This isn’t the 90’s

[(former)FormerSanDiegan]

Timeless Money rules:

Confucius: “When you do not know a thing, to allow that you do not know it — this is knowledge.”

Harry Truman: “There is nothing new in the world except the history you do not know.”

Alex_angel: “Stop thinking in the past. Too many people go back to the 90’s and say ‘well it happened in the 90’s blah blah blah'”

[XBoxBoy]

La Jolla Price Decline

Alex_angel wrote:
Sorry to say it but you aren’t going to find a home in La Jolla that was reduced from $1.5 million to $700k.

Maybe not, but how about one that sold a year ago for $1.7 and is now pending with an asking price of $1,425,000? By my math, even if it closes at asking price (doubtful) that would be a drop of $275,000 plus realtor fees and taxes. Alex, would that qualify as a drop in prices to you?

Here’s the details:

1925 Nautilus, La Jolla, CA 92037

Sold 8/17/2006 for 1.7mil
http://www.sdlookup.com/Property-C41A0F03-1925_Nautilus_St_La_Jolla_CA_92037

Currently pending with an asking price of $1,425,000 and I’d bet if it closes it will be less than the asking price.

mls# 076033909
http://www.prudentialcal.com/Listing/ListingDetail.aspx?&Listing=21424185

[XBoxBoy]

La Jolla Price Decline

Alex_angel wrote:
Sorry to say it but you aren’t going to find a home in La Jolla that was reduced from $1.5 million to $700k.

Maybe not, but how about one that sold a year ago for $1.7 and is now pending with an asking price of $1,425,000? By my math, even if it closes at asking price (doubtful) that would be a drop of $275,000 plus realtor fees and taxes. Alex, would that qualify as a drop in prices to you?

Here’s the details:

1925 Nautilus, La Jolla, CA 92037

Sold 8/17/2006 for 1.7mil
http://www.sdlookup.com/Property-C41A0F03-1925_Nautilus_St_La_Jolla_CA_92037

Currently pending with an asking price of $1,425,000 and I’d bet if it closes it will be less than the asking price.

mls# 076033909
http://www.prudentialcal.com/Listing/ListingDetail.aspx?&Listing=21424185

[XBoxBoy]

La Jolla Price Decline

Alex_angel wrote:
Sorry to say it but you aren’t going to find a home in La Jolla that was reduced from $1.5 million to $700k.

Maybe not, but how about one that sold a year ago for $1.7 and is now pending with an asking price of $1,425,000? By my math, even if it closes at asking price (doubtful) that would be a drop of $275,000 plus realtor fees and taxes. Alex, would that qualify as a drop in prices to you?

Here’s the details:

1925 Nautilus, La Jolla, CA 92037

Sold 8/17/2006 for 1.7mil
http://www.sdlookup.com/Property-C41A0F03-1925_Nautilus_St_La_Jolla_CA_92037

Currently pending with an asking price of $1,425,000 and I’d bet if it closes it will be less than the asking price.

mls# 076033909
http://www.prudentialcal.com/Listing/ListingDetail.aspx?&Listing=21424185

[donaldduckmoore]

I am not sure if I get your message right Alex_angel but we are in a huge housing market correction right now. No one knows how far down the price will go. The credit issue is not over yet, it barely started. See how sensitive the stock market is behaving now. A lot of things these days may be different from the 90s but the psychology of the people appears similar. But if you want to buy now, buy, no one will stop you from losing money.

[donaldduckmoore]

I am not sure if I get your message right Alex_angel but we are in a huge housing market correction right now. No one knows how far down the price will go. The credit issue is not over yet, it barely started. See how sensitive the stock market is behaving now. A lot of things these days may be different from the 90s but the psychology of the people appears similar. But if you want to buy now, buy, no one will stop you from losing money.

[donaldduckmoore]

I am not sure if I get your message right Alex_angel but we are in a huge housing market correction right now. No one knows how far down the price will go. The credit issue is not over yet, it barely started. See how sensitive the stock market is behaving now. A lot of things these days may be different from the 90s but the psychology of the people appears similar. But if you want to buy now, buy, no one will stop you from losing money.

[waterboy]

Yes significant La Jolla declines can be found.

5832 Caminito Empresa, 92037

Sale History
04/23/2007: $637,533
10/05/2004: $865,000

Might have peaked at $900k in 2005 if it was on the market.

http://www.zillow.com/Charts.htm?chartDuration=5years&testAds=false&zpid=16858196

[waterboy]

Yes significant La Jolla declines can be found.

5832 Caminito Empresa, 92037

Sale History
04/23/2007: $637,533
10/05/2004: $865,000

Might have peaked at $900k in 2005 if it was on the market.

http://www.zillow.com/Charts.htm?chartDuration=5years&testAds=false&zpid=16858196

[waterboy]

Yes significant La Jolla declines can be found.

5832 Caminito Empresa, 92037

Sale History
04/23/2007: $637,533
10/05/2004: $865,000

Might have peaked at $900k in 2005 if it was on the market.

http://www.zillow.com/Charts.htm?chartDuration=5years&testAds=false&zpid=16858196

[hipmatt]

You are right alex, this isn’t the 90’s, this time, there was much more speculation, super low rates for record time frames, exotic loans, and absolutely zero loan standards., so you are right, this time its worse!

[hipmatt]

You are right alex, this isn’t the 90’s, this time, there was much more speculation, super low rates for record time frames, exotic loans, and absolutely zero loan standards., so you are right, this time its worse!

[hipmatt]

You are right alex, this isn’t the 90’s, this time, there was much more speculation, super low rates for record time frames, exotic loans, and absolutely zero loan standards., so you are right, this time its worse!

[pepsi]

Alex, you are right, but I think you could be "Absolutely Right" if you changed the numbers to $400K. This way, 1.5M dropping to 400K will never happen in LJ, and no piggintonians could flame you for the inaccuracy.

[pepsi]

Alex, you are right, but I think you could be "Absolutely Right" if you changed the numbers to $400K. This way, 1.5M dropping to 400K will never happen in LJ, and no piggintonians could flame you for the inaccuracy.

[Author]

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