Waiting for Del Mar to fall

[jpinpb]

I see more of a decline in LJ than DM, only b/c I think there were more flippers there. I haven’t followed DM enough to know, but as said, such a small community, it seemed more contained.

[barnaby33]

Just up there last weekend, went to a couple of open houses, talked to the realtors. Prices east of the 5 have already come down a bit. One realtor confided that she put someone in a townhome in her development for 200+k less than her own home cost. Not what it was worth, what it cost her in 05 I think.

The second realtor I talked to mused out loud whether she should sell her DM rental properties as they were on 5 year ARMS. I didn’t choke or anything, I just said yep, you’ve got about a year.

Del Mar will come down, just like every place else. It was just as nice in the last downturn as it is this time. Availability of credit will kill it. Yes there are all cash buyers. Yep there are even people who are immune to the downturn, but not enough. Not every place in Del Mar is a Taj Mahal. Lots of little condos and town-homes and 1920’s bungalows.

The window of opportunity will probably be smallest there, since it is close to jobs, but if Del Mar is going to defy economic gravity I’ll be just as happy in Mission Hills.

Josh

[barnaby33]

Just up there last weekend, went to a couple of open houses, talked to the realtors. Prices east of the 5 have already come down a bit. One realtor confided that she put someone in a townhome in her development for 200+k less than her own home cost. Not what it was worth, what it cost her in 05 I think.

The second realtor I talked to mused out loud whether she should sell her DM rental properties as they were on 5 year ARMS. I didn’t choke or anything, I just said yep, you’ve got about a year.

Del Mar will come down, just like every place else. It was just as nice in the last downturn as it is this time. Availability of credit will kill it. Yes there are all cash buyers. Yep there are even people who are immune to the downturn, but not enough. Not every place in Del Mar is a Taj Mahal. Lots of little condos and town-homes and 1920’s bungalows.

The window of opportunity will probably be smallest there, since it is close to jobs, but if Del Mar is going to defy economic gravity I’ll be just as happy in Mission Hills.

Josh

[barnaby33]

Just up there last weekend, went to a couple of open houses, talked to the realtors. Prices east of the 5 have already come down a bit. One realtor confided that she put someone in a townhome in her development for 200+k less than her own home cost. Not what it was worth, what it cost her in 05 I think.

The second realtor I talked to mused out loud whether she should sell her DM rental properties as they were on 5 year ARMS. I didn’t choke or anything, I just said yep, you’ve got about a year.

Del Mar will come down, just like every place else. It was just as nice in the last downturn as it is this time. Availability of credit will kill it. Yes there are all cash buyers. Yep there are even people who are immune to the downturn, but not enough. Not every place in Del Mar is a Taj Mahal. Lots of little condos and town-homes and 1920’s bungalows.

The window of opportunity will probably be smallest there, since it is close to jobs, but if Del Mar is going to defy economic gravity I’ll be just as happy in Mission Hills.

Josh

[barnaby33]

Just up there last weekend, went to a couple of open houses, talked to the realtors. Prices east of the 5 have already come down a bit. One realtor confided that she put someone in a townhome in her development for 200+k less than her own home cost. Not what it was worth, what it cost her in 05 I think.

The second realtor I talked to mused out loud whether she should sell her DM rental properties as they were on 5 year ARMS. I didn’t choke or anything, I just said yep, you’ve got about a year.

Del Mar will come down, just like every place else. It was just as nice in the last downturn as it is this time. Availability of credit will kill it. Yes there are all cash buyers. Yep there are even people who are immune to the downturn, but not enough. Not every place in Del Mar is a Taj Mahal. Lots of little condos and town-homes and 1920’s bungalows.

The window of opportunity will probably be smallest there, since it is close to jobs, but if Del Mar is going to defy economic gravity I’ll be just as happy in Mission Hills.

Josh

[barnaby33]

Just up there last weekend, went to a couple of open houses, talked to the realtors. Prices east of the 5 have already come down a bit. One realtor confided that she put someone in a townhome in her development for 200+k less than her own home cost. Not what it was worth, what it cost her in 05 I think.

The second realtor I talked to mused out loud whether she should sell her DM rental properties as they were on 5 year ARMS. I didn’t choke or anything, I just said yep, you’ve got about a year.

Del Mar will come down, just like every place else. It was just as nice in the last downturn as it is this time. Availability of credit will kill it. Yes there are all cash buyers. Yep there are even people who are immune to the downturn, but not enough. Not every place in Del Mar is a Taj Mahal. Lots of little condos and town-homes and 1920’s bungalows.

The window of opportunity will probably be smallest there, since it is close to jobs, but if Del Mar is going to defy economic gravity I’ll be just as happy in Mission Hills.

Josh

[San Diego Native]

We own a couple of rental homes in Del Mar (purchased waaaay before the boom, with no HELOC’s) and get “all-cash” offers on them every few months from people who know they are rentals, and ask if we might want to sell, so I really don’t see the area crashing anytime soon–but you never know!! I do know, it’s a great place to be a landlord.

[San Diego Native]

We own a couple of rental homes in Del Mar (purchased waaaay before the boom, with no HELOC’s) and get “all-cash” offers on them every few months from people who know they are rentals, and ask if we might want to sell, so I really don’t see the area crashing anytime soon–but you never know!! I do know, it’s a great place to be a landlord.

[San Diego Native]

We own a couple of rental homes in Del Mar (purchased waaaay before the boom, with no HELOC’s) and get “all-cash” offers on them every few months from people who know they are rentals, and ask if we might want to sell, so I really don’t see the area crashing anytime soon–but you never know!! I do know, it’s a great place to be a landlord.

[San Diego Native]

We own a couple of rental homes in Del Mar (purchased waaaay before the boom, with no HELOC’s) and get “all-cash” offers on them every few months from people who know they are rentals, and ask if we might want to sell, so I really don’t see the area crashing anytime soon–but you never know!! I do know, it’s a great place to be a landlord.

[San Diego Native]

We own a couple of rental homes in Del Mar (purchased waaaay before the boom, with no HELOC’s) and get “all-cash” offers on them every few months from people who know they are rentals, and ask if we might want to sell, so I really don’t see the area crashing anytime soon–but you never know!! I do know, it’s a great place to be a landlord.

[patientlywaiting]

During the last downturn, people would could afford it held to their investments. But that does come in the form of opportunity costs.

Why not rent if you can’t afford to buy in Del Mar?

Plenty of people come for the racing season and do just that.

For 1/2 the cost of ownership, you can rent and enjoy the neighborhood just as much.

[patientlywaiting]

During the last downturn, people would could afford it held to their investments. But that does come in the form of opportunity costs.

Why not rent if you can’t afford to buy in Del Mar?

Plenty of people come for the racing season and do just that.

For 1/2 the cost of ownership, you can rent and enjoy the neighborhood just as much.

[patientlywaiting]

During the last downturn, people would could afford it held to their investments. But that does come in the form of opportunity costs.

Why not rent if you can’t afford to buy in Del Mar?

Plenty of people come for the racing season and do just that.

For 1/2 the cost of ownership, you can rent and enjoy the neighborhood just as much.

[patientlywaiting]

During the last downturn, people would could afford it held to their investments. But that does come in the form of opportunity costs.

Why not rent if you can’t afford to buy in Del Mar?

Plenty of people come for the racing season and do just that.

For 1/2 the cost of ownership, you can rent and enjoy the neighborhood just as much.

[Author]

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