Why I am leaving San Diego

[bearishgurl]

[quote=jpinpb][quote=CA renter]We have seen an unprecedented CREDIT bubble, the size and scope of which we haven’t seen in our lifetimes (if ever). The main beneficiary of all of that credit has been the housing market. The ONLY reason prices are levitating above their fundamental values is because the govt and Federal Reserve have stepped in on so many levels to keep “supply and demand” from setting prices.
[/quote]
Totally agree. I’m scared this may be the new norm. I fear if the government steps back, things will go down. I think they know this. So they can’t. They will continue to prop things up. I just don’t know how long they can. I mean, sooner or later they may run out of bullets. But I agree that were it not for gov intervention, we would be looking at a completely different market and probably be on our way to a real recovery by now. Dragging out the bottom means dragging out a real recovery, IMO. But I guess they decided to rip the bandaid off real slow.[/quote]

Ladies, I understand your frustration with the local market being artificially “propped up.” I believe this is true for MOST of the county. But there are niche markets in this county which have a high incidence of cash buyers, many foreign. Whether they are purchasing a principal residence, a residence for relatives or a vacation residence isn’t important here. Yes, these buyers DO look at recent sold comps before making an offer but there is ONLY ONE DM property available which has its own rock sauna, for example, that they are considering placing an offer on. When buyers with $$ see a certain design or amenities they are looking for in a VERY SPECIFIC locale, they often buy it! Government intervention has no effect on this type of buyer, especially foreign buyers who typically cannot avail themselves of US mortgage loans.

The value of RE in certain CA coastal locales will always be exempt from “fundamentals” simply by virtue of their highly-desireable locations which usually cannot be replicated within the same county. As a consequence, even “fixers” might be cost-prohibitive, as well, when located in that same immediate locale. Brian is right . . . may the best buyer win. It has nothing to do with what a hardworking American deserves and everything to do with the Darwinian method at work . . . in its finest form :=}

[bearishgurl]

Consider this, Piggs. If you have your eye on a highly desirable block or concentrated area (for a future purchase or fixer oppt’y), there may be others who have longtime neighborhood agents in that locale whom they have “put in an order” with for a property in the Muirlands with a rear lot facing SW (both whitewater and Mission Bay views). Alas, there may be only 12-14 of these that totally (or almost) fill the bill! And, of course, none are on the market and their agent may have already contacted potential sellers.

These potential (invisible) buyers may be “ready to pounce for a quick closing” at any given time. They’re NOT HERE, Piggs. They’re in NY, VA, SF, Chicago, Dallas, HI, Japan, China, etc, living their lives. They’re not going anywhere and neither is their $$. They’ve got the time to wait it out.

THIS IS YOUR COMPETITION for SD’s most prized areas, Piggs :={

There’s nothing we can do about this if we need a mortgage.

[bearishgurl]

Consider this, Piggs. If you have your eye on a highly desirable block or concentrated area (for a future purchase or fixer oppt’y), there may be others who have longtime neighborhood agents in that locale whom they have “put in an order” with for a property in the Muirlands with a rear lot facing SW (both whitewater and Mission Bay views). Alas, there may be only 12-14 of these that totally (or almost) fill the bill! And, of course, none are on the market and their agent may have already contacted potential sellers.

These potential (invisible) buyers may be “ready to pounce for a quick closing” at any given time. They’re NOT HERE, Piggs. They’re in NY, VA, SF, Chicago, Dallas, HI, Japan, China, etc, living their lives. They’re not going anywhere and neither is their $$. They’ve got the time to wait it out.

THIS IS YOUR COMPETITION for SD’s most prized areas, Piggs :={

There’s nothing we can do about this if we need a mortgage.

[bearishgurl]

Consider this, Piggs. If you have your eye on a highly desirable block or concentrated area (for a future purchase or fixer oppt’y), there may be others who have longtime neighborhood agents in that locale whom they have “put in an order” with for a property in the Muirlands with a rear lot facing SW (both whitewater and Mission Bay views). Alas, there may be only 12-14 of these that totally (or almost) fill the bill! And, of course, none are on the market and their agent may have already contacted potential sellers.

These potential (invisible) buyers may be “ready to pounce for a quick closing” at any given time. They’re NOT HERE, Piggs. They’re in NY, VA, SF, Chicago, Dallas, HI, Japan, China, etc, living their lives. They’re not going anywhere and neither is their $$. They’ve got the time to wait it out.

THIS IS YOUR COMPETITION for SD’s most prized areas, Piggs :={

There’s nothing we can do about this if we need a mortgage.

[bearishgurl]

Consider this, Piggs. If you have your eye on a highly desirable block or concentrated area (for a future purchase or fixer oppt’y), there may be others who have longtime neighborhood agents in that locale whom they have “put in an order” with for a property in the Muirlands with a rear lot facing SW (both whitewater and Mission Bay views). Alas, there may be only 12-14 of these that totally (or almost) fill the bill! And, of course, none are on the market and their agent may have already contacted potential sellers.

These potential (invisible) buyers may be “ready to pounce for a quick closing” at any given time. They’re NOT HERE, Piggs. They’re in NY, VA, SF, Chicago, Dallas, HI, Japan, China, etc, living their lives. They’re not going anywhere and neither is their $$. They’ve got the time to wait it out.

THIS IS YOUR COMPETITION for SD’s most prized areas, Piggs :={

There’s nothing we can do about this if we need a mortgage.

[bearishgurl]

Consider this, Piggs. If you have your eye on a highly desirable block or concentrated area (for a future purchase or fixer oppt’y), there may be others who have longtime neighborhood agents in that locale whom they have “put in an order” with for a property in the Muirlands with a rear lot facing SW (both whitewater and Mission Bay views). Alas, there may be only 12-14 of these that totally (or almost) fill the bill! And, of course, none are on the market and their agent may have already contacted potential sellers.

These potential (invisible) buyers may be “ready to pounce for a quick closing” at any given time. They’re NOT HERE, Piggs. They’re in NY, VA, SF, Chicago, Dallas, HI, Japan, China, etc, living their lives. They’re not going anywhere and neither is their $$. They’ve got the time to wait it out.

THIS IS YOUR COMPETITION for SD’s most prized areas, Piggs :={

There’s nothing we can do about this if we need a mortgage.

[briansd1]

bearishgirl, can you please give us some data.

Please list the parcel #s of out-of-state/foreign buyers who do not claim the homeowners exemption and who paid with cash. That can easily be verified at at the County Recorder’s office.

If there are only 12 or 14 then please bring the data.

I believe that there are many reason for real estate being propped up. But I don’t believe cash foreign buyers are the reason, at least not in San Diego.

[briansd1]

bearishgirl, can you please give us some data.

Please list the parcel #s of out-of-state/foreign buyers who do not claim the homeowners exemption and who paid with cash. That can easily be verified at at the County Recorder’s office.

If there are only 12 or 14 then please bring the data.

I believe that there are many reason for real estate being propped up. But I don’t believe cash foreign buyers are the reason, at least not in San Diego.

[briansd1]

bearishgirl, can you please give us some data.

Please list the parcel #s of out-of-state/foreign buyers who do not claim the homeowners exemption and who paid with cash. That can easily be verified at at the County Recorder’s office.

If there are only 12 or 14 then please bring the data.

I believe that there are many reason for real estate being propped up. But I don’t believe cash foreign buyers are the reason, at least not in San Diego.

[briansd1]

bearishgirl, can you please give us some data.

Please list the parcel #s of out-of-state/foreign buyers who do not claim the homeowners exemption and who paid with cash. That can easily be verified at at the County Recorder’s office.

If there are only 12 or 14 then please bring the data.

I believe that there are many reason for real estate being propped up. But I don’t believe cash foreign buyers are the reason, at least not in San Diego.

[briansd1]

bearishgirl, can you please give us some data.

Please list the parcel #s of out-of-state/foreign buyers who do not claim the homeowners exemption and who paid with cash. That can easily be verified at at the County Recorder’s office.

If there are only 12 or 14 then please bring the data.

I believe that there are many reason for real estate being propped up. But I don’t believe cash foreign buyers are the reason, at least not in San Diego.

[bearishgurl]

[quote=briansd1]bearishgirl, can you please give us some data.

Please list the parcel #s of out-of-state/foreign buyers who do not claim the homeowners exemption and who paid with cash. That can easily be verified at at the County Recorder’s office.

If there are only 12 or 14 then please bring the data.

I believe that there are many reason for real estate being propped up. But I don’t believe cash foreign buyers are the reason, at least not in San Diego.[/quote]

I’m not sure what you’re asking here, brian and don’t think there are databases available to the public that will answer your question, without a lot of legwork being put in.

I never stated that cash sales were propping property values up, only that cash sales were stiff competition to the average Joe (or Pigg) in highly desirable “niche” markets.

Whether an American or foreign RE buyer in SD County who paid with all cash took the HOEX or not is inconsequential. The result is the same. The property was taken off the market, having sold for all-cash.

Zip codes that I’m familiar with which have higher percentages of all-cash sales are 92118, 91910 (part), 91902, 91914, 92106 (part), 92107 (part), 92109 (part), 92037 and 92014.

I would think that properties within the covenant would appeal to American all-cash buyers over foreign all-cash buyers. Not sure what the incidence of all cash-buyers is within the covenant.

Maybe other Piggs more knowledgeable about the details of resales which transpired in their respective areas can assist here (or start a new thread . . . lol).

[bearishgurl]

[quote=briansd1]bearishgirl, can you please give us some data.

Please list the parcel #s of out-of-state/foreign buyers who do not claim the homeowners exemption and who paid with cash. That can easily be verified at at the County Recorder’s office.

If there are only 12 or 14 then please bring the data.

I believe that there are many reason for real estate being propped up. But I don’t believe cash foreign buyers are the reason, at least not in San Diego.[/quote]

I’m not sure what you’re asking here, brian and don’t think there are databases available to the public that will answer your question, without a lot of legwork being put in.

I never stated that cash sales were propping property values up, only that cash sales were stiff competition to the average Joe (or Pigg) in highly desirable “niche” markets.

Whether an American or foreign RE buyer in SD County who paid with all cash took the HOEX or not is inconsequential. The result is the same. The property was taken off the market, having sold for all-cash.

Zip codes that I’m familiar with which have higher percentages of all-cash sales are 92118, 91910 (part), 91902, 91914, 92106 (part), 92107 (part), 92109 (part), 92037 and 92014.

I would think that properties within the covenant would appeal to American all-cash buyers over foreign all-cash buyers. Not sure what the incidence of all cash-buyers is within the covenant.

Maybe other Piggs more knowledgeable about the details of resales which transpired in their respective areas can assist here (or start a new thread . . . lol).

[bearishgurl]

[quote=briansd1]bearishgirl, can you please give us some data.

Please list the parcel #s of out-of-state/foreign buyers who do not claim the homeowners exemption and who paid with cash. That can easily be verified at at the County Recorder’s office.

If there are only 12 or 14 then please bring the data.

I believe that there are many reason for real estate being propped up. But I don’t believe cash foreign buyers are the reason, at least not in San Diego.[/quote]

I’m not sure what you’re asking here, brian and don’t think there are databases available to the public that will answer your question, without a lot of legwork being put in.

I never stated that cash sales were propping property values up, only that cash sales were stiff competition to the average Joe (or Pigg) in highly desirable “niche” markets.

Whether an American or foreign RE buyer in SD County who paid with all cash took the HOEX or not is inconsequential. The result is the same. The property was taken off the market, having sold for all-cash.

Zip codes that I’m familiar with which have higher percentages of all-cash sales are 92118, 91910 (part), 91902, 91914, 92106 (part), 92107 (part), 92109 (part), 92037 and 92014.

I would think that properties within the covenant would appeal to American all-cash buyers over foreign all-cash buyers. Not sure what the incidence of all cash-buyers is within the covenant.

Maybe other Piggs more knowledgeable about the details of resales which transpired in their respective areas can assist here (or start a new thread . . . lol).

[bearishgurl]

[quote=briansd1]bearishgirl, can you please give us some data.

Please list the parcel #s of out-of-state/foreign buyers who do not claim the homeowners exemption and who paid with cash. That can easily be verified at at the County Recorder’s office.

If there are only 12 or 14 then please bring the data.

I believe that there are many reason for real estate being propped up. But I don’t believe cash foreign buyers are the reason, at least not in San Diego.[/quote]

I’m not sure what you’re asking here, brian and don’t think there are databases available to the public that will answer your question, without a lot of legwork being put in.

I never stated that cash sales were propping property values up, only that cash sales were stiff competition to the average Joe (or Pigg) in highly desirable “niche” markets.

Whether an American or foreign RE buyer in SD County who paid with all cash took the HOEX or not is inconsequential. The result is the same. The property was taken off the market, having sold for all-cash.

Zip codes that I’m familiar with which have higher percentages of all-cash sales are 92118, 91910 (part), 91902, 91914, 92106 (part), 92107 (part), 92109 (part), 92037 and 92014.

I would think that properties within the covenant would appeal to American all-cash buyers over foreign all-cash buyers. Not sure what the incidence of all cash-buyers is within the covenant.

Maybe other Piggs more knowledgeable about the details of resales which transpired in their respective areas can assist here (or start a new thread . . . lol).

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