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December 15, 2007 at 2:52 AM in reply to: Fire cleanup discovery….no re-bar in some (all?) foundations of Montelena (Rancho Bernardo) #117614December 15, 2007 at 2:52 AM in reply to: Fire cleanup discovery….no re-bar in some (all?) foundations of Montelena (Rancho Bernardo) #117741
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ParticipantThe MLS shows a lot of similar size in that area that sold in early 2004 for $217,000. My guess is that in the current market the $695,000 was probably high and now so is the $275,000 for the lot. Whoever builds now is building in a neighborhood of 1980s homes in that size range.
December 15, 2007 at 2:52 AM in reply to: Fire cleanup discovery….no re-bar in some (all?) foundations of Montelena (Rancho Bernardo) #117777ParticipantThe MLS shows a lot of similar size in that area that sold in early 2004 for $217,000. My guess is that in the current market the $695,000 was probably high and now so is the $275,000 for the lot. Whoever builds now is building in a neighborhood of 1980s homes in that size range.
December 15, 2007 at 2:52 AM in reply to: Fire cleanup discovery….no re-bar in some (all?) foundations of Montelena (Rancho Bernardo) #117818ParticipantThe MLS shows a lot of similar size in that area that sold in early 2004 for $217,000. My guess is that in the current market the $695,000 was probably high and now so is the $275,000 for the lot. Whoever builds now is building in a neighborhood of 1980s homes in that size range.
December 15, 2007 at 2:52 AM in reply to: Fire cleanup discovery….no re-bar in some (all?) foundations of Montelena (Rancho Bernardo) #117839ParticipantThe MLS shows a lot of similar size in that area that sold in early 2004 for $217,000. My guess is that in the current market the $695,000 was probably high and now so is the $275,000 for the lot. Whoever builds now is building in a neighborhood of 1980s homes in that size range.
ParticipantIf it’s worth to you then it’s worth it to you. The Bay area has always had a much stronger income potential, and unlike SD County, that economy wasn’t driven solely by RE.
I liken it to comparing the increases in our ghetto vs. our high end neighborhoods. Yeah, the top end did okay during the runup, but it was the bottom end that more than tripled and it is the bottom end that is now racing in the opposite direction.
The Bay area is connected to the rest of the nation and it is just a matter of time before they also feel the pinch. During our runup the primary “reason” the bulls pointed to for explaining why prices couldn’t fall was “because it hasn’t happened yet.” Just as that line of reasoning proved incorrect in our area, I expect it to play out the same way in most other areas. The Bay area could turn out to be the exception, but I don’t see how unless there’s some big new wave in tech coming online.
ParticipantIf it’s worth to you then it’s worth it to you. The Bay area has always had a much stronger income potential, and unlike SD County, that economy wasn’t driven solely by RE.
I liken it to comparing the increases in our ghetto vs. our high end neighborhoods. Yeah, the top end did okay during the runup, but it was the bottom end that more than tripled and it is the bottom end that is now racing in the opposite direction.
The Bay area is connected to the rest of the nation and it is just a matter of time before they also feel the pinch. During our runup the primary “reason” the bulls pointed to for explaining why prices couldn’t fall was “because it hasn’t happened yet.” Just as that line of reasoning proved incorrect in our area, I expect it to play out the same way in most other areas. The Bay area could turn out to be the exception, but I don’t see how unless there’s some big new wave in tech coming online.
ParticipantIf it’s worth to you then it’s worth it to you. The Bay area has always had a much stronger income potential, and unlike SD County, that economy wasn’t driven solely by RE.
I liken it to comparing the increases in our ghetto vs. our high end neighborhoods. Yeah, the top end did okay during the runup, but it was the bottom end that more than tripled and it is the bottom end that is now racing in the opposite direction.
The Bay area is connected to the rest of the nation and it is just a matter of time before they also feel the pinch. During our runup the primary “reason” the bulls pointed to for explaining why prices couldn’t fall was “because it hasn’t happened yet.” Just as that line of reasoning proved incorrect in our area, I expect it to play out the same way in most other areas. The Bay area could turn out to be the exception, but I don’t see how unless there’s some big new wave in tech coming online.
ParticipantIf it’s worth to you then it’s worth it to you. The Bay area has always had a much stronger income potential, and unlike SD County, that economy wasn’t driven solely by RE.
I liken it to comparing the increases in our ghetto vs. our high end neighborhoods. Yeah, the top end did okay during the runup, but it was the bottom end that more than tripled and it is the bottom end that is now racing in the opposite direction.
The Bay area is connected to the rest of the nation and it is just a matter of time before they also feel the pinch. During our runup the primary “reason” the bulls pointed to for explaining why prices couldn’t fall was “because it hasn’t happened yet.” Just as that line of reasoning proved incorrect in our area, I expect it to play out the same way in most other areas. The Bay area could turn out to be the exception, but I don’t see how unless there’s some big new wave in tech coming online.
ParticipantIf it’s worth to you then it’s worth it to you. The Bay area has always had a much stronger income potential, and unlike SD County, that economy wasn’t driven solely by RE.
I liken it to comparing the increases in our ghetto vs. our high end neighborhoods. Yeah, the top end did okay during the runup, but it was the bottom end that more than tripled and it is the bottom end that is now racing in the opposite direction.
The Bay area is connected to the rest of the nation and it is just a matter of time before they also feel the pinch. During our runup the primary “reason” the bulls pointed to for explaining why prices couldn’t fall was “because it hasn’t happened yet.” Just as that line of reasoning proved incorrect in our area, I expect it to play out the same way in most other areas. The Bay area could turn out to be the exception, but I don’t see how unless there’s some big new wave in tech coming online.
ParticipantNever mind.
I had a post, but it was basically just a repeat of the prior post. Basic supply/demand. We have way more supply than demand at these prices, and this imbalance can only be reconciled via either reducing the price structure or convincing the speculators that there’s money to be made in the next 6 months via an influx of more stupid buyers and stupid lenders. No upside = no investors, which means that the remaining pricing is strictly limited to how much the buyers make and their ability to service a mortgage made under conventional terms.
We all know where that level of pricing is and we already know that we have a ways to go before we get there.
ParticipantNever mind.
I had a post, but it was basically just a repeat of the prior post. Basic supply/demand. We have way more supply than demand at these prices, and this imbalance can only be reconciled via either reducing the price structure or convincing the speculators that there’s money to be made in the next 6 months via an influx of more stupid buyers and stupid lenders. No upside = no investors, which means that the remaining pricing is strictly limited to how much the buyers make and their ability to service a mortgage made under conventional terms.
We all know where that level of pricing is and we already know that we have a ways to go before we get there.
ParticipantNever mind.
I had a post, but it was basically just a repeat of the prior post. Basic supply/demand. We have way more supply than demand at these prices, and this imbalance can only be reconciled via either reducing the price structure or convincing the speculators that there’s money to be made in the next 6 months via an influx of more stupid buyers and stupid lenders. No upside = no investors, which means that the remaining pricing is strictly limited to how much the buyers make and their ability to service a mortgage made under conventional terms.
We all know where that level of pricing is and we already know that we have a ways to go before we get there.
ParticipantNever mind.
I had a post, but it was basically just a repeat of the prior post. Basic supply/demand. We have way more supply than demand at these prices, and this imbalance can only be reconciled via either reducing the price structure or convincing the speculators that there’s money to be made in the next 6 months via an influx of more stupid buyers and stupid lenders. No upside = no investors, which means that the remaining pricing is strictly limited to how much the buyers make and their ability to service a mortgage made under conventional terms.
We all know where that level of pricing is and we already know that we have a ways to go before we get there.
ParticipantNever mind.
I had a post, but it was basically just a repeat of the prior post. Basic supply/demand. We have way more supply than demand at these prices, and this imbalance can only be reconciled via either reducing the price structure or convincing the speculators that there’s money to be made in the next 6 months via an influx of more stupid buyers and stupid lenders. No upside = no investors, which means that the remaining pricing is strictly limited to how much the buyers make and their ability to service a mortgage made under conventional terms.
We all know where that level of pricing is and we already know that we have a ways to go before we get there.
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