[joec]

[quote=deadzone]Not saying high net worth individuals don’t exist, but I don’t belive there are so many more now than there were 15 years ago relative to the general population.

Also, most people in their 40s with net worth already has bought a home long before now. Where is this huge market of new 1M home buyers coming from? Still not buying it..

Not denying these buyers exist right now, but very skeptical of the long run sustainability.

Also, I would argue that the number of people with “millions in the bank” is very small % of the population. Even for most “successful professionals” their assets are either in real estate or 401K/IRA. Neither of these are particularly liquid right now.[/quote]

I just don’t understand why it’s so hard to believe that other folks have plenty of money. I know we’re all a product of our experiences, but just seeing 20 bids on some 1 mil place should be proof enough that plenty of folks are willing, able and can easily afford some prime real estate.

Worldwide, I think there are actually more millionaires now than the past 2 years with the stock market recovering from the 7k lows. Also, compared to 15 years ago, a LOT and LOT of people made a ton of money from the dot com boom. Not EVERYONE lost money.

Also, businesses have simply not been hiring as much and business owners, professionals and just folks who have done well the past 20 years who are now in their 40s-50s are doing quite well really.

I’m just surprised that saying it isn’t happening or not believing it doesn’t mean is not true. If the homes are really being bought up in these areas as stated in the example, then obviously, someone is buying them.

As sdrealtor said, it’s not just the person who even has to work to afford these homes. I also think it’s accurate that 15 years ago, San Diego sounded like it was a difference place than now.

Also, a million for any out of town person is SO cheap if they came from the bay area (SF or Silicon Valley) or LA and there seems to be quite a few bay area transplants here (me included).

Pretty much all my friends live in 1 mil+ places now with no ocean view in LA and the bay area. It’s actually CHEAP and a no brainer if they have work and can afford the payments to find a nice place they like by the coast.

I think there are plenty of folks like this and believe that there are certainly more than 15 years ago, while real estate wise, not much building at all.

These areas are built out already so I assume the current owners weren’t the folks who were doing the 0% down, ninja loans, etc. so if they don’t have to sell, they simply don’t…My parents are an example of that already.

It’s hard to believe, but yes, many people have much more money than you (and me too!)

[joec]

[quote=deadzone]Not saying high net worth individuals don’t exist, but I don’t belive there are so many more now than there were 15 years ago relative to the general population.

Also, most people in their 40s with net worth already has bought a home long before now. Where is this huge market of new 1M home buyers coming from? Still not buying it..

Not denying these buyers exist right now, but very skeptical of the long run sustainability.

Also, I would argue that the number of people with “millions in the bank” is very small % of the population. Even for most “successful professionals” their assets are either in real estate or 401K/IRA. Neither of these are particularly liquid right now.[/quote]

I just don’t understand why it’s so hard to believe that other folks have plenty of money. I know we’re all a product of our experiences, but just seeing 20 bids on some 1 mil place should be proof enough that plenty of folks are willing, able and can easily afford some prime real estate.

Worldwide, I think there are actually more millionaires now than the past 2 years with the stock market recovering from the 7k lows. Also, compared to 15 years ago, a LOT and LOT of people made a ton of money from the dot com boom. Not EVERYONE lost money.

Also, businesses have simply not been hiring as much and business owners, professionals and just folks who have done well the past 20 years who are now in their 40s-50s are doing quite well really.

I’m just surprised that saying it isn’t happening or not believing it doesn’t mean is not true. If the homes are really being bought up in these areas as stated in the example, then obviously, someone is buying them.

As sdrealtor said, it’s not just the person who even has to work to afford these homes. I also think it’s accurate that 15 years ago, San Diego sounded like it was a difference place than now.

Also, a million for any out of town person is SO cheap if they came from the bay area (SF or Silicon Valley) or LA and there seems to be quite a few bay area transplants here (me included).

Pretty much all my friends live in 1 mil+ places now with no ocean view in LA and the bay area. It’s actually CHEAP and a no brainer if they have work and can afford the payments to find a nice place they like by the coast.

I think there are plenty of folks like this and believe that there are certainly more than 15 years ago, while real estate wise, not much building at all.

These areas are built out already so I assume the current owners weren’t the folks who were doing the 0% down, ninja loans, etc. so if they don’t have to sell, they simply don’t…My parents are an example of that already.

It’s hard to believe, but yes, many people have much more money than you (and me too!)

[joec]

[quote=deadzone]Not saying high net worth individuals don’t exist, but I don’t belive there are so many more now than there were 15 years ago relative to the general population.

Also, most people in their 40s with net worth already has bought a home long before now. Where is this huge market of new 1M home buyers coming from? Still not buying it..

Not denying these buyers exist right now, but very skeptical of the long run sustainability.

Also, I would argue that the number of people with “millions in the bank” is very small % of the population. Even for most “successful professionals” their assets are either in real estate or 401K/IRA. Neither of these are particularly liquid right now.[/quote]

I just don’t understand why it’s so hard to believe that other folks have plenty of money. I know we’re all a product of our experiences, but just seeing 20 bids on some 1 mil place should be proof enough that plenty of folks are willing, able and can easily afford some prime real estate.

Worldwide, I think there are actually more millionaires now than the past 2 years with the stock market recovering from the 7k lows. Also, compared to 15 years ago, a LOT and LOT of people made a ton of money from the dot com boom. Not EVERYONE lost money.

Also, businesses have simply not been hiring as much and business owners, professionals and just folks who have done well the past 20 years who are now in their 40s-50s are doing quite well really.

I’m just surprised that saying it isn’t happening or not believing it doesn’t mean is not true. If the homes are really being bought up in these areas as stated in the example, then obviously, someone is buying them.

As sdrealtor said, it’s not just the person who even has to work to afford these homes. I also think it’s accurate that 15 years ago, San Diego sounded like it was a difference place than now.

Also, a million for any out of town person is SO cheap if they came from the bay area (SF or Silicon Valley) or LA and there seems to be quite a few bay area transplants here (me included).

Pretty much all my friends live in 1 mil+ places now with no ocean view in LA and the bay area. It’s actually CHEAP and a no brainer if they have work and can afford the payments to find a nice place they like by the coast.

I think there are plenty of folks like this and believe that there are certainly more than 15 years ago, while real estate wise, not much building at all.

These areas are built out already so I assume the current owners weren’t the folks who were doing the 0% down, ninja loans, etc. so if they don’t have to sell, they simply don’t…My parents are an example of that already.

It’s hard to believe, but yes, many people have much more money than you (and me too!)

[joec]

Yeah, I think for the coastal areas, getting a loan and financing isn’t their primary concern. It’s find a place they actually like. Having worked in personal finance in the past, it continues to amaze me reading forums when people ask who are all these folks with money. There are so many people with tons of cash out there, it’s no surprise. It IS a surprise when people don’t realize their situation is no where near the norm for these folks.

Also, pretty much all my friends have had “help” from family buying homes so pretty much all of them are in 1 mil+ homes now in the bay area, and LA either trading up and parents/family helping.

The question is who can afford all this, but the answer from this example is plenty of people and if you’re waiting for these properties, good luck competing with folks with much deeper pockets. 🙂

Funny thing even if it drops another 20% from here, it won’t faze them at all.

[joec]

Yeah, I think for the coastal areas, getting a loan and financing isn’t their primary concern. It’s find a place they actually like. Having worked in personal finance in the past, it continues to amaze me reading forums when people ask who are all these folks with money. There are so many people with tons of cash out there, it’s no surprise. It IS a surprise when people don’t realize their situation is no where near the norm for these folks.

Also, pretty much all my friends have had “help” from family buying homes so pretty much all of them are in 1 mil+ homes now in the bay area, and LA either trading up and parents/family helping.

The question is who can afford all this, but the answer from this example is plenty of people and if you’re waiting for these properties, good luck competing with folks with much deeper pockets. 🙂

Funny thing even if it drops another 20% from here, it won’t faze them at all.

[joec]

Yeah, I think for the coastal areas, getting a loan and financing isn’t their primary concern. It’s find a place they actually like. Having worked in personal finance in the past, it continues to amaze me reading forums when people ask who are all these folks with money. There are so many people with tons of cash out there, it’s no surprise. It IS a surprise when people don’t realize their situation is no where near the norm for these folks.

Also, pretty much all my friends have had “help” from family buying homes so pretty much all of them are in 1 mil+ homes now in the bay area, and LA either trading up and parents/family helping.

The question is who can afford all this, but the answer from this example is plenty of people and if you’re waiting for these properties, good luck competing with folks with much deeper pockets. 🙂

Funny thing even if it drops another 20% from here, it won’t faze them at all.

[joec]

Yeah, I think for the coastal areas, getting a loan and financing isn’t their primary concern. It’s find a place they actually like. Having worked in personal finance in the past, it continues to amaze me reading forums when people ask who are all these folks with money. There are so many people with tons of cash out there, it’s no surprise. It IS a surprise when people don’t realize their situation is no where near the norm for these folks.

Also, pretty much all my friends have had “help” from family buying homes so pretty much all of them are in 1 mil+ homes now in the bay area, and LA either trading up and parents/family helping.

The question is who can afford all this, but the answer from this example is plenty of people and if you’re waiting for these properties, good luck competing with folks with much deeper pockets. 🙂

Funny thing even if it drops another 20% from here, it won’t faze them at all.

[joec]

Yeah, I think for the coastal areas, getting a loan and financing isn’t their primary concern. It’s find a place they actually like. Having worked in personal finance in the past, it continues to amaze me reading forums when people ask who are all these folks with money. There are so many people with tons of cash out there, it’s no surprise. It IS a surprise when people don’t realize their situation is no where near the norm for these folks.

Also, pretty much all my friends have had “help” from family buying homes so pretty much all of them are in 1 mil+ homes now in the bay area, and LA either trading up and parents/family helping.

The question is who can afford all this, but the answer from this example is plenty of people and if you’re waiting for these properties, good luck competing with folks with much deeper pockets. 🙂

Funny thing even if it drops another 20% from here, it won’t faze them at all.

[joec]

Just curious, is there anyone here who lives in TV and commutes to SD daily? It sounds like TV (and a lot of other places actually) is great if you work there locally or only need to commute sparingly.

If not for commuting, I think a lot of folks would prefer to live further away from city centers (or at least have more options).

[joec]

Just curious, is there anyone here who lives in TV and commutes to SD daily? It sounds like TV (and a lot of other places actually) is great if you work there locally or only need to commute sparingly.

If not for commuting, I think a lot of folks would prefer to live further away from city centers (or at least have more options).

[joec]

Just curious, is there anyone here who lives in TV and commutes to SD daily? It sounds like TV (and a lot of other places actually) is great if you work there locally or only need to commute sparingly.

If not for commuting, I think a lot of folks would prefer to live further away from city centers (or at least have more options).

[joec]

Just curious, is there anyone here who lives in TV and commutes to SD daily? It sounds like TV (and a lot of other places actually) is great if you work there locally or only need to commute sparingly.

If not for commuting, I think a lot of folks would prefer to live further away from city centers (or at least have more options).

[joec]

Just curious, is there anyone here who lives in TV and commutes to SD daily? It sounds like TV (and a lot of other places actually) is great if you work there locally or only need to commute sparingly.

If not for commuting, I think a lot of folks would prefer to live further away from city centers (or at least have more options).

[joec]

A lot of really interesting “good old time” comments here. I went and did the whole dorm/freshman/sophomore thing before living off campus in the apartments and DO agree that you can never make that time up as you get older and I really enjoyed it. If I didn’t get to experience that, I know I would have regretted it. Reason being is you only get to be 18 once and as you get older, you are less likely to goof off, waste time, screw around. Going to JC and transferring would probably (for me at least) give me better grades, but school would have been just all business and I wouldn’t replace my own experience even with more financial success. There are no guarantees either way.

After I graduated and started working, I went back to visit a friend after being out of school for about 2 years and your view of life/college is already so different. I was so mindful of my time being wasted instead of just enjoying the experience.

In the dorms, there was always someone to chat/hang out with and waste time and have fun. You’ll be working for the next 50 years of your life so those young years of your life really does go by once. I was also in a single dorm room about 200 sqft with 2 other guys with community baths (not co-ed yet) on the floor…

Downside for me were those 2 years were probably horrible for my grades, but I would consider them some of the happiest times in my life being independent and responsibility free (no kids, mortgage, single, etc) and since I went away for college, having total freedom and grow up.

In terms of graduating in 4 years, that’s incredibly hard for engineering majors in the UC system due to full classes as well as half of the students in class failing and having to retake courses (at least back then and I’d assume it’s even worse now).

A lot of my upper division engr classes were curved and with the tests so hard, 50% of the class got a C- or lower so that means retake the course to graduate or switch majors (which a ton of people did during my time there).

You pretty much also have your whole class schedule made up in the back of the engr major guide so you didn’t have a lot of room to take something else if you couldn’t get in.

I agree that going to school in middle/high school with very driven/competitive students really helps you since I had a dorm-mate who studied in Hong Kong and he was an econ major, but had no trouble doing all my Physics homework since he did it all before at his high school. That would make college a ton easier. My high school is now rated a 5 in Greatschools so I’d probably do better in college if I did everything in HS already.

[joec]

A lot of really interesting “good old time” comments here. I went and did the whole dorm/freshman/sophomore thing before living off campus in the apartments and DO agree that you can never make that time up as you get older and I really enjoyed it. If I didn’t get to experience that, I know I would have regretted it. Reason being is you only get to be 18 once and as you get older, you are less likely to goof off, waste time, screw around. Going to JC and transferring would probably (for me at least) give me better grades, but school would have been just all business and I wouldn’t replace my own experience even with more financial success. There are no guarantees either way.

After I graduated and started working, I went back to visit a friend after being out of school for about 2 years and your view of life/college is already so different. I was so mindful of my time being wasted instead of just enjoying the experience.

In the dorms, there was always someone to chat/hang out with and waste time and have fun. You’ll be working for the next 50 years of your life so those young years of your life really does go by once. I was also in a single dorm room about 200 sqft with 2 other guys with community baths (not co-ed yet) on the floor…

Downside for me were those 2 years were probably horrible for my grades, but I would consider them some of the happiest times in my life being independent and responsibility free (no kids, mortgage, single, etc) and since I went away for college, having total freedom and grow up.

In terms of graduating in 4 years, that’s incredibly hard for engineering majors in the UC system due to full classes as well as half of the students in class failing and having to retake courses (at least back then and I’d assume it’s even worse now).

A lot of my upper division engr classes were curved and with the tests so hard, 50% of the class got a C- or lower so that means retake the course to graduate or switch majors (which a ton of people did during my time there).

You pretty much also have your whole class schedule made up in the back of the engr major guide so you didn’t have a lot of room to take something else if you couldn’t get in.

I agree that going to school in middle/high school with very driven/competitive students really helps you since I had a dorm-mate who studied in Hong Kong and he was an econ major, but had no trouble doing all my Physics homework since he did it all before at his high school. That would make college a ton easier. My high school is now rated a 5 in Greatschools so I’d probably do better in college if I did everything in HS already.

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