[LostCat]

I agree with Cow Tippin.. Unfortunately, I believe that only about 8% of the rest of the decline is going to show in real value, meaning where you actually see the price decline and the papers report it. The rest of the decline will be assumed through the fact that housing prices will not increase at the rate of inflation over the next 3 or 4 years, therefore, the loss will be subliminal to most. The media will just let everyone know that things are flat.

[LostCat]

What happened in the 90s stays in the 90s.

[LostCat]

Yeah, just keep waiting until the generation behind you comes up and buys from underneath you. lol

[LostCat]

Over the next 5 years, San Diego is going to see about 12-billion dollars invested in local and regional infrastructure. This includes, new highways, transit projects, street improvements, etc. This is the first time that San Diego will ever experience such a large amount of Govt funding to the region. This huge load of money, per Transnet II and Prop 1B and Prob 2B. This will offset any job loss in the housing industry and will likely float SD’s economy for another few year. How does San Diego factor this in to the fact that we will see a significant up swing in construction related jobs over the next two years?

Bottom line is there are way too many factors involved with this market we are in right now. some house will continue to sell above their value and some will settle down below their value.

Have fun waiting on the fense, you’ll be there for a long time. Maybe so long you retire with out ever owning. Then because your rent will adjust to inflation every year, by the time you’re 80, your fixed income won’t be able to afford it and you’ll move into Govt housing, unless your kids are nice to you and let you move in there nice new home.

[LostCat]

feeling the same..

Yeah, I am not sure what is going on, but there is a different feel in the air. I still think Condo’s in SD are done. Way over priced. My sister works for a major lender in So Cal. I asked her yesterday how things looked. She simply responded with this… “One word”, “SCARY”. IN other discussions with her, she explained to me that her company will not provide lending to folks trying to purchase a condo in Downtown SD, otherwise known as the Red Zone, unless they have 20% down and have excellent credit (700+ FICO).

On a side note, however, she did mention that San Diego SFH is a little more stable, but not much.

I used to be on the same page where I thought everything was going to fold. Now I believe that some areas are going to get slammed, while other areas come out of it okay. Just be careful where you buy and what you buy. It’s going back to a normal market where good sells and bad sits.

[LostCat]

By the time the development is complete, it isn’t owned by the developer. They’re just there to market it and finish the construction. A project like this is bought and sold by investors several times prior to project completion and it’s usually backed by Federal Loan protections so if something like this does burn down, the most recent owner can and will get their investment back, but we pay for it not them when we pay our fed tax. I am sure regardless of the cause and intent of the fire, the owner is really happy and is kissing the ground. What are they thinking anyhow, a 3,000 unit condo complex in downtown “The Hidden” Escondido. lol

[LostCat]

Bottom line

Downtown SD is going to fold. There is no way there are enough young, single income, people that can afford it little lone want to live down here. I don’t see too many double income families moving into these towers and very little idealistic hippies that want to walk and take transit everywhere can afford it.

I would be happy to say and guess that prices will fall 50% just based on the pure fact that downtown is so over built, even if SD become the last place on earth, people couldn’t and wouldn’t pay $600 a month for HOA that only pays for an elevator, no pool and no gym.

[LostCat]

What was his response to them not being able to pay for thier loan? That’s what I want to know. Trump is smart. He moved his investment to our front living rooms where he can make money until we get sick of him. By that time, he will have bought a ton of property at rock bottom prices, ready for the next up swing..

My advice would be, walk and take the 7 year hit. In 7 years, it will be time to get back in the market. Just make sure you work on your credit score between now and then.

[LostCat]

I think it spans over a little more space than CA/FL/AZ/NV. I heard the DC, NY, Mass, are getting hit pretty hard to. In fact, Boston has been over priced for a long time. It’s still, to day, more expensive to live in NY, SF, Boston, than it is here in San Diego.

Anyhow, It looks grim, I am just not sure how grim it can really get.. Should we watch out for traffic delays over the Coronado Bridge?

[LostCat]

Yeah, good summary. But in all honesty, I hope it doesn’t come to that. If things really get that ugly, I think even the renters of the world will have a problem. The country’s economy as a whole will be crippled. It will be worse than the Great Depression. But then again, maybe the whole American economy needs to go through one so that our jobs can become competitive on a global scale again. Poor China. They’ll really get hit hard if America’s economy folds.

lol

FTW..

[LostCat]

Surveyor,

A lot of truth to what you are saying. I know there is a lot of bias on this site because most the people here can’t afford a house and they think they should be able to. It’s that god given right of a spoiled american kid syndrom thing. Now that they can’t afford a home, they think there is something wrong with the world. I do agree though, that the market is over priced or was over priced. 2002 prices, highly dought it. Thinking that is just as extreme as selling a 2-bedroom condo in normal heights for $700k.

Time will tell.

[LostCat]

I was an owner and sold at the top of the market in 2005. Made a shit load and now am waiting to get back in. I’ll probably wait another year and then see how the market is doing. If what all you are saying is true, then next year, I’ll know to wait another year. I’ll just keep waiting and renting. What does it matter. At least I won’t have to pay for broken plumbing. Based on what everyone here is saying, i should be able to take my profit in 2 years and pay cash for the full price of a home. That would be sweet. Then I would own and only have to pay property tax.

So how long do I have to wait again? This sucks, it’s like watching grass grow.

[LostCat]

There are so many experts on this site, I don’t know who to believe…

[Author]

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