems reasonable.

For folks that really want to own a home, they need to weigh their “emotional need” for a home versus the economics. Is it worth 5 years in the prime of your life spent waiting to buy a home if you can easily afford it and really want to buy? Probably not for some.

[TheBreeze]

What about the poor Pigg who has been waiting to buy a house since 2004 or so? He may have to wait until 2012 to see a bottom in this market and even then, depending on his preferred location, prices may not get back to the 2004 level.

Home ownership is strictly an economic decision for me, so I can wait forever. However, for buyers that really want to own their own home, well, I don’t know if it would be worth it for them to try to time a bubble. A bubble-sitter could easily wait 5 years from the time they want to buy until the time the market seems reasonable.

For folks that really want to own a home, they need to weigh their “emotional need” for a home versus the economics. Is it worth 5 years in the prime of your life spent waiting to buy a home if you can easily afford it and really want to buy? Probably not for some.

[TheBreeze]

What about the poor Pigg who has been waiting to buy a house since 2004 or so? He may have to wait until 2012 to see a bottom in this market and even then, depending on his preferred location, prices may not get back to the 2004 level.

Home ownership is strictly an economic decision for me, so I can wait forever. However, for buyers that really want to own their own home, well, I don’t know if it would be worth it for them to try to time a bubble. A bubble-sitter could easily wait 5 years from the time they want to buy until the time the market seems reasonable.

For folks that really want to own a home, they need to weigh their “emotional need” for a home versus the economics. Is it worth 5 years in the prime of your life spent waiting to buy a home if you can easily afford it and really want to buy? Probably not for some.

[TheBreeze]

What about the poor Pigg who has been waiting to buy a house since 2004 or so? He may have to wait until 2012 to see a bottom in this market and even then, depending on his preferred location, prices may not get back to the 2004 level.

Home ownership is strictly an economic decision for me, so I can wait forever. However, for buyers that really want to own their own home, well, I don’t know if it would be worth it for them to try to time a bubble. A bubble-sitter could easily wait 5 years from the time they want to buy until the time the market seems reasonable.

For folks that really want to own a home, they need to weigh their “emotional need” for a home versus the economics. Is it worth 5 years in the prime of your life spent waiting to buy a home if you can easily afford it and really want to buy? Probably not for some.

[TheBreeze]

What about the poor Pigg who has been waiting to buy a house since 2004 or so? He may have to wait until 2012 to see a bottom in this market and even then, depending on his preferred location, prices may not get back to the 2004 level.

Home ownership is strictly an economic decision for me, so I can wait forever. However, for buyers that really want to own their own home, well, I don’t know if it would be worth it for them to try to time a bubble. A bubble-sitter could easily wait 5 years from the time they want to buy until the time the market seems reasonable.

For folks that really want to own a home, they need to weigh their “emotional need” for a home versus the economics. Is it worth 5 years in the prime of your life spent waiting to buy a home if you can easily afford it and really want to buy? Probably not for some.

[raptorduck]

SDRealtor. I don’t know that I can help. My wife started pushing to upgrade homes 2 years after we bought our current one and we have been in it now for 8 years give or take. Her view is that we should live in the most house we can afford. My view is that we should live in the house we “need.”

Because of changed family circumstances, we now need 3 times the house we have, but I don’t want to spend the max I can afford if I can spend much less and get what we need. If I can get that for $2M great, that is what I will do. If I must pay $5M to get what we want, then I will, but no more (could not anyway with a conventional mortgage). I suspect I will find what we want in my sweet range of $3-$4M, preferably on the lower end of that range.

Although I have seen my equity in my current house drop dramatically this past year, I still have well over 55% equity in my current house and I like that feeling. In this market, 20% down won’t buy me much equity after a year or two so I prefer something closer to 25%-35% to buffer further market depreciation in case of emergency (the better buffer is to not overpay to begin with of course). After I buy, I will follow my philosophy of agressively paying down principal above the min payment until I have at least 70%-80% equity, depending on my starting point.

[raptorduck]

SDRealtor. I don’t know that I can help. My wife started pushing to upgrade homes 2 years after we bought our current one and we have been in it now for 8 years give or take. Her view is that we should live in the most house we can afford. My view is that we should live in the house we “need.”

Because of changed family circumstances, we now need 3 times the house we have, but I don’t want to spend the max I can afford if I can spend much less and get what we need. If I can get that for $2M great, that is what I will do. If I must pay $5M to get what we want, then I will, but no more (could not anyway with a conventional mortgage). I suspect I will find what we want in my sweet range of $3-$4M, preferably on the lower end of that range.

Although I have seen my equity in my current house drop dramatically this past year, I still have well over 55% equity in my current house and I like that feeling. In this market, 20% down won’t buy me much equity after a year or two so I prefer something closer to 25%-35% to buffer further market depreciation in case of emergency (the better buffer is to not overpay to begin with of course). After I buy, I will follow my philosophy of agressively paying down principal above the min payment until I have at least 70%-80% equity, depending on my starting point.

[raptorduck]

SDRealtor. I don’t know that I can help. My wife started pushing to upgrade homes 2 years after we bought our current one and we have been in it now for 8 years give or take. Her view is that we should live in the most house we can afford. My view is that we should live in the house we “need.”

Because of changed family circumstances, we now need 3 times the house we have, but I don’t want to spend the max I can afford if I can spend much less and get what we need. If I can get that for $2M great, that is what I will do. If I must pay $5M to get what we want, then I will, but no more (could not anyway with a conventional mortgage). I suspect I will find what we want in my sweet range of $3-$4M, preferably on the lower end of that range.

Although I have seen my equity in my current house drop dramatically this past year, I still have well over 55% equity in my current house and I like that feeling. In this market, 20% down won’t buy me much equity after a year or two so I prefer something closer to 25%-35% to buffer further market depreciation in case of emergency (the better buffer is to not overpay to begin with of course). After I buy, I will follow my philosophy of agressively paying down principal above the min payment until I have at least 70%-80% equity, depending on my starting point.

[raptorduck]

SDRealtor. I don’t know that I can help. My wife started pushing to upgrade homes 2 years after we bought our current one and we have been in it now for 8 years give or take. Her view is that we should live in the most house we can afford. My view is that we should live in the house we “need.”

Because of changed family circumstances, we now need 3 times the house we have, but I don’t want to spend the max I can afford if I can spend much less and get what we need. If I can get that for $2M great, that is what I will do. If I must pay $5M to get what we want, then I will, but no more (could not anyway with a conventional mortgage). I suspect I will find what we want in my sweet range of $3-$4M, preferably on the lower end of that range.

Although I have seen my equity in my current house drop dramatically this past year, I still have well over 55% equity in my current house and I like that feeling. In this market, 20% down won’t buy me much equity after a year or two so I prefer something closer to 25%-35% to buffer further market depreciation in case of emergency (the better buffer is to not overpay to begin with of course). After I buy, I will follow my philosophy of agressively paying down principal above the min payment until I have at least 70%-80% equity, depending on my starting point.

[XBoxBoy]

SD Realtor wrote: Let me know of any secrets you come across with to help keep your wife patient as I am running out of tricks.

To all those with this problem let me say that the solution I found that worked the best was to go rent a really nice place. (With a big emphasis on the word nice!) My wife was really after me to buy, putting on daily pressure, but I was reluctant for all the reasons that people write about here. (We have a good bit of money saved so we could afford to buy, I just didn’t think it was a good idea.) We were living in an apartment that was okay, but just okay, certainly not as nice as we could afford. But we were saving money. But I realized that living in the less than ideal situation was making things all the more difficult. So, I went out and found a really nice house to rent. Yes, we are spending a lot in rent, but still less than we would be losing if we had bought. Now my wife’s concern is that we are living in a house that is nicer than we will be able to afford. This seems to be much easier for her to deal with, and lately she has not put any pressure on me to buy a place. (Probably because she realizes that buying will mean a step down in living conditions.)

Anyway, bottom line, if your wife is after you to buy, go rent the nicest place you can find/afford. You might not be able to bank as much money, but then again you are living well, not watching your equity shrink, and rents are still half what a mortgage payment would be. Overall a much better deal. I highly recommend this strategy.

XBoxBoy

[SD Realtor]

Good posts –

Navydoc I had presupposed west LA because of a conversation we had awhile back about hitting the boardwalk in Venice and being able to get to LAX via “the back way” taking Lincoln up the hill, through Westechester, etc… Looks like some choices for you when you relocate as you have a few interesting opportunities.

Breeze – Well worded. If it is a purely economic choice then there really is no reason to even CONSIDER buying for at least a few years out. That said from a pure economic standpoint those that wait the longest stand to do the best from a purely dollars and cents point of view. Couldn’t agree more.

Raptor and XBox, I know I have gone over this ad nauseum but my wife is not pining for upgrades or anything like that. Her motivation is mostly due to not having to answer to a landlord and to be able to do our own thing no matter what or where we live. Also to find a place where we KNOW we will not have to relocate ever again. We will not worry about the landlord wanting to sell, we will not worry about it if the kids bust out the crayons and draw all over the fireplace mantle. We will be able to not worry about patching the walls when hanging pictures… When my dog chews apart the sprinklers I will still be stressed but maybe not as stressed… It is more about alot of little thinks and such stability. In the end when they are written here on the post they all seem pretty miniscule but to my wife they are not. Moving 3 times in 3 years has been a bitch.

XBOX you kind of see what I mean about the situation? We are in a nice place with a huge yard and lots of space. For what I need as a guy with kids and pets and grandma it does work out well. At 2500 a month it is a decent rent rate for Scripps, 2500 sf on a 10k lot, 4/3. However as nice at it is there are no warrants that this landlord may want to up and sell like my last one did… and bless the last ones heart he tried to sell but was to greedy so he now is renting the place out again.

I do see your point though as I think that IS indeed a solution for some… not me but for some…the aspects of home ownership my wife wants are (how shall I say it) the less tangible and materialistic ones verses wanting the more secure/stability aspects of owning. I am not ready to pay the premium for those aspects just yet however I will not put her through waiting for the bottom to purchase them.

SD Realtor

[scaredyclassic]

i concur with the rent a nice place plan. we rent a house that sold for $650k for $1700/mo. Much nicer than our last place. Still able to save money. And we wouldn’t be buying a “nicer” place. If you were guaranteed to lose money on a place, you’d probably rent it. So really, ultimately, buying is an investment for people,whether they care to admit it or not.

Drink Heavily.

[scaredyclassic]

i concur with the rent a nice place plan. we rent a house that sold for $650k for $1700/mo. Much nicer than our last place. Still able to save money. And we wouldn’t be buying a “nicer” place. If you were guaranteed to lose money on a place, you’d probably rent it. So really, ultimately, buying is an investment for people,whether they care to admit it or not.

Drink Heavily.

[scaredyclassic]

i concur with the rent a nice place plan. we rent a house that sold for $650k for $1700/mo. Much nicer than our last place. Still able to save money. And we wouldn’t be buying a “nicer” place. If you were guaranteed to lose money on a place, you’d probably rent it. So really, ultimately, buying is an investment for people,whether they care to admit it or not.

Drink Heavily.

[scaredyclassic]

i concur with the rent a nice place plan. we rent a house that sold for $650k for $1700/mo. Much nicer than our last place. Still able to save money. And we wouldn’t be buying a “nicer” place. If you were guaranteed to lose money on a place, you’d probably rent it. So really, ultimately, buying is an investment for people,whether they care to admit it or not.

Drink Heavily.

[scaredyclassic]

i concur with the rent a nice place plan. we rent a house that sold for $650k for $1700/mo. Much nicer than our last place. Still able to save money. And we wouldn’t be buying a “nicer” place. If you were guaranteed to lose money on a place, you’d probably rent it. So really, ultimately, buying is an investment for people,whether they care to admit it or not.

Drink Heavily.

[SD Realtor]

Good posts –

Navydoc I had presupposed west LA because of a conversation we had awhile back about hitting the boardwalk in Venice and being able to get to LAX via “the back way” taking Lincoln up the hill, through Westechester, etc… Looks like some choices for you when you relocate as you have a few interesting opportunities.

Breeze – Well worded. If it is a purely economic choice then there really is no reason to even CONSIDER buying for at least a few years out. That said from a pure economic standpoint those that wait the longest stand to do the best from a purely dollars and cents point of view. Couldn’t agree more.

Raptor and XBox, I know I have gone over this ad nauseum but my wife is not pining for upgrades or anything like that. Her motivation is mostly due to not having to answer to a landlord and to be able to do our own thing no matter what or where we live. Also to find a place where we KNOW we will not have to relocate ever again. We will not worry about the landlord wanting to sell, we will not worry about it if the kids bust out the crayons and draw all over the fireplace mantle. We will be able to not worry about patching the walls when hanging pictures… When my dog chews apart the sprinklers I will still be stressed but maybe not as stressed… It is more about alot of little thinks and such stability. In the end when they are written here on the post they all seem pretty miniscule but to my wife they are not. Moving 3 times in 3 years has been a bitch.

XBOX you kind of see what I mean about the situation? We are in a nice place with a huge yard and lots of space. For what I need as a guy with kids and pets and grandma it does work out well. At 2500 a month it is a decent rent rate for Scripps, 2500 sf on a 10k lot, 4/3. However as nice at it is there are no warrants that this landlord may want to up and sell like my last one did… and bless the last ones heart he tried to sell but was to greedy so he now is renting the place out again.

I do see your point though as I think that IS indeed a solution for some… not me but for some…the aspects of home ownership my wife wants are (how shall I say it) the less tangible and materialistic ones verses wanting the more secure/stability aspects of owning. I am not ready to pay the premium for those aspects just yet however I will not put her through waiting for the bottom to purchase them.

SD Realtor

[SD Realtor]

Good posts –

Navydoc I had presupposed west LA because of a conversation we had awhile back about hitting the boardwalk in Venice and being able to get to LAX via “the back way” taking Lincoln up the hill, through Westechester, etc… Looks like some choices for you when you relocate as you have a few interesting opportunities.

Breeze – Well worded. If it is a purely economic choice then there really is no reason to even CONSIDER buying for at least a few years out. That said from a pure economic standpoint those that wait the longest stand to do the best from a purely dollars and cents point of view. Couldn’t agree more.

Raptor and XBox, I know I have gone over this ad nauseum but my wife is not pining for upgrades or anything like that. Her motivation is mostly due to not having to answer to a landlord and to be able to do our own thing no matter what or where we live. Also to find a place where we KNOW we will not have to relocate ever again. We will not worry about the landlord wanting to sell, we will not worry about it if the kids bust out the crayons and draw all over the fireplace mantle. We will be able to not worry about patching the walls when hanging pictures… When my dog chews apart the sprinklers I will still be stressed but maybe not as stressed… It is more about alot of little thinks and such stability. In the end when they are written here on the post they all seem pretty miniscule but to my wife they are not. Moving 3 times in 3 years has been a bitch.

XBOX you kind of see what I mean about the situation? We are in a nice place with a huge yard and lots of space. For what I need as a guy with kids and pets and grandma it does work out well. At 2500 a month it is a decent rent rate for Scripps, 2500 sf on a 10k lot, 4/3. However as nice at it is there are no warrants that this landlord may want to up and sell like my last one did… and bless the last ones heart he tried to sell but was to greedy so he now is renting the place out again.

I do see your point though as I think that IS indeed a solution for some… not me but for some…the aspects of home ownership my wife wants are (how shall I say it) the less tangible and materialistic ones verses wanting the more secure/stability aspects of owning. I am not ready to pay the premium for those aspects just yet however I will not put her through waiting for the bottom to purchase them.

SD Realtor

[SD Realtor]

Good posts –

Navydoc I had presupposed west LA because of a conversation we had awhile back about hitting the boardwalk in Venice and being able to get to LAX via “the back way” taking Lincoln up the hill, through Westechester, etc… Looks like some choices for you when you relocate as you have a few interesting opportunities.

Breeze – Well worded. If it is a purely economic choice then there really is no reason to even CONSIDER buying for at least a few years out. That said from a pure economic standpoint those that wait the longest stand to do the best from a purely dollars and cents point of view. Couldn’t agree more.

Raptor and XBox, I know I have gone over this ad nauseum but my wife is not pining for upgrades or anything like that. Her motivation is mostly due to not having to answer to a landlord and to be able to do our own thing no matter what or where we live. Also to find a place where we KNOW we will not have to relocate ever again. We will not worry about the landlord wanting to sell, we will not worry about it if the kids bust out the crayons and draw all over the fireplace mantle. We will be able to not worry about patching the walls when hanging pictures… When my dog chews apart the sprinklers I will still be stressed but maybe not as stressed… It is more about alot of little thinks and such stability. In the end when they are written here on the post they all seem pretty miniscule but to my wife they are not. Moving 3 times in 3 years has been a bitch.

XBOX you kind of see what I mean about the situation? We are in a nice place with a huge yard and lots of space. For what I need as a guy with kids and pets and grandma it does work out well. At 2500 a month it is a decent rent rate for Scripps, 2500 sf on a 10k lot, 4/3. However as nice at it is there are no warrants that this landlord may want to up and sell like my last one did… and bless the last ones heart he tried to sell but was to greedy so he now is renting the place out again.

I do see your point though as I think that IS indeed a solution for some… not me but for some…the aspects of home ownership my wife wants are (how shall I say it) the less tangible and materialistic ones verses wanting the more secure/stability aspects of owning. I am not ready to pay the premium for those aspects just yet however I will not put her through waiting for the bottom to purchase them.

SD Realtor

[SD Realtor]

Good posts –

Navydoc I had presupposed west LA because of a conversation we had awhile back about hitting the boardwalk in Venice and being able to get to LAX via “the back way” taking Lincoln up the hill, through Westechester, etc… Looks like some choices for you when you relocate as you have a few interesting opportunities.

Breeze – Well worded. If it is a purely economic choice then there really is no reason to even CONSIDER buying for at least a few years out. That said from a pure economic standpoint those that wait the longest stand to do the best from a purely dollars and cents point of view. Couldn’t agree more.

Raptor and XBox, I know I have gone over this ad nauseum but my wife is not pining for upgrades or anything like that. Her motivation is mostly due to not having to answer to a landlord and to be able to do our own thing no matter what or where we live. Also to find a place where we KNOW we will not have to relocate ever again. We will not worry about the landlord wanting to sell, we will not worry about it if the kids bust out the crayons and draw all over the fireplace mantle. We will be able to not worry about patching the walls when hanging pictures… When my dog chews apart the sprinklers I will still be stressed but maybe not as stressed… It is more about alot of little thinks and such stability. In the end when they are written here on the post they all seem pretty miniscule but to my wife they are not. Moving 3 times in 3 years has been a bitch.

XBOX you kind of see what I mean about the situation? We are in a nice place with a huge yard and lots of space. For what I need as a guy with kids and pets and grandma it does work out well. At 2500 a month it is a decent rent rate for Scripps, 2500 sf on a 10k lot, 4/3. However as nice at it is there are no warrants that this landlord may want to up and sell like my last one did… and bless the last ones heart he tried to sell but was to greedy so he now is renting the place out again.

I do see your point though as I think that IS indeed a solution for some… not me but for some…the aspects of home ownership my wife wants are (how shall I say it) the less tangible and materialistic ones verses wanting the more secure/stability aspects of owning. I am not ready to pay the premium for those aspects just yet however I will not put her through waiting for the bottom to purchase them.

SD Realtor

[XBoxBoy]

SD Realtor wrote: Let me know of any secrets you come across with to help keep your wife patient as I am running out of tricks.

To all those with this problem let me say that the solution I found that worked the best was to go rent a really nice place. (With a big emphasis on the word nice!) My wife was really after me to buy, putting on daily pressure, but I was reluctant for all the reasons that people write about here. (We have a good bit of money saved so we could afford to buy, I just didn’t think it was a good idea.) We were living in an apartment that was okay, but just okay, certainly not as nice as we could afford. But we were saving money. But I realized that living in the less than ideal situation was making things all the more difficult. So, I went out and found a really nice house to rent. Yes, we are spending a lot in rent, but still less than we would be losing if we had bought. Now my wife’s concern is that we are living in a house that is nicer than we will be able to afford. This seems to be much easier for her to deal with, and lately she has not put any pressure on me to buy a place. (Probably because she realizes that buying will mean a step down in living conditions.)

Anyway, bottom line, if your wife is after you to buy, go rent the nicest place you can find/afford. You might not be able to bank as much money, but then again you are living well, not watching your equity shrink, and rents are still half what a mortgage payment would be. Overall a much better deal. I highly recommend this strategy.

XBoxBoy

[XBoxBoy]

SD Realtor wrote: Let me know of any secrets you come across with to help keep your wife patient as I am running out of tricks.

To all those with this problem let me say that the solution I found that worked the best was to go rent a really nice place. (With a big emphasis on the word nice!) My wife was really after me to buy, putting on daily pressure, but I was reluctant for all the reasons that people write about here. (We have a good bit of money saved so we could afford to buy, I just didn’t think it was a good idea.) We were living in an apartment that was okay, but just okay, certainly not as nice as we could afford. But we were saving money. But I realized that living in the less than ideal situation was making things all the more difficult. So, I went out and found a really nice house to rent. Yes, we are spending a lot in rent, but still less than we would be losing if we had bought. Now my wife’s concern is that we are living in a house that is nicer than we will be able to afford. This seems to be much easier for her to deal with, and lately she has not put any pressure on me to buy a place. (Probably because she realizes that buying will mean a step down in living conditions.)

Anyway, bottom line, if your wife is after you to buy, go rent the nicest place you can find/afford. You might not be able to bank as much money, but then again you are living well, not watching your equity shrink, and rents are still half what a mortgage payment would be. Overall a much better deal. I highly recommend this strategy.

XBoxBoy

[XBoxBoy]

SD Realtor wrote: Let me know of any secrets you come across with to help keep your wife patient as I am running out of tricks.

To all those with this problem let me say that the solution I found that worked the best was to go rent a really nice place. (With a big emphasis on the word nice!) My wife was really after me to buy, putting on daily pressure, but I was reluctant for all the reasons that people write about here. (We have a good bit of money saved so we could afford to buy, I just didn’t think it was a good idea.) We were living in an apartment that was okay, but just okay, certainly not as nice as we could afford. But we were saving money. But I realized that living in the less than ideal situation was making things all the more difficult. So, I went out and found a really nice house to rent. Yes, we are spending a lot in rent, but still less than we would be losing if we had bought. Now my wife’s concern is that we are living in a house that is nicer than we will be able to afford. This seems to be much easier for her to deal with, and lately she has not put any pressure on me to buy a place. (Probably because she realizes that buying will mean a step down in living conditions.)

Anyway, bottom line, if your wife is after you to buy, go rent the nicest place you can find/afford. You might not be able to bank as much money, but then again you are living well, not watching your equity shrink, and rents are still half what a mortgage payment would be. Overall a much better deal. I highly recommend this strategy.

XBoxBoy

[XBoxBoy]

SD Realtor wrote: Let me know of any secrets you come across with to help keep your wife patient as I am running out of tricks.

To all those with this problem let me say that the solution I found that worked the best was to go rent a really nice place. (With a big emphasis on the word nice!) My wife was really after me to buy, putting on daily pressure, but I was reluctant for all the reasons that people write about here. (We have a good bit of money saved so we could afford to buy, I just didn’t think it was a good idea.) We were living in an apartment that was okay, but just okay, certainly not as nice as we could afford. But we were saving money. But I realized that living in the less than ideal situation was making things all the more difficult. So, I went out and found a really nice house to rent. Yes, we are spending a lot in rent, but still less than we would be losing if we had bought. Now my wife’s concern is that we are living in a house that is nicer than we will be able to afford. This seems to be much easier for her to deal with, and lately she has not put any pressure on me to buy a place. (Probably because she realizes that buying will mean a step down in living conditions.)

Anyway, bottom line, if your wife is after you to buy, go rent the nicest place you can find/afford. You might not be able to bank as much money, but then again you are living well, not watching your equity shrink, and rents are still half what a mortgage payment would be. Overall a much better deal. I highly recommend this strategy.

XBoxBoy

[SD Realtor]

Navydoc you are living up in West LA aren’t you?

xbox and raptor it is impossible or close to impossible to hit the bottom… hopefully by 09 we will be more then halfway down the slope and by that time the higher end sticky people will have softened up some. I to am amazed at the purchasing that still is going on even with the lower volumes.

People have alot of money…

As you said xbox, ultimately it will get there.

Raptor let me know of any secrets you come across with to help keep your wife patient as I am running out of tricks. With each purchase that is made on properties we (my wife and I) eyeball together I can feel her gripping more and more.

She seems to believe there is this magical immunity to the places we want to buy in. Even when she does admit they may drop, she doesn’t care because we will live there for the duration of the kids growing up… I keep fighting the good fight though.

SD Realtor

[SD Realtor]

Navydoc you are living up in West LA aren’t you?

xbox and raptor it is impossible or close to impossible to hit the bottom… hopefully by 09 we will be more then halfway down the slope and by that time the higher end sticky people will have softened up some. I to am amazed at the purchasing that still is going on even with the lower volumes.

People have alot of money…

As you said xbox, ultimately it will get there.

Raptor let me know of any secrets you come across with to help keep your wife patient as I am running out of tricks. With each purchase that is made on properties we (my wife and I) eyeball together I can feel her gripping more and more.

She seems to believe there is this magical immunity to the places we want to buy in. Even when she does admit they may drop, she doesn’t care because we will live there for the duration of the kids growing up… I keep fighting the good fight though.

SD Realtor

[SD Realtor]

Navydoc you are living up in West LA aren’t you?

xbox and raptor it is impossible or close to impossible to hit the bottom… hopefully by 09 we will be more then halfway down the slope and by that time the higher end sticky people will have softened up some. I to am amazed at the purchasing that still is going on even with the lower volumes.

People have alot of money…

As you said xbox, ultimately it will get there.

Raptor let me know of any secrets you come across with to help keep your wife patient as I am running out of tricks. With each purchase that is made on properties we (my wife and I) eyeball together I can feel her gripping more and more.

She seems to believe there is this magical immunity to the places we want to buy in. Even when she does admit they may drop, she doesn’t care because we will live there for the duration of the kids growing up… I keep fighting the good fight though.

SD Realtor

[SD Realtor]

Navydoc you are living up in West LA aren’t you?

xbox and raptor it is impossible or close to impossible to hit the bottom… hopefully by 09 we will be more then halfway down the slope and by that time the higher end sticky people will have softened up some. I to am amazed at the purchasing that still is going on even with the lower volumes.

People have alot of money…

As you said xbox, ultimately it will get there.

Raptor let me know of any secrets you come across with to help keep your wife patient as I am running out of tricks. With each purchase that is made on properties we (my wife and I) eyeball together I can feel her gripping more and more.

She seems to believe there is this magical immunity to the places we want to buy in. Even when she does admit they may drop, she doesn’t care because we will live there for the duration of the kids growing up… I keep fighting the good fight though.

SD Realtor

[XBoxBoy]

RaptorDuck,

Like you I’m feeling vexed that things aren’t coming down in the high end areas. My wife and I have been watching and waiting to buy in La Jolla for a couple years now. I would have thought that people would have wised up to the popping bubble, but alas no. However, I encourage you to hang tough, I do believe that ultimately things will turn our way.

XBoxBoy

[XBoxBoy]

RaptorDuck,

Like you I’m feeling vexed that things aren’t coming down in the high end areas. My wife and I have been watching and waiting to buy in La Jolla for a couple years now. I would have thought that people would have wised up to the popping bubble, but alas no. However, I encourage you to hang tough, I do believe that ultimately things will turn our way.

XBoxBoy

[XBoxBoy]

RaptorDuck,

Like you I’m feeling vexed that things aren’t coming down in the high end areas. My wife and I have been watching and waiting to buy in La Jolla for a couple years now. I would have thought that people would have wised up to the popping bubble, but alas no. However, I encourage you to hang tough, I do believe that ultimately things will turn our way.

XBoxBoy

[XBoxBoy]

RaptorDuck,

Like you I’m feeling vexed that things aren’t coming down in the high end areas. My wife and I have been watching and waiting to buy in La Jolla for a couple years now. I would have thought that people would have wised up to the popping bubble, but alas no. However, I encourage you to hang tough, I do believe that ultimately things will turn our way.

XBoxBoy

[pfflyer]

Raptorduck or others- What is the story with the Bridges? Did you see/like it? I visited last year because I want a nice golf club when I pull the trigger. The homes were about 3.5M and membership in the club 350k to join and $1500/mo dues. There may be more in terms of HOA. I left loving the place but thinking it was the biggest rip off in terms of price. Any opinions??

[pfflyer]

Raptorduck or others- What is the story with the Bridges? Did you see/like it? I visited last year because I want a nice golf club when I pull the trigger. The homes were about 3.5M and membership in the club 350k to join and $1500/mo dues. There may be more in terms of HOA. I left loving the place but thinking it was the biggest rip off in terms of price. Any opinions??

[pfflyer]

Raptorduck or others- What is the story with the Bridges? Did you see/like it? I visited last year because I want a nice golf club when I pull the trigger. The homes were about 3.5M and membership in the club 350k to join and $1500/mo dues. There may be more in terms of HOA. I left loving the place but thinking it was the biggest rip off in terms of price. Any opinions??

[pfflyer]

Raptorduck or others- What is the story with the Bridges? Did you see/like it? I visited last year because I want a nice golf club when I pull the trigger. The homes were about 3.5M and membership in the club 350k to join and $1500/mo dues. There may be more in terms of HOA. I left loving the place but thinking it was the biggest rip off in terms of price. Any opinions??

[pfflyer]

Raptorduck or others- What is the story with the Bridges? Did you see/like it? I visited last year because I want a nice golf club when I pull the trigger. The homes were about 3.5M and membership in the club 350k to join and $1500/mo dues. There may be more in terms of HOA. I left loving the place but thinking it was the biggest rip off in terms of price. Any opinions??

[Author]

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