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The 8280 Katherine Claire Ct has been sitting on the market for 100 days with no luck.

But some idiot has exactly the same house down the street asking a ludicrous $829,000 price. (The cheaper $680k resale has nicer stone facade).

http://www.sdlookup.com/MLS-076074881-15678_New_Park_Terrace_San_Diego_CA_92127

Purchased for $777,900 12/2006

What is the 2nd seller smoking? Only an air head would buy this house especially when the Alcala developer is selling the fully upgraded model for $829,990!! Same price, what a coincidence. (The model has solar also).

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More on the same subject.

http://www.cnbc.com/id/20907018

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Here’s the link.

I guess it’ll take a few years for the FBs to “get it.” There’s no point in hoping for a quick correction. It’ll take years.

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I go to Santee for business. Santee is not 10 minutes to La Jolla. First you drive about 15 minutes on crowded Mission Gorge and then you have to drive about 25 minutes the whole length of 52 to the west.

The afternoon into Santee from San Diego is a nightmare. I drove it a couple of time and I won’t do it again.

The Santee Town Center does have all the big box stores and the last stop on the trolley line. But the trolley is so slow that if you think you can commute to Downtown on the trolley, you’re sadly mistaken.

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I wonder when you’ll see an auction like this in San Diego.

Downtown Miami is better than North Park IMHO.

http://cbs4.com/topstories/local_story_264095336.html

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I have to defend JWM. It’s rude for people to come unannounced so it’s appropriate to tell them to take a hike.

I live in a gated community now; but before, when a stranger would ring the door bell, I would tell them that I’m not interested and please don’t come back, then close the door.

The Realtor might be trying but I don’t have time to listen to unwanted sales pitches.

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Does Santee really have good schools? Compared to what?

I agree that the listing is an amazing deal for a brand new SFR. It looks like the developer is really cutting prices. At least for today it’s a good deal. Wait ’til a couple years from now for the real carnage.

http://www.sdlookup.com/MLS-076075209-9810_Old_Tree_Santee_CA_92071

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Prices will go back up in the long run. But what is it? I think that it will be 10 years or more. How much is rent at La Boheme? And, by renting, how much could you save in a growing portfolio during that decade?

When prices trough, you’ll be paying La Jolla prices to live in North Park, with no relief in sight.

Newbie, you said it well, North Park is a lower to middle class neighborhood. How can those lower-middle class folks afford $600k or even $400k mortgages? 2/2s should be $200k max for the local folks to afford it. If inflation hits and interest rates go to 10%, then prices will drop like a stone.

I’m all for diversity but prices should be commensurate with the local population’s earnings.

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newbie, good point about northpark. But that does no justify the prices paid at La Boheme. So what if the residents have pride? That won’t stop the prices from dropping.

The whole SD region was/is 50% overvalued. All neighborhoods will drop — none will be immune. Some people say that La Jolla and Coronado are immune because the rich live there. Are you saying that NP is immune because of the diversity of population?

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Good post, bugs. Thanks for bring some data and putting perspective on the “amazing” deals.

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The dollar is at a 30 year low.

Saudi Arabia is set to break the dollar peg. Will oil go to $100/barrel. We might see $4/gallon gas next year.

Oh, well,there goes our Christmas trip to London. I guess our family will have to cut back to take a car trip to Solvang instead.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aA14lYfIaUho&refer=home

Saudi Arabia may drop its currency’s link to the dollar. The nation is likely to keep the peg, an adviser to King Abdullah said. The euro rose above $1.40 for the first time since its introduction. The Canadian dollar earlier equaled its U.S. counterpart.

http://calculatedrisk.blogspot.com/2007/09/saudi-arabia-refuses-to-cut-rates.html

The Greenspan conundrum was that long rates didn’t rise at the Fed Funds rate was increased. Bernanke’s conundrum may be that long rates don’t fall (or maybe even increase) as he lowers the Fed Funds rate!

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How about dealing with the root cause first? Greed, insecurity, brattiness and laziness are what led to this situation. Just because everyone was doing it doesn’t make it right.

No offense but I’been to shrinks before and they don’t give any good advice. All they do is listen and as “how does that make you feel.” At least Dr. Laura tells you like it is and what you need to do to move on.

Suzanne Researched This: Part 2

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We haven’t heard Alan Gin talk much lately. As I recall he was a real estate bull. I bet he would say he didn’t the the foreclosures coming. So much for the plateau he was predicting.

He was interviewed for this story.
http://www.signonsandiego.com/news/metro/20070919-9999-1n19default.html

University of San Diego economist Alan Gin said weak loan-underwriting standards are a major reason for the spike in foreclosures. Many adjustable mortgages issued in recent years required little or no down payment, making homeowners more likely to walk away when the going got tough.

“It just made it easy for people to give up,” Gin said.

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Foreigners won’t be moving to America because of income taxes. England is the place to be. If you’re a foreign domiciled resident, the UK does not tax one penny of your income generated overseas. American residents have to pay income tax on their worldwide income.

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Good post, HLS. Exactly right. What’s there to save if you have zero equity?

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