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July 29, 2008 at 5:44 AM in reply to: La Jolla SFRs at $583/Sqft. last month. Condos also drop over 45% in Price #248582July 29, 2008 at 5:44 AM in reply to: La Jolla SFRs at $583/Sqft. last month. Condos also drop over 45% in Price #248650
latesummer2008
ParticipantCondo Drop is hard to ignore. Granted SFRs will vary depending on sales mix, but condos are easier to compare. 35 sales is a significant number and it obviously shows weakness in La Jolla. It’s no suprise that the median is $439K which would be conventional financing. Jumbo financing is difficult and having a major effect on sales. My guess is SFRs will continue to show weakness there, especially when Alt-A and Prime loans begin to reset that were made since 2005.
Also, you need to look at Total Sales Volume. When that starts dropping 40-70% year over year (YOY) and you have bloated inventory, it has an effect on pricing, for those that need to sell. Throw in the REOs and you have a quickly declining market. Pay attention to trends and you will see acceleration to the downside.
More sellers chasing less money….
July 29, 2008 at 5:44 AM in reply to: La Jolla SFRs at $583/Sqft. last month. Condos also drop over 45% in Price #248421ParticipantCondo Drop is hard to ignore. Granted SFRs will vary depending on sales mix, but condos are easier to compare. 35 sales is a significant number and it obviously shows weakness in La Jolla. It’s no suprise that the median is $439K which would be conventional financing. Jumbo financing is difficult and having a major effect on sales. My guess is SFRs will continue to show weakness there, especially when Alt-A and Prime loans begin to reset that were made since 2005.
Also, you need to look at Total Sales Volume. When that starts dropping 40-70% year over year (YOY) and you have bloated inventory, it has an effect on pricing, for those that need to sell. Throw in the REOs and you have a quickly declining market. Pay attention to trends and you will see acceleration to the downside.
More sellers chasing less money….
July 29, 2008 at 5:44 AM in reply to: La Jolla SFRs at $583/Sqft. last month. Condos also drop over 45% in Price #248578ParticipantCondo Drop is hard to ignore. Granted SFRs will vary depending on sales mix, but condos are easier to compare. 35 sales is a significant number and it obviously shows weakness in La Jolla. It’s no suprise that the median is $439K which would be conventional financing. Jumbo financing is difficult and having a major effect on sales. My guess is SFRs will continue to show weakness there, especially when Alt-A and Prime loans begin to reset that were made since 2005.
Also, you need to look at Total Sales Volume. When that starts dropping 40-70% year over year (YOY) and you have bloated inventory, it has an effect on pricing, for those that need to sell. Throw in the REOs and you have a quickly declining market. Pay attention to trends and you will see acceleration to the downside.
More sellers chasing less money….
July 29, 2008 at 5:44 AM in reply to: La Jolla SFRs at $583/Sqft. last month. Condos also drop over 45% in Price #248641ParticipantCondo Drop is hard to ignore. Granted SFRs will vary depending on sales mix, but condos are easier to compare. 35 sales is a significant number and it obviously shows weakness in La Jolla. It’s no suprise that the median is $439K which would be conventional financing. Jumbo financing is difficult and having a major effect on sales. My guess is SFRs will continue to show weakness there, especially when Alt-A and Prime loans begin to reset that were made since 2005.
Also, you need to look at Total Sales Volume. When that starts dropping 40-70% year over year (YOY) and you have bloated inventory, it has an effect on pricing, for those that need to sell. Throw in the REOs and you have a quickly declining market. Pay attention to trends and you will see acceleration to the downside.
More sellers chasing less money….
July 28, 2008 at 4:16 PM in reply to: La Jolla SFRs at $583/Sqft. last month. Condos also drop over 45% in Price #248305Participant2M may buy 2 Oceanfront houses in La Jolla, measured they way things are going now. The downside of real estate crashes generally overshoot. And, since we had a record upside, you can bet the downside will be just as bad, if not worse.
July 28, 2008 at 4:16 PM in reply to: La Jolla SFRs at $583/Sqft. last month. Condos also drop over 45% in Price #248534Participant2M may buy 2 Oceanfront houses in La Jolla, measured they way things are going now. The downside of real estate crashes generally overshoot. And, since we had a record upside, you can bet the downside will be just as bad, if not worse.
July 28, 2008 at 4:16 PM in reply to: La Jolla SFRs at $583/Sqft. last month. Condos also drop over 45% in Price #248526Participant2M may buy 2 Oceanfront houses in La Jolla, measured they way things are going now. The downside of real estate crashes generally overshoot. And, since we had a record upside, you can bet the downside will be just as bad, if not worse.
July 28, 2008 at 4:16 PM in reply to: La Jolla SFRs at $583/Sqft. last month. Condos also drop over 45% in Price #248463Participant2M may buy 2 Oceanfront houses in La Jolla, measured they way things are going now. The downside of real estate crashes generally overshoot. And, since we had a record upside, you can bet the downside will be just as bad, if not worse.
July 28, 2008 at 4:16 PM in reply to: La Jolla SFRs at $583/Sqft. last month. Condos also drop over 45% in Price #248467Participant2M may buy 2 Oceanfront houses in La Jolla, measured they way things are going now. The downside of real estate crashes generally overshoot. And, since we had a record upside, you can bet the downside will be just as bad, if not worse.
Participant41% of sales in California last month were foreclosures. They have become the market. I wonder what % of SD sales were foreclosures ?
Participant41% of sales in California last month were foreclosures. They have become the market. I wonder what % of SD sales were foreclosures ?
Participant41% of sales in California last month were foreclosures. They have become the market. I wonder what % of SD sales were foreclosures ?
Participant41% of sales in California last month were foreclosures. They have become the market. I wonder what % of SD sales were foreclosures ?
Participant41% of sales in California last month were foreclosures. They have become the market. I wonder what % of SD sales were foreclosures ?
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