Forum Replies Created
-
AuthorPosts
-
DaCounselor
ParticipantIt seems obvious that limited availability of land can directly effect value, but density does not always equal desireability. What about Detroit as an example? Or bad neighborhoods in big cities? There can be zero land to develop in a particular neighborhood, but if no one wants to live there the value will reflect that. As for downtown SD, I think the values were driven up due to speculation more than anything else. I think that when the dust settles in about 2-3 years, it’s quite possible that downtown SD will be pounded by depreciation due to all the speculation and resultant overbuilding. And I think there are still quite a few lots that are or can ultimately be developed. I actually think downtown condos are going down harder than many surrounding neighborhoods with less “density”.
Participant“Even with all the extra costs, I believe San Diego is the best place in the country to live”
___________________Heartily agreed.
Participant“Even with all the extra costs, I believe San Diego is the best place in the country to live”
___________________Heartily agreed.
Participant“After talking to real estate agents and locals we really believed this was a good time to buy. HA. Perhaps it’s because we are used to fairly high prices in Seattle that San Diego prices didn’t seem all that bad. Homes are about 10-15% less there. We thought it made sense to buy a house now before the market “rebounds at the end of the summer” as predicted by the liars in the RE business. So we paid 575K for a tiny house in Westwood.”
____________________________Where is Westwood in San Diego?
Participant“After talking to real estate agents and locals we really believed this was a good time to buy. HA. Perhaps it’s because we are used to fairly high prices in Seattle that San Diego prices didn’t seem all that bad. Homes are about 10-15% less there. We thought it made sense to buy a house now before the market “rebounds at the end of the summer” as predicted by the liars in the RE business. So we paid 575K for a tiny house in Westwood.”
____________________________Where is Westwood in San Diego?
Participant“How many of us remember what it was like in the early-mid 90’s? The last thing anyone wanted to do then was buy a home.”
______________________I honestly don’t recall a widespread anti home ownership sentiment in SD during that time period. My recollection is that we were in the midst of a recession and most people I knew were under-employed and/or struggling to make a buck and/or concerned about career prospects in SD. The local economy seemed pretty narrow in scope and the phrase “sunshine wages” got tossed around quite a bit. I know a number of those in the “young professional” category who packed up and moved away, looking for greener pastures. But I just don’t recall anyone saying they didn’t want to buy a home or that a home in SD would be a terrible investment. In fact, my recollection is just the opposite – but the problem was no one was making the money or felt secure enough in their job to take the plunge. Of course, this is just my recollection.
Psychology on the buy-side is of course most relevant in a situation where someone has the means to get into the market but may choose not to. This is where things get interesting. En masse, how long will those who are able to stifle the seemingly inherent urge to own their own home be able to hold off on buying? How long will they wait? I have absolutely no idea. How will the general psychological make-up of many Americans – I want what I want and I want it now – factor in? Will MSM reporting “real estate = bad” trigger a sheep mentality that will over-ride what I see as a pre-existing and inherent desire to own and the “I want it now” mentality? Who knows – I sure don’t. But it’s going to be interesting to see how it plays out.
Participant“How many of us remember what it was like in the early-mid 90’s? The last thing anyone wanted to do then was buy a home.”
______________________I honestly don’t recall a widespread anti home ownership sentiment in SD during that time period. My recollection is that we were in the midst of a recession and most people I knew were under-employed and/or struggling to make a buck and/or concerned about career prospects in SD. The local economy seemed pretty narrow in scope and the phrase “sunshine wages” got tossed around quite a bit. I know a number of those in the “young professional” category who packed up and moved away, looking for greener pastures. But I just don’t recall anyone saying they didn’t want to buy a home or that a home in SD would be a terrible investment. In fact, my recollection is just the opposite – but the problem was no one was making the money or felt secure enough in their job to take the plunge. Of course, this is just my recollection.
Psychology on the buy-side is of course most relevant in a situation where someone has the means to get into the market but may choose not to. This is where things get interesting. En masse, how long will those who are able to stifle the seemingly inherent urge to own their own home be able to hold off on buying? How long will they wait? I have absolutely no idea. How will the general psychological make-up of many Americans – I want what I want and I want it now – factor in? Will MSM reporting “real estate = bad” trigger a sheep mentality that will over-ride what I see as a pre-existing and inherent desire to own and the “I want it now” mentality? Who knows – I sure don’t. But it’s going to be interesting to see how it plays out.
June 4, 2007 at 11:26 AM in reply to: So I pulled the trigger: My buying experience in Temecula (long story) #56380Participant“When the dust settles, I think newguy will still lose some money, but the deal he got will soften the blow.”
__________________________Depends when the “dust settles”.
June 4, 2007 at 11:26 AM in reply to: So I pulled the trigger: My buying experience in Temecula (long story) #56403Participant“When the dust settles, I think newguy will still lose some money, but the deal he got will soften the blow.”
__________________________Depends when the “dust settles”.
ParticipantThanks FSD – I thought I had point in there somewhere. My current primary residence would likely have sold for about $400K in early ’04 and closer to $460K in late ’04. Quite a difference.
Oh, and thanks for the personal attack, Rustico. That was really nice.
ParticipantThanks FSD – I thought I had point in there somewhere. My current primary residence would likely have sold for about $400K in early ’04 and closer to $460K in late ’04. Quite a difference.
Oh, and thanks for the personal attack, Rustico. That was really nice.
Participant“Some people may confuse others’ insistence on facts rather than sensationalism as being bullish. It is not.”
____________________Beautifully said.
It’s also interesting how this thread has migrated away from its original premise and the criticism of the supporting data.
Participant“Some people may confuse others’ insistence on facts rather than sensationalism as being bullish. It is not.”
____________________Beautifully said.
It’s also interesting how this thread has migrated away from its original premise and the criticism of the supporting data.
ParticipantThis data looks very solid, particularly in light of the massive volume. I’m glad to see you didn’t just cherry-pick the zip codes that best support your position, and instead posted the awesome yoy median data for all high-end areas. Looks like we’re off to the moon again here in San Diego.
I think you better check your data regarding Newport Beach, however, as I have seen other extremely reliable data that shows home prices there are down over 50% yoy.
Thanks for the great news – now if you will excuse me I have to call my bank and increase my HELOC based on these new figures.
-
AuthorPosts