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Arraya
ParticipantThis puts things back to approximatly 2004-5 price levels in most markets, which is probably where they should have stayed if speculators hadn’t entered the market and bid prices up too far.
You need to lay off the pipe! NP condos are doomed…. 01 baby!!
September 25, 2007 at 3:55 PM in reply to: Greenspan and the Vaunted Bay Area Both Going Down #85882Participant“Of course the people don’t want war. But after all, it’s the leaders of the country who determine the policy, and it’s always a simple matter to drag the people along whether it’s a democracy, a fascist dictatorship, or a parliament, or a communist dictatorship. Voice or no voice, the people can always be brought to the bidding of the leaders. That is easy. All you have to do is tell them they are being attacked, and denounce the pacifists for lack of patriotism, and exposing the country to greater danger.”
— Herman Goering at the Nuremberg trials
ParticipantI actually rent in another of the la jolla pacific’s developments in HC. They opened these up back in Nov. There is 12 units, they have sold 2 and are renting the rest. These guys seem really arrogant, they never even lowered the price once in the 10 months they were marketing them. They finally gave up and decided to rent them.
They have another one they want to build on university and 5th that is like 12 storys high. They were taken to court because it violates some enviromental code. Apparently they are appealing it. You think they would just scrap it because of all they other problems they are having with selling the other developments.
Participant“The gloom: Historically, all great dynasties have declined or collapsed, so ours is inevitable but when and how bad. Ours is based on capitalism and energy (oil). I say a real plan away from oil to nuke/solar/wind/geo/etc could delay our fate.”
Bloat-The Dems seem to be much more vocal regarding decreasing oil dependency. Yeah, it’s just talk, but at least they are vocalizing it…
The Republicans just seem to be comparing dick sizes in regards to the evil terrorists.
ParticipantDoom and gloom?
About a year ago, my fiancé and I were thinking of buying a house. Reading mainstream media back then would lead one to believe that we were experiencing a mild softening of the market and surely would recover in early 08, HA!. After doing a little research on the Internet I found a few “bubble” articles speaking of 40-50% declines. A few of my acquaintances, some in the RE industry and others, well educated professionals, pawned if off as doom and gloom. Funny, all it takes for a reasonably intelligent, rational person is a few hours of studying Piggington’s to figure out the housing market is in dire straights. Thank you, all you doomersayers out there!
One person’s doomsayer is another’s savior I guess…
The mainstream media is practically useless in doing it’s job as a watchdog for the masses. The financial clusterfuck brought on by the fed and wall street that many of you allude to pales in comparison to the economic havoc that most likely will be brought on by declining oil production. By the time the current financial mess unwinds over the next few years we should be at peak or pretty damn close, per most experts. We will be changed forever and it will be painful. I really wish I did not think so. Try spending some time studying the oil drum blog and not coming to the same conclusion. Peak oil is the biggest white elephant in the room and the US is the least prepared to deal with such a problem.
But I am sure we will get ample warning from the media and proper steps will be taken by the feds, right?
“We have only two modes—complacency and panic.”
—James R. Schlesinger, the first energy secretary, in 1977, on the country’s approach to energy“Of all races in an advanced stage of civilization, the American is the least accessible to long views… Always and everywhere in a hurry to get rich, he does not give a thought to remote consequences; he sees only present advantages… He does not remember, he does not feel, he lives in a materialist dream.”
—Moiseide Ostrogorski (1902, 302-303)September 21, 2007 at 3:09 PM in reply to: Interesting article: Are we heading for an epic bear market? #85490ParticipantOr the inevitable decline of oil production starting 2009-10, causing oil prices to spike to $200+ per bbl
September 21, 2007 at 1:43 PM in reply to: Interesting article: Are we heading for an epic bear market? #85479ParticipantLike the housing bubble bursting….?
Participant“The US has remained Top Dog for the past half century because (a) we had a stable currency (b) with no viable alternative and (c) we had the military means to attack or defend anyone to adjust the world order as we saw fit. (a) and (b) are clearly things of the past. Our future as a world power depends on (c). Iraq has called that into serious question; events in Iran will provide a decisive answer.”
Great post! However I think you are missing the most important thing here: An endless supply of cheap oil, which is the life-blood of our economy…
ParticipantCould be some people pay as much or more via bidding than the original owners paid for their places
That’s ridiculous… 92104 attached homes are dropping pretty dramatically. Lots of 03 prices popping up. La Boheme is not immune.
ParticipantIf everybody wants to live here why are they not moving here….?
ParticipantI have been renting in a never lived in condo developement in Hillcrest since November, which was extacly when the finnished developement. My landlord was an investor and recieved 3 of the 12 units of which he cannot sell for 5 years. Needless to say they were having trouble finding buyers. Apparently the main developers looking for business asked him to see if any of his renters would be willing to buy.
Long story short. He approached my fiance and I to see if we were willing to purchase and that he could work a very good deal. I agreed but said we would need to get a good deal off list due to the market conditions and not wanting to be underwater. They were listing @ 660, which was IMO about 30-40K to high in the 1st place according to comparibles.
I worked up a price that was the same mortgage payment as our rent minus HOA and 1/2 taxes. That put a purchase price right around 400K. They actually countered to 500K plus 20K incentives. Keep in mind they did sell the 2 one bed room units, smaller by 150 Sq ft and one less bathroom for 550 and 570K. So I thought that was very indicative of there stress level.
Anyway they have since started renting them out along with the other 37 unit building they have on the otherside of town that just completed construction.
September 11, 2007 at 6:49 PM in reply to: August numbers out. No impact of the credit crunch in San Diego… #84215ParticipantAnd its going to stay this way as long as the damn banks are sitting on the inventory!
And the inventory just keeps rising and rising. As Led Zepplin has said “If it keeps on raining the levee’s gonna break”.
September 10, 2007 at 7:18 PM in reply to: Innovest posted their August San Diego foreclosure numbers and it ain’t pretty.. #84109ParticipantStan,
July total sales for sfr/attached is 3059 per DataQuick. So with REOs at nearly 1K per month that would make sense.
However, I have no clue as to how many REOs are selling per month(that would be another good data point). I am under the assumption that they are only selling a fraction of what the are taking back at this point. It’s kind of staggering when you think about it.
Participant“Keep in mind that prices are coming down in the areas because the general sellers who didn’t “buy smart” need to keep up with the foreclosures and REOs available if they want their property sold fast.”
“However, sellers who aren’t in a hurry to sell are selling at their fair market value”
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Well that makes sense! Apparently she does not understand how house values are derived…
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