Upper MId to Lower High End Market in NCC

[CA renter]

[quote=sdrealtor]CAR
Meadowmist was on the market once before and reduced price by 600K over 120 days. It came back on this year and reduced price about 500K over 120 days and sold. This is not an example of someone stubbornly sticking to a bubble price. It is someone aggressively trying to find the market that tried and failed once before. It is the antithesis of your and not a valid example at all.

The Babilona houses are different school district and a very unique market. You know that. Those homes sell to mostly retirees up there and/or as 2nd homes. Those are outliers relative to the area and great values to boot. On the 2nd one 21% above a 2001 price is a 2003 price. Its also a $2M house and that is different than the homes around $1M+

Calle Tres Vista is not $1M+ market it $2M+ market which is completely different. Its also the Amir Elgindy pennystock fraud perpatrator house with a very sordid past.

As for the house on Caminito Ricardo. Have you been there to see it? Its been in and out of escrow because it is a disaster. It needs a wrecking ball. The bill to fix that house starts around $200K and I dont think that would put a dent into the problems associated with it.

You are picking ugly ducklings and outliers to prove a point and it doesnt work. A house left to rot for the last 10 years like Caminito Ricardo should sell for less as far it is into disrepair. Massively overbuilt homes on Babilonia with horrible floorplans also.

Of course, nice homes priced at 2001 prices will sell quickly. You just havent shown me any valid ones because they sell for more than that.

As for the bet, i’ll take it but hell I buy those Margaritas for you now without a bet because I’m thristy and it will take at least a year IMO for it to go REO.[/quote]

I like how my examples are always “cherry picking” and invalid. 😉

Um, yeah…I’m not doubting that short sale will end up as an REO. I’m taking the other side of that bet for the margaritas. Don’t care who’s buying. 😉

[Anonymous]

captcha, the following comment is exactly why I don’t belive the high end will continue to hold up like it has so far:

“most people who buy property in the $1M+ range put 50% or more down. These are “move-up” buyers who have cash from the sale of another property or buyers who intend to purchase with all cash. In at least 50% of buyer-households in this category, there is no “employed” person in the true sense of the word.”

For one, move up buyers are a dying breed and you know that. You have to be able to sell your old property and heve significant equity. Every day the pool of move up buyers gets smaller. Beyond this, you and sdr base your entire thesis on the fact that there is some large never-ending supply of wealthy individuals who have 500K plus downpayment and/or earn more than 200K a year. I simply don’t believe this pool is as unlimited as you guys do.

Clearly the median household income in San Diego has not gone up since the 1990s in real terms. So, your hopes are dependent on a constant influx of wealthy foreigners (or east coast or bay transplants) to keep moving here and buying prime real estate. The question is can they single handedly keep coastal prices afloat?? I doubt it.

[Anonymous]

captcha, the following comment is exactly why I don’t belive the high end will continue to hold up like it has so far:

“most people who buy property in the $1M+ range put 50% or more down. These are “move-up” buyers who have cash from the sale of another property or buyers who intend to purchase with all cash. In at least 50% of buyer-households in this category, there is no “employed” person in the true sense of the word.”

For one, move up buyers are a dying breed and you know that. You have to be able to sell your old property and heve significant equity. Every day the pool of move up buyers gets smaller. Beyond this, you and sdr base your entire thesis on the fact that there is some large never-ending supply of wealthy individuals who have 500K plus downpayment and/or earn more than 200K a year. I simply don’t believe this pool is as unlimited as you guys do.

Clearly the median household income in San Diego has not gone up since the 1990s in real terms. So, your hopes are dependent on a constant influx of wealthy foreigners (or east coast or bay transplants) to keep moving here and buying prime real estate. The question is can they single handedly keep coastal prices afloat?? I doubt it.

[Anonymous]

captcha, the following comment is exactly why I don’t belive the high end will continue to hold up like it has so far:

“most people who buy property in the $1M+ range put 50% or more down. These are “move-up” buyers who have cash from the sale of another property or buyers who intend to purchase with all cash. In at least 50% of buyer-households in this category, there is no “employed” person in the true sense of the word.”

For one, move up buyers are a dying breed and you know that. You have to be able to sell your old property and heve significant equity. Every day the pool of move up buyers gets smaller. Beyond this, you and sdr base your entire thesis on the fact that there is some large never-ending supply of wealthy individuals who have 500K plus downpayment and/or earn more than 200K a year. I simply don’t believe this pool is as unlimited as you guys do.

Clearly the median household income in San Diego has not gone up since the 1990s in real terms. So, your hopes are dependent on a constant influx of wealthy foreigners (or east coast or bay transplants) to keep moving here and buying prime real estate. The question is can they single handedly keep coastal prices afloat?? I doubt it.

[Anonymous]

captcha, the following comment is exactly why I don’t belive the high end will continue to hold up like it has so far:

“most people who buy property in the $1M+ range put 50% or more down. These are “move-up” buyers who have cash from the sale of another property or buyers who intend to purchase with all cash. In at least 50% of buyer-households in this category, there is no “employed” person in the true sense of the word.”

For one, move up buyers are a dying breed and you know that. You have to be able to sell your old property and heve significant equity. Every day the pool of move up buyers gets smaller. Beyond this, you and sdr base your entire thesis on the fact that there is some large never-ending supply of wealthy individuals who have 500K plus downpayment and/or earn more than 200K a year. I simply don’t believe this pool is as unlimited as you guys do.

Clearly the median household income in San Diego has not gone up since the 1990s in real terms. So, your hopes are dependent on a constant influx of wealthy foreigners (or east coast or bay transplants) to keep moving here and buying prime real estate. The question is can they single handedly keep coastal prices afloat?? I doubt it.

[Anonymous]

captcha, the following comment is exactly why I don’t belive the high end will continue to hold up like it has so far:

“most people who buy property in the $1M+ range put 50% or more down. These are “move-up” buyers who have cash from the sale of another property or buyers who intend to purchase with all cash. In at least 50% of buyer-households in this category, there is no “employed” person in the true sense of the word.”

For one, move up buyers are a dying breed and you know that. You have to be able to sell your old property and heve significant equity. Every day the pool of move up buyers gets smaller. Beyond this, you and sdr base your entire thesis on the fact that there is some large never-ending supply of wealthy individuals who have 500K plus downpayment and/or earn more than 200K a year. I simply don’t believe this pool is as unlimited as you guys do.

Clearly the median household income in San Diego has not gone up since the 1990s in real terms. So, your hopes are dependent on a constant influx of wealthy foreigners (or east coast or bay transplants) to keep moving here and buying prime real estate. The question is can they single handedly keep coastal prices afloat?? I doubt it.

[sdrealtor]

BG
Lots of great points and thanks for the history lessons. This area has changed and the permabears are using the same tired arguments that worked 3 years ago but no longer work nquite so well.

BTW, most of the tracts I speak of east of 5 are not $1M+ they are between 600 and 900K which is well within the affordability of an upper middle class household looking for a nice newer home surrounded by their peers living with great schools in safe clean neighborhoods. Listening to your background over the last couple months we come from very different worlds so i dont expect you to appreciate my world. I grew up in place much like where I live today in South Carlsbad. It was an upper middle class nirvana and we all lived there to be surrounded by people like us rather than living in big estate homes that we could afford. Behind me was a doctor with 4 boys (now 3 drs and the other an Envinronmental Attorney who does work for Trump). Next to me a Doctor with 4 boys (now 2 drs, an oil/gas attorney and a logistics expert for the largest RR company in the US). Across the street was an engineer with 3 boys (now Sports Editor at Pulitzer Prize winning major daily newspaper , one a Stanford Professor and the other a Berkley Professor). Those stories continue out for miles from where i grew up with success stories like that and actually far greater. I know many wall street execs and financial guys that make 7 figure incomes. One of my HS friends sold his company ( alarge defense IT company in DC) for about $80M a couple years back. I graduated from a public school with 800 kids and 100 went ivy league. My perspective is very differrent than many of yours and where I live today looks very much like the place I grew up in 40 years ago. That is the type of environment I have chosen to raise my children in because I see what it can do for them.

[sdrealtor]

BG
Lots of great points and thanks for the history lessons. This area has changed and the permabears are using the same tired arguments that worked 3 years ago but no longer work nquite so well.

BTW, most of the tracts I speak of east of 5 are not $1M+ they are between 600 and 900K which is well within the affordability of an upper middle class household looking for a nice newer home surrounded by their peers living with great schools in safe clean neighborhoods. Listening to your background over the last couple months we come from very different worlds so i dont expect you to appreciate my world. I grew up in place much like where I live today in South Carlsbad. It was an upper middle class nirvana and we all lived there to be surrounded by people like us rather than living in big estate homes that we could afford. Behind me was a doctor with 4 boys (now 3 drs and the other an Envinronmental Attorney who does work for Trump). Next to me a Doctor with 4 boys (now 2 drs, an oil/gas attorney and a logistics expert for the largest RR company in the US). Across the street was an engineer with 3 boys (now Sports Editor at Pulitzer Prize winning major daily newspaper , one a Stanford Professor and the other a Berkley Professor). Those stories continue out for miles from where i grew up with success stories like that and actually far greater. I know many wall street execs and financial guys that make 7 figure incomes. One of my HS friends sold his company ( alarge defense IT company in DC) for about $80M a couple years back. I graduated from a public school with 800 kids and 100 went ivy league. My perspective is very differrent than many of yours and where I live today looks very much like the place I grew up in 40 years ago. That is the type of environment I have chosen to raise my children in because I see what it can do for them.

[sdrealtor]

BG
Lots of great points and thanks for the history lessons. This area has changed and the permabears are using the same tired arguments that worked 3 years ago but no longer work nquite so well.

BTW, most of the tracts I speak of east of 5 are not $1M+ they are between 600 and 900K which is well within the affordability of an upper middle class household looking for a nice newer home surrounded by their peers living with great schools in safe clean neighborhoods. Listening to your background over the last couple months we come from very different worlds so i dont expect you to appreciate my world. I grew up in place much like where I live today in South Carlsbad. It was an upper middle class nirvana and we all lived there to be surrounded by people like us rather than living in big estate homes that we could afford. Behind me was a doctor with 4 boys (now 3 drs and the other an Envinronmental Attorney who does work for Trump). Next to me a Doctor with 4 boys (now 2 drs, an oil/gas attorney and a logistics expert for the largest RR company in the US). Across the street was an engineer with 3 boys (now Sports Editor at Pulitzer Prize winning major daily newspaper , one a Stanford Professor and the other a Berkley Professor). Those stories continue out for miles from where i grew up with success stories like that and actually far greater. I know many wall street execs and financial guys that make 7 figure incomes. One of my HS friends sold his company ( alarge defense IT company in DC) for about $80M a couple years back. I graduated from a public school with 800 kids and 100 went ivy league. My perspective is very differrent than many of yours and where I live today looks very much like the place I grew up in 40 years ago. That is the type of environment I have chosen to raise my children in because I see what it can do for them.

[sdrealtor]

BG
Lots of great points and thanks for the history lessons. This area has changed and the permabears are using the same tired arguments that worked 3 years ago but no longer work nquite so well.

BTW, most of the tracts I speak of east of 5 are not $1M+ they are between 600 and 900K which is well within the affordability of an upper middle class household looking for a nice newer home surrounded by their peers living with great schools in safe clean neighborhoods. Listening to your background over the last couple months we come from very different worlds so i dont expect you to appreciate my world. I grew up in place much like where I live today in South Carlsbad. It was an upper middle class nirvana and we all lived there to be surrounded by people like us rather than living in big estate homes that we could afford. Behind me was a doctor with 4 boys (now 3 drs and the other an Envinronmental Attorney who does work for Trump). Next to me a Doctor with 4 boys (now 2 drs, an oil/gas attorney and a logistics expert for the largest RR company in the US). Across the street was an engineer with 3 boys (now Sports Editor at Pulitzer Prize winning major daily newspaper , one a Stanford Professor and the other a Berkley Professor). Those stories continue out for miles from where i grew up with success stories like that and actually far greater. I know many wall street execs and financial guys that make 7 figure incomes. One of my HS friends sold his company ( alarge defense IT company in DC) for about $80M a couple years back. I graduated from a public school with 800 kids and 100 went ivy league. My perspective is very differrent than many of yours and where I live today looks very much like the place I grew up in 40 years ago. That is the type of environment I have chosen to raise my children in because I see what it can do for them.

[sdrealtor]

BG
Lots of great points and thanks for the history lessons. This area has changed and the permabears are using the same tired arguments that worked 3 years ago but no longer work nquite so well.

BTW, most of the tracts I speak of east of 5 are not $1M+ they are between 600 and 900K which is well within the affordability of an upper middle class household looking for a nice newer home surrounded by their peers living with great schools in safe clean neighborhoods. Listening to your background over the last couple months we come from very different worlds so i dont expect you to appreciate my world. I grew up in place much like where I live today in South Carlsbad. It was an upper middle class nirvana and we all lived there to be surrounded by people like us rather than living in big estate homes that we could afford. Behind me was a doctor with 4 boys (now 3 drs and the other an Envinronmental Attorney who does work for Trump). Next to me a Doctor with 4 boys (now 2 drs, an oil/gas attorney and a logistics expert for the largest RR company in the US). Across the street was an engineer with 3 boys (now Sports Editor at Pulitzer Prize winning major daily newspaper , one a Stanford Professor and the other a Berkley Professor). Those stories continue out for miles from where i grew up with success stories like that and actually far greater. I know many wall street execs and financial guys that make 7 figure incomes. One of my HS friends sold his company ( alarge defense IT company in DC) for about $80M a couple years back. I graduated from a public school with 800 kids and 100 went ivy league. My perspective is very differrent than many of yours and where I live today looks very much like the place I grew up in 40 years ago. That is the type of environment I have chosen to raise my children in because I see what it can do for them.

[all]

[quote=sdrealtor]captcha
That’s funny and DZ has been around along time. Think back to the things I said 2 to 3 years ago. Was I not spot on?[/quote]

Yes you were.

[all]

[quote=sdrealtor]captcha
That’s funny and DZ has been around along time. Think back to the things I said 2 to 3 years ago. Was I not spot on?[/quote]

Yes you were.

[all]

[quote=sdrealtor]captcha
That’s funny and DZ has been around along time. Think back to the things I said 2 to 3 years ago. Was I not spot on?[/quote]

Yes you were.

[all]

[quote=sdrealtor]captcha
That’s funny and DZ has been around along time. Think back to the things I said 2 to 3 years ago. Was I not spot on?[/quote]

Yes you were.

[Author]

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