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ParticipantI was a IT manager and maintained over 20 PCs and 3 servers. So if you have any quest, feel free to ask. If you need specific help in person, we can arrange something. I don’t have an IT business but I’m sure I can solve your problems.
Participantsdr, I don’t know much about the market condition over there so I’ll just take your word for it. Looking at the prices in Boston and etc, it still is relatively cheap compare to here, so I think you’re right. It probably won’t crash like it is here. Also, income is around 10-15% higher over there than here. So that alone would warrant a 10-15% higher in housing prices. How much price will fall over there is just as an unknown as it is here.
ParticipantOLD money is not just Vanderbilts and Rockefllers, it can be found in every community that I have seen back East in tire stores, plumbing firms, exterminators, pet stores, jewelers, bakeries and yes even paint stores. It is as common among so called average joes as it is the upper crust.
That’s exactly what I meant. When I say old money, I don’t mean Reckerfellers and the like. I mean the people who have 4-5 generations to build up family wealth. So that’s why I say east coast have more old money, because most people on the west coast have not been living here for 4-5 generations. Come back in 4-5 generations and I’m sure west coast will have plenty of old money just like the east coast. It just take TIME. Most people in Cali are 1st or 2nd generation immigrant who did quite a good job for the time they have. Give them 4-5 generations and their heirs will probably be in the same boat as the stock boy you’re referring to. Oh, and I know many people who live in Cali and own small businesses. So I still don’t get your point.
ParticipantSD Realtor, thanks in advance for the info. Can you post data for 92121 and 92126?
ParticipantI think most teenagers w/ a part time job have $3k net worth. I guess over 30-40 years, they went no where.
Participantsdrealtor, your examples are referring to OLD money. What does old money have anything to do with the average guy? I’m not disputing that East coast have more old money than West coast. After all, West coast started much later than East coast. The same families who start their business now in the West coast, in 100-200 years, it’ll be just like how the East coast is now. So I still don’t see the point you’re making.
Bottom line is, there’s not much differences between East coast and West coast for an average Joe middle class who’s trying to move up. I would love it that my family have been here in the US for 50-100 years but the fact is, my family have only been here for a little over 25 years. So your examples does not apply. That’s what many who are trying to break out of the middle class aspire to. Become old money and make life easier for our kids, grand kids, etc. But that can only happen with time. If I have that kind of money, I would hope my kids aspire to more than just going to college for kicks and be a stock-boy after college. It would be much better if they went to college, make big bucks in somewhere else, hire a manager for $40k and take that $60k as a family profit.
ParticipantDaCounselor, I agree with you completely. I don’t see how starting your own company any different in the west coast compare to east coast. I know plenty of people starting their own business in Cali and are doing very well, despite all the franchise around them.
ParticipantBostonAndOC, very interesting thesis. I guess I would have to look closer at the jobs available in monster.com in Boston to have a clearer picture.
ParticipantI agree, this program is probably designed for the people who are very disciplined. I mean, you have to be disciplined to try and pay off your mortgage early, right? So this definitely is very interesting program if it works.
ParticipantBostonAndOC, when I say Sr. software engineer, I’m referring to sw engineer lvl 3 on Salary.com. That’s 3-5 yrs experience. Of course there are company that pay extremely well but I think salary.com does a good job getting you the average of all the company in the area. That’s the # I provided. It’s from salary.com.
ParticipantTo all who say Boston, NY, etc have higher paying jobs than SD, it might only apply to only some industry. Here’s what salary.com is saying regarding average wage a Sr. Software Engineer make:
San Diego: 74-92k
Boston: 78-96k
NY: 82-102k
SF: 82-102k
SJ: 83-102kI don’t see SD being that much lower than those other areas. It’s 5% less than Boston and 15% less than NY, SF, SJ. Cost of living in NY, SF, SJ is also more than SD, so I don’t see how SD is being paid much worse than other area.
ParticipantI agree with you. When we hit the bottom, price difference between houses will be much smaller than it is now. In 1996, 1300-1400sq-ft house in Mira Mesa is selling for $160k, while a 2700 sq-ft house in Sorrento Valley is only in the low-mid $200k range. At the peak of the bubble, the same house in MM went for $500k while the house in Sorrento Valley went for around $1M. So my prediction is, top end will contract a lot more than the low end.
ParticipantI guess it’s a semantic. To me, serious buyers are buyers who would be at the current price the market will bare. So with that definition, we’re not serious buyers. You’re right, we’re serious buyers if we get the price we like. We are definitely selective buyers :-).
I think it’s always the weak handed seller that set the price. So the people will lots of equity and does not need to sell, they will go away. The one that’s left are the one that have to sell. They will set the comp. Once the comp is set, the buyer will want less than that for the next home, etc. So we just have to wait and see how many weak handed sellers are out there this spring selling season. Then there’s the easy money from the bank, seems like the easy money is still alive and well.
Participantsellers of anything will always make a killing on a sell unless they’re desperate, so what’s your point lendingbubbleco? Even at the bottom of the last crash in 1996, if they buyer bought in 1980, they would be making a killing. So I guess in your terms, it’s always a seller’s market.
If sellers do have the control, then they wouldn’t have to lower the price. Seller will ALWAYS want the highest price and buyers will ALWAYS want lowest price. If price have to go lower, then buyers have the control, period.
SDR, there are buyers at every price point for a particular house. You and I are not as serious of a buyer as some other buyers out there. For those serious buyers, they will negotiate with the sellers and buy what ever price they come up with. If after negotiation, the buyers get more of what they want than the seller, that’s the buyer’s market.
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