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North County Jim
ParticipantI heard that 30% of homes are vacant…
PS, would you care to qualify that a bit more? Is that 30% of all homes in the county? 30% of new homes?
In any event, that seems to be a very unrealistic number.
ParticipantKinda like Bush’s poll numbers finally plummenting (sic) after all his years of incompetence.
I see the connection now. This has everything to do with San Diego real estate.
ParticipantWhat do politics and Bush have to do with a Clairemont Mesa flipper and San Diego real estate?
Can we get past the politics here?
Participantocbuyer,
Premier Coastal probably wouldn’t be a bad place to start.
ParticipantOkay doc, crushed might be a poor choice of words. Let’s say the market in LCG is less than healthy from a seller’s standpoint.
The house on Citrine I alluded to was purchased from Pulte Homes in October for $1.316 million. The owners immediately tried to flip it with an initial asking price of $1.4-1.7 million.
Their biggest problem is they’re competing against Pulte who has reduced their asking prices to move inventory. If you have access to sales data that would disprove the discounting, please share.
To make a long story short, they’re now asking $1.3 million and it doesn’t look like they’ll get that much with Pulte selling two competing and larger units through the MLS for less.
While LCG as a whole may not be getting crushed, I think it’s fair to say that anyone who has bought and tries to sell will get crushed.
ParticipantHigh end tract homes ($1M to $1.5M) in Encinitas and South Carlsbad.
Absolutely correct SDR. La Costa Greens is getting crushed. Check out the history on 6857 Citrine Drive.
What do you think their final loss will be on this investment?
ParticipantBugs,
I suspect we’re thinking along similar lines here. At some point, a generation will come along (if they’re not already here) with reduced expectations.
Assuming we’re close to that time, who will drive the demand for smaller, simpler pleasures? Will it be low expectation younger people or will it be an older but wiser crowd?
ParticipantI’m curious whether there has been any reduction in average home size in a given period since WWII. We’ve had recessions and energy shocks but were these periods accompanied by the building of smaller homes?
I suspect they weren’t (at least for SFR’s) and any future reduction would be a huge secular shift in how we live.
ParticipantIt looks like the owner bit off more than she could chew. A default notice went out in March, which has since been rescinded. Additionally, she did not pay a supplemental tax bill due April 10.
I’ll leave it to OCRenter to fill in the loan details.
ParticipantI would pay him a fee for the advice on the market conditions.
For you PS, a colossal waste of money. With the amount of time you put into this, why would you pay for his advice?
Participant…and it has caused CA schools to have one of the lowest fundings in the nation. Our schools are a mess because of this.
I think you’ve bought into the spin put out by the education lobby. There’s plenty of money for K-12 in this state IMO.
He says he pays less in taxes on his $3 mill home in Laguna Niguel than his $100K house in Omaha, NE
Does Nebraska have an income tax? California taxes income at a relatively high rate. We also tax sales at a high rate.
I don’t think anyone can make the case that California is a low-tax state.
State government has a spending problem, not a revenue problem.
Participantlb,
realmoney.com
ParticipantBe careful out there.
lendingbubble,
Do you write for RM?
ParticipantI think golf courses in San Diego are already hurting. On the daily fee courses in town, there are weekday specials galore (free lunch, play twice, etc.).
For non-equity private clubs, initiation fees have come down. Golf Club of California in Fallbrook has dropped its refundable deposit requirement from $40k to $20k. You can get into Escondido Country Club with no money down.
Among equity clubs, Vista Valley is hurting for members while Santaluz was offering a special on dues and guest fees.
I don’t know if it’s been discussed here previously but if RE goes into the tank, how badly will the golf industry in town get hammered?
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