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Ex-SD
ParticipantJumby, I read an article last month on either MSNBC, CNN or Fox (can’t remember which one) where the author said that there were many homes that had been discounted 50% from the prices that they were selling at in 2005 in Ft. Lauderdale, Miami, Tampa and Fort Myers. I also saw the YouTube videos several months ago where new condos were auctioned and sold for 50% discounts in Miami and new townhomes in Fort Meyers. I also saw a television program that followed the stories of three sellers (one was in Fort Lauderdale) and all the things they had done to sell their home………………but with no luck. They had reduced their selling price several times and had reduced it over 25% at the time the program aired……………..still no sale.
I didn’t mean to imply that every piece of property in these markets had already dropped 50% in value but when you have the examples that I listed, that is enough smoke to believe that a fire is in the vicinity.
Yes, I am a Uber-Bear. Enough so, that my wife and I sold our home in Leucadia (with a great ocean view) in 2005 and moved out of CA because I was convinced that this would eventually happen. We had lived in San Diego for over 30 years. I knew it would be bad but I think it’s going to be much worse than I envisioned back in 2005.
I hope your plans work out to return to San Diego. It’s a great place to live.ParticipantSan Diego Median Income (family of four): $64,900
Now that sanity has returned to the lending business for home mortgages, housing prices will eventually drop to where median income translates to median house prices. It’s that way in most parts of the country and I think it will happen in SoCal. I’m not trying to gore anyone’s ox but to me, it’s just common sense. Buyers have to be able to get a loan to buy a home and to do that, they must qualify by meeting income, debt and credit history requirements to buy a home that equates to their income. The only thing that threw this fundamental out the window and allowed prices to escalate into crazydoom was the lowering of borrowing criterion to anyone who could fog a mirror, claim that they made $150k+ per year and sign their “X” where it said “buyer”. It was absolute lunacy and now that it’s gone bye-bye, there are too many homes on the market and the inventory will continue to grow until median income equates to median price.
(Alex Angel. are you paying attention?)p.s…….There are a bunch of homes in the Sacramento area (geographically much closer to SoCal than Florida) that are REO’s and that were built within the last four years. They are being offered at 50% less than they sold for when new which has driven the property values down the tube. If it can happen in Sacramento, Ft. Lauderdale, Miami, Fort Myers and Tampa. not to mention Baltimore and the Inland Empire of Los Angeles…………..it can happen in San Diego.
ParticipantSan Diego Median Income (family of four): $64,900
Now that sanity has returned to the lending business for home mortgages, housing prices will eventually drop to where median income translates to median house prices. It’s that way in most parts of the country and I think it will happen in SoCal. I’m not trying to gore anyone’s ox but to me, it’s just common sense. Buyers have to be able to get a loan to buy a home and to do that, they must qualify by meeting income, debt and credit history requirements to buy a home that equates to their income. The only thing that threw this fundamental out the window and allowed prices to escalate into crazydoom was the lowering of borrowing criterion to anyone who could fog a mirror, claim that they made $150k+ per year and sign their “X” where it said “buyer”. It was absolute lunacy and now that it’s gone bye-bye, there are too many homes on the market and the inventory will continue to grow until median income equates to median price.
(Alex Angel. are you paying attention?)p.s…….There are a bunch of homes in the Sacramento area (geographically much closer to SoCal than Florida) that are REO’s and that were built within the last four years. They are being offered at 50% less than they sold for when new which has driven the property values down the tube. If it can happen in Sacramento, Ft. Lauderdale, Miami, Fort Myers and Tampa. not to mention Baltimore and the Inland Empire of Los Angeles…………..it can happen in San Diego.
ParticipantSan Diego Median Income (family of four): $64,900
Now that sanity has returned to the lending business for home mortgages, housing prices will eventually drop to where median income translates to median house prices. It’s that way in most parts of the country and I think it will happen in SoCal. I’m not trying to gore anyone’s ox but to me, it’s just common sense. Buyers have to be able to get a loan to buy a home and to do that, they must qualify by meeting income, debt and credit history requirements to buy a home that equates to their income. The only thing that threw this fundamental out the window and allowed prices to escalate into crazydoom was the lowering of borrowing criterion to anyone who could fog a mirror, claim that they made $150k+ per year and sign their “X” where it said “buyer”. It was absolute lunacy and now that it’s gone bye-bye, there are too many homes on the market and the inventory will continue to grow until median income equates to median price.
(Alex Angel. are you paying attention?)p.s…….There are a bunch of homes in the Sacramento area (geographically much closer to SoCal than Florida) that are REO’s and that were built within the last four years. They are being offered at 50% less than they sold for when new which has driven the property values down the tube. If it can happen in Sacramento, Ft. Lauderdale, Miami, Fort Myers and Tampa. not to mention Baltimore and the Inland Empire of Los Angeles…………..it can happen in San Diego.
ParticipantSan Diego Median Income (family of four): $64,900
Now that sanity has returned to the lending business for home mortgages, housing prices will eventually drop to where median income translates to median house prices. It’s that way in most parts of the country and I think it will happen in SoCal. I’m not trying to gore anyone’s ox but to me, it’s just common sense. Buyers have to be able to get a loan to buy a home and to do that, they must qualify by meeting income, debt and credit history requirements to buy a home that equates to their income. The only thing that threw this fundamental out the window and allowed prices to escalate into crazydoom was the lowering of borrowing criterion to anyone who could fog a mirror, claim that they made $150k+ per year and sign their “X” where it said “buyer”. It was absolute lunacy and now that it’s gone bye-bye, there are too many homes on the market and the inventory will continue to grow until median income equates to median price.
(Alex Angel. are you paying attention?)p.s…….There are a bunch of homes in the Sacramento area (geographically much closer to SoCal than Florida) that are REO’s and that were built within the last four years. They are being offered at 50% less than they sold for when new which has driven the property values down the tube. If it can happen in Sacramento, Ft. Lauderdale, Miami, Fort Myers and Tampa. not to mention Baltimore and the Inland Empire of Los Angeles…………..it can happen in San Diego.
ParticipantSan Diego Median Income (family of four): $64,900
Now that sanity has returned to the lending business for home mortgages, housing prices will eventually drop to where median income translates to median house prices. It’s that way in most parts of the country and I think it will happen in SoCal. I’m not trying to gore anyone’s ox but to me, it’s just common sense. Buyers have to be able to get a loan to buy a home and to do that, they must qualify by meeting income, debt and credit history requirements to buy a home that equates to their income. The only thing that threw this fundamental out the window and allowed prices to escalate into crazydoom was the lowering of borrowing criterion to anyone who could fog a mirror, claim that they made $150k+ per year and sign their “X” where it said “buyer”. It was absolute lunacy and now that it’s gone bye-bye, there are too many homes on the market and the inventory will continue to grow until median income equates to median price.
(Alex Angel. are you paying attention?)p.s…….There are a bunch of homes in the Sacramento area (geographically much closer to SoCal than Florida) that are REO’s and that were built within the last four years. They are being offered at 50% less than they sold for when new which has driven the property values down the tube. If it can happen in Sacramento, Ft. Lauderdale, Miami, Fort Myers and Tampa. not to mention Baltimore and the Inland Empire of Los Angeles…………..it can happen in San Diego.
Participant“1998 price was $210K is that what you think this house will be worth?”
I think that there is a strong chance that it could go that low. Look at what’s happening already in Florida. Houses that were selling for $500k just two years ago are now selling for $300k and they’re not 75 miles away from the large cities. Prices are continuing to drop. This is unlike anything that we have seen in my lifetime and at the very least, prices will drop in SoCal to 2000 levels or below. I just happen to think that it’s severe enough to go back to 1997 levels.
And……….Alex Angel………I have read enough of your idiotic posts to know beyond a shadow of a doubt that I already know a great deal more than you will ever know about economics if you lived to be 200 years old. You’re the poster boy for the “buffoon of the year” when it comes to the state of the housing market.
Participant“1998 price was $210K is that what you think this house will be worth?”
I think that there is a strong chance that it could go that low. Look at what’s happening already in Florida. Houses that were selling for $500k just two years ago are now selling for $300k and they’re not 75 miles away from the large cities. Prices are continuing to drop. This is unlike anything that we have seen in my lifetime and at the very least, prices will drop in SoCal to 2000 levels or below. I just happen to think that it’s severe enough to go back to 1997 levels.
And……….Alex Angel………I have read enough of your idiotic posts to know beyond a shadow of a doubt that I already know a great deal more than you will ever know about economics if you lived to be 200 years old. You’re the poster boy for the “buffoon of the year” when it comes to the state of the housing market.
Participant“1998 price was $210K is that what you think this house will be worth?”
I think that there is a strong chance that it could go that low. Look at what’s happening already in Florida. Houses that were selling for $500k just two years ago are now selling for $300k and they’re not 75 miles away from the large cities. Prices are continuing to drop. This is unlike anything that we have seen in my lifetime and at the very least, prices will drop in SoCal to 2000 levels or below. I just happen to think that it’s severe enough to go back to 1997 levels.
And……….Alex Angel………I have read enough of your idiotic posts to know beyond a shadow of a doubt that I already know a great deal more than you will ever know about economics if you lived to be 200 years old. You’re the poster boy for the “buffoon of the year” when it comes to the state of the housing market.
Participant“1998 price was $210K is that what you think this house will be worth?”
I think that there is a strong chance that it could go that low. Look at what’s happening already in Florida. Houses that were selling for $500k just two years ago are now selling for $300k and they’re not 75 miles away from the large cities. Prices are continuing to drop. This is unlike anything that we have seen in my lifetime and at the very least, prices will drop in SoCal to 2000 levels or below. I just happen to think that it’s severe enough to go back to 1997 levels.
And……….Alex Angel………I have read enough of your idiotic posts to know beyond a shadow of a doubt that I already know a great deal more than you will ever know about economics if you lived to be 200 years old. You’re the poster boy for the “buffoon of the year” when it comes to the state of the housing market.
Participant“1998 price was $210K is that what you think this house will be worth?”
I think that there is a strong chance that it could go that low. Look at what’s happening already in Florida. Houses that were selling for $500k just two years ago are now selling for $300k and they’re not 75 miles away from the large cities. Prices are continuing to drop. This is unlike anything that we have seen in my lifetime and at the very least, prices will drop in SoCal to 2000 levels or below. I just happen to think that it’s severe enough to go back to 1997 levels.
And……….Alex Angel………I have read enough of your idiotic posts to know beyond a shadow of a doubt that I already know a great deal more than you will ever know about economics if you lived to be 200 years old. You’re the poster boy for the “buffoon of the year” when it comes to the state of the housing market.
ParticipantWhat was an equivalent house in the same general area worth in 1997? I believe that is the answer to what the home will be worth by the end of 2012 and that it won’t be worth much more than that in 2017. Just my opinion (and I’m being dead serious).
ParticipantWhat was an equivalent house in the same general area worth in 1997? I believe that is the answer to what the home will be worth by the end of 2012 and that it won’t be worth much more than that in 2017. Just my opinion (and I’m being dead serious).
ParticipantWhat was an equivalent house in the same general area worth in 1997? I believe that is the answer to what the home will be worth by the end of 2012 and that it won’t be worth much more than that in 2017. Just my opinion (and I’m being dead serious).
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