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patientrenter.
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July 9, 2007 at 1:22 PM #64873July 9, 2007 at 1:47 PM #64824
(former)FormerSanDiegan
ParticipantThey’ll spend 3-6 months on Hawaii, 3-6 months in Buenos Aires, 3-6 months outside Lisbon, 3-6 months in Greece or Turkey, 3-6 in Thailand, 3-6 months in Australia, 3-6 months in Indonesia, 3-6 oonths in coastal France, 3-6 months in Coastal Italy, 3-6 months in Costa Rica, 3-6 months in Brazil, 3-6 months outside Johannesburg, 3 months for a summer in Norway, 3 months in Amsterdam, 3 months in Ireland, on and on and on…
So, what are prices like in Lisbon, Hawaii, Buenos Aires, Norway, Australia, etc ?
July 9, 2007 at 1:47 PM #64884ParticipantThey’ll spend 3-6 months on Hawaii, 3-6 months in Buenos Aires, 3-6 months outside Lisbon, 3-6 months in Greece or Turkey, 3-6 in Thailand, 3-6 months in Australia, 3-6 months in Indonesia, 3-6 oonths in coastal France, 3-6 months in Coastal Italy, 3-6 months in Costa Rica, 3-6 months in Brazil, 3-6 months outside Johannesburg, 3 months for a summer in Norway, 3 months in Amsterdam, 3 months in Ireland, on and on and on…
So, what are prices like in Lisbon, Hawaii, Buenos Aires, Norway, Australia, etc ?
July 9, 2007 at 2:15 PM #64836JWM in SD
ParticipantFSD: You’re assuming that they would actually buy in these foreign locales. If one is wealthy enough to be that mobile, then why buy anything?? Least of all a tract home in SD. Just decide where it is you want to live at by season each year and lease accordingly.
Second of all, if only the uber wealthy can afford the SD tract homes, then the prices will rise to the affordablilty level of that strata of society. Then it won’t matter if it’s LaJolla, or Buenos Aires or Australia.
In order for this scenario to work, a disprportionate % of the ultra wealthy would have to want to live in SD as opposed to somewhere else in the world. Are they going to want to buy a tract home off the 56??? Really??
July 9, 2007 at 2:15 PM #64896ParticipantFSD: You’re assuming that they would actually buy in these foreign locales. If one is wealthy enough to be that mobile, then why buy anything?? Least of all a tract home in SD. Just decide where it is you want to live at by season each year and lease accordingly.
Second of all, if only the uber wealthy can afford the SD tract homes, then the prices will rise to the affordablilty level of that strata of society. Then it won’t matter if it’s LaJolla, or Buenos Aires or Australia.
In order for this scenario to work, a disprportionate % of the ultra wealthy would have to want to live in SD as opposed to somewhere else in the world. Are they going to want to buy a tract home off the 56??? Really??
July 9, 2007 at 2:47 PM #64840PerryChase
ParticipantAs much as we’d like to think we live in the best place in the world, foreigners increasingly see America as not so welcoming.
Well-to-do arabs used to come to America for medical treatment. Now they go to India, Thailand and Singapore. They are much more likely to buy in Dubai than in So. Cal.
Well-to-Chinese are now more like to buy in Asia, closer to home.
To a lot of people around the world, the American suburban lifestyle is boring and unliveable. If they have money, they’re unlike to move here to be isolated in mc mansions. If one really wanted a suburban life, American style suburbs are being duplicated around the world. Even Almaty, Kazakhstan has an “American Village.”
July 9, 2007 at 2:47 PM #64900ParticipantAs much as we’d like to think we live in the best place in the world, foreigners increasingly see America as not so welcoming.
Well-to-do arabs used to come to America for medical treatment. Now they go to India, Thailand and Singapore. They are much more likely to buy in Dubai than in So. Cal.
Well-to-Chinese are now more like to buy in Asia, closer to home.
To a lot of people around the world, the American suburban lifestyle is boring and unliveable. If they have money, they’re unlike to move here to be isolated in mc mansions. If one really wanted a suburban life, American style suburbs are being duplicated around the world. Even Almaty, Kazakhstan has an “American Village.”
July 9, 2007 at 3:35 PM #64849Participant“You’re assuming that they would actually buy in these foreign locales.”
Not necessarilly. But I am assuming that the rent is related to the underlying price. More expensive places to buy tend to be more expensive to rent. I believe that many of the places mentioned are considerably more expensive than southern California to rent or purchase.
July 9, 2007 at 3:35 PM #64909Participant“You’re assuming that they would actually buy in these foreign locales.”
Not necessarilly. But I am assuming that the rent is related to the underlying price. More expensive places to buy tend to be more expensive to rent. I believe that many of the places mentioned are considerably more expensive than southern California to rent or purchase.
July 9, 2007 at 5:27 PM #64865kewp
ParticipantI think expecting anything to swoop in and save this market is wishful thinking at this point. Maybe at the high end there will be an early bottom due to rich overseas investors, but does anyone think they are going to be buying McMansion’s in Temecula, Cruftmans in NP or shacks is Chula?
I do wonder if the downtown condo market will get snatched up as vacation homes/rentals for foreigners when the bottom falls out, though.
July 9, 2007 at 5:27 PM #64926ParticipantI think expecting anything to swoop in and save this market is wishful thinking at this point. Maybe at the high end there will be an early bottom due to rich overseas investors, but does anyone think they are going to be buying McMansion’s in Temecula, Cruftmans in NP or shacks is Chula?
I do wonder if the downtown condo market will get snatched up as vacation homes/rentals for foreigners when the bottom falls out, though.
July 9, 2007 at 5:46 PM #64868Borat
ParticipantAnyone who thinks the ultra-rich are dying to live in San Diego hasn’t spent much time in the places where the ultra-rich live. San Diego is really nice if you come from Nebraska. Not so nice if you come from Italy or the South of France or parts of NZ or British Columbia. I like it here but give me a break, it’s not St. Moritz.
July 9, 2007 at 5:46 PM #64928ParticipantAnyone who thinks the ultra-rich are dying to live in San Diego hasn’t spent much time in the places where the ultra-rich live. San Diego is really nice if you come from Nebraska. Not so nice if you come from Italy or the South of France or parts of NZ or British Columbia. I like it here but give me a break, it’s not St. Moritz.
July 9, 2007 at 6:18 PM #64870Participantkewp – I agree. Don’t see ultra-rich swooping in to save the market anywhere.
I do wonder if the downtown condo market will get snatched up as vacation homes/rentals for foreigners when the bottom falls out, though.
What about other parts of the US and CA ? I could see wealthy folks in LA, SF, and other parts of the west being a significant part of the condo market at some price point.
July 9, 2007 at 6:18 PM #64929Participantkewp – I agree. Don’t see ultra-rich swooping in to save the market anywhere.
I do wonder if the downtown condo market will get snatched up as vacation homes/rentals for foreigners when the bottom falls out, though.
What about other parts of the US and CA ? I could see wealthy folks in LA, SF, and other parts of the west being a significant part of the condo market at some price point.
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