Upper MId to Lower High End Market in NCC

[CA renter]

[quote=Ren][quote=bearishgurl]If “Dr. Feelgood” thinks a $1.5M property is now only worth $1.4M, it is because that’s all Ms. Starlet, Mr. CEO (ret), and Mr. Nobel Prize were recently willing to pay in that area. These values have little to NOTHING to do with local worker-bee wages and current mortgage interest rates.[/quote]

But they do, at least indirectly. When millions of worker bees pay 40% less (or whatever) for housing farther inland (due to years of mass unemployment, foreclsoures, etc), those price drops put some downward pressure on coastal properties. That’s what I meant by outside influence. I’m sure it’s countered somewhat by the local salary increases sdr mentioned, but how much is anyone’s guess.[/quote]

Exactly, Ren.

Also, remember that credit expansions affect wealth in other ways, too. The price of stocks, bonds, commodities, etc. will go up (and business profits will likely go up as more customers have access to greater amounts of credit) as credit expands, so a wealthy person’s “wealth” will increase and enable them to pay more for a house as they can liquidate some of their other holdings and use that money to buy a house with cash.

[sdrealtor]

I dont buy it. Dr Feelgood, Ms Starlet, Mr CEO (ret) and Mr Nobel Prize arent paying attention to prices in 4S Ranch or even Santaluz. They are looking in Del Mar, La Jolla, Coronado, Laguna, Newport Coast etc. What happens further inland is outside their line of sight.

[sdrealtor]

I dont buy it. Dr Feelgood, Ms Starlet, Mr CEO (ret) and Mr Nobel Prize arent paying attention to prices in 4S Ranch or even Santaluz. They are looking in Del Mar, La Jolla, Coronado, Laguna, Newport Coast etc. What happens further inland is outside their line of sight.

[sdrealtor]

I dont buy it. Dr Feelgood, Ms Starlet, Mr CEO (ret) and Mr Nobel Prize arent paying attention to prices in 4S Ranch or even Santaluz. They are looking in Del Mar, La Jolla, Coronado, Laguna, Newport Coast etc. What happens further inland is outside their line of sight.

[sdrealtor]

I dont buy it. Dr Feelgood, Ms Starlet, Mr CEO (ret) and Mr Nobel Prize arent paying attention to prices in 4S Ranch or even Santaluz. They are looking in Del Mar, La Jolla, Coronado, Laguna, Newport Coast etc. What happens further inland is outside their line of sight.

[sdrealtor]

I dont buy it. Dr Feelgood, Ms Starlet, Mr CEO (ret) and Mr Nobel Prize arent paying attention to prices in 4S Ranch or even Santaluz. They are looking in Del Mar, La Jolla, Coronado, Laguna, Newport Coast etc. What happens further inland is outside their line of sight.

[sdrealtor]

FYI, still waiting for a closed price on the house that started this thread but there were actually at least 24 offers in all for a $1M house and not a one was an investor.

[sdrealtor]

FYI, still waiting for a closed price on the house that started this thread but there were actually at least 24 offers in all for a $1M house and not a one was an investor.

[sdrealtor]

FYI, still waiting for a closed price on the house that started this thread but there were actually at least 24 offers in all for a $1M house and not a one was an investor.

[sdrealtor]

FYI, still waiting for a closed price on the house that started this thread but there were actually at least 24 offers in all for a $1M house and not a one was an investor.

[sdrealtor]

FYI, still waiting for a closed price on the house that started this thread but there were actually at least 24 offers in all for a $1M house and not a one was an investor.

[CA renter]

[quote=sdrealtor]I dont buy it. Dr Feelgood, Ms Starlet, Mr CEO (ret) and Mr Nobel Prize arent paying attention to prices in 4S Ranch or even Santaluz. They are looking in Del Mar, La Jolla, Coronado, Laguna, Newport Coast etc. What happens further inland is outside their line of sight.[/quote]

A significant number of those buyers are willing to move if the price differential is compelling enough. What you’re suggesting is that buyers like to compete against themselves, and are willing to pay whatever delusional prices the sellers *wish* to get, irrespective of whether or not there are other buyers willing to pay those prices. I’m not buying it.

If they can get something better a few miles away for 25%-50% less, anyone with half a brain would ignore the pie-in-the-sky sellers and look elsewhere.

edit: I’ve known a few wealthy people in my day (multi-millionaires+), and not a single one got rich by overpaying for things.

[CA renter]

[quote=sdrealtor]I dont buy it. Dr Feelgood, Ms Starlet, Mr CEO (ret) and Mr Nobel Prize arent paying attention to prices in 4S Ranch or even Santaluz. They are looking in Del Mar, La Jolla, Coronado, Laguna, Newport Coast etc. What happens further inland is outside their line of sight.[/quote]

A significant number of those buyers are willing to move if the price differential is compelling enough. What you’re suggesting is that buyers like to compete against themselves, and are willing to pay whatever delusional prices the sellers *wish* to get, irrespective of whether or not there are other buyers willing to pay those prices. I’m not buying it.

If they can get something better a few miles away for 25%-50% less, anyone with half a brain would ignore the pie-in-the-sky sellers and look elsewhere.

edit: I’ve known a few wealthy people in my day (multi-millionaires+), and not a single one got rich by overpaying for things.

[CA renter]

[quote=sdrealtor]I dont buy it. Dr Feelgood, Ms Starlet, Mr CEO (ret) and Mr Nobel Prize arent paying attention to prices in 4S Ranch or even Santaluz. They are looking in Del Mar, La Jolla, Coronado, Laguna, Newport Coast etc. What happens further inland is outside their line of sight.[/quote]

A significant number of those buyers are willing to move if the price differential is compelling enough. What you’re suggesting is that buyers like to compete against themselves, and are willing to pay whatever delusional prices the sellers *wish* to get, irrespective of whether or not there are other buyers willing to pay those prices. I’m not buying it.

If they can get something better a few miles away for 25%-50% less, anyone with half a brain would ignore the pie-in-the-sky sellers and look elsewhere.

edit: I’ve known a few wealthy people in my day (multi-millionaires+), and not a single one got rich by overpaying for things.

[CA renter]

[quote=sdrealtor]I dont buy it. Dr Feelgood, Ms Starlet, Mr CEO (ret) and Mr Nobel Prize arent paying attention to prices in 4S Ranch or even Santaluz. They are looking in Del Mar, La Jolla, Coronado, Laguna, Newport Coast etc. What happens further inland is outside their line of sight.[/quote]

A significant number of those buyers are willing to move if the price differential is compelling enough. What you’re suggesting is that buyers like to compete against themselves, and are willing to pay whatever delusional prices the sellers *wish* to get, irrespective of whether or not there are other buyers willing to pay those prices. I’m not buying it.

If they can get something better a few miles away for 25%-50% less, anyone with half a brain would ignore the pie-in-the-sky sellers and look elsewhere.

edit: I’ve known a few wealthy people in my day (multi-millionaires+), and not a single one got rich by overpaying for things.

[Author]

Posts