This thread is so telling of the real estate market in general. Talk about a staring contest between buyers and sellers!
It seems as if PS posted this topic directly to SDR and jabbed away at his credibility until he responded. I believe this is telling as to the motives of PS. Here is someone who moved her family from their home to reap the rewards of an overheated market. She made a tidy profit of which she did not earn (none of us who sold in the last three years did) and has expressed guilt in previous posts about it. This is nothing short of a windfall and now she is trying to make sound financial decisons with it. Her blogging is fed by fear she will not make the best of these profits. Look at the information she seeks (mostly financial advise).
At the same time, she seeks out information that she made the right decision for her family. Again, fear based. Did she uproot them for no reason? Did she sell too soon?
I think Jim B. posted a few days ago about how it is human nature to seek out information that supports our world view and edit the information that doesn’t. This is universal, just because you believe in the bubble doesn’t mean you are immune. Thus, PS spends her days surfing between housing blogs to seek information she made the right choice. I admire her caution, just not the way she responds to dissenting opinions. People are irrational when they are scared.
Given the fiscal troubles of San Diego and California in general, how much will the Assessor’s Office fight back. I mean, revenue for the county would drop-off substantially in a major housing correction (Tens of millions? Hundreds of millions?).
Thanks for the thorough explination Bugs! So it’s up to the owner to start the process. Will there be a new marketing strategy by appraisers who can “lower your taxes” ;)?
We sold in University Heights and rented a small older home on Neale St. with an amazing view. We finally ended up moving out of San Diego with our gains in tact. No doubt that area is wonderful. One can argue that Pioneer Park alone is worth some of the mark up (not to mention Phils BBQ). Patience will win in the end, hang in there.
Yeah, I rented there for 5 or so years in between owning in University Heights. In fact, it was when I saw a 1000 sq. ft. teardown for $850K in Mission Hills that lead me to the decision to sell!
I sold a condo/loft in the University Heights area in July ’04 for $610K. According to Zillow.com, the unit nextdoor sold in Nov. ’05 for $510K and this unit was 50 sq feet bigger than the one I sold!
