[permabear]

I read through this whole thread, but IMO what was missed is: it’s always about price.

[quote=sdrealtor]Just thought I’d share an experience from the field. An REO popped up in my submarket at $1M. My estimate of value on it is somewhere between $1M and $1.2M. One of my clients submitted an offer on it. I just spoke to the listing agent and we were the 16TH offer in.[/quote]

I know that property. It was a short sale in Olivenhain for 6+ months, finally foreclosed. One reason there were 16+ offers was the listing agent did a great job of building buzz. He listed it at 999k (cheap for the area) and put up flyers saying “house will be sold to highest bidder in 14 days.” It worked, apparently.

I’m one of the people mentioned in this thread that makes over 200k and has 300k cash down, so I’ve been in all those areas. I’ve found several properties in nice areas (Del Mar, Solana Beach, RSF) that have been sitting on the market for 150+ days. Each of them is worth about 20% less than listed (due to condition, etc), so they’re ripe for lower offers. Many have not received a single offer.

The problem with many of these is that they’re carrying a ton of paper. Some have been refi’ed by the trustees; eg, Mom and Dad left the kids a nice home by the beach, and they used it as an ATM. So they can’t “afford” a lower offer, because they would have to bring cash to the table (which they don’t have). My guess is they’ll become REO’s in the near future.

But if it’s a good price, it’ll move, which was sdr’s original point.

[permabear]

I read through this whole thread, but IMO what was missed is: it’s always about price.

[quote=sdrealtor]Just thought I’d share an experience from the field. An REO popped up in my submarket at $1M. My estimate of value on it is somewhere between $1M and $1.2M. One of my clients submitted an offer on it. I just spoke to the listing agent and we were the 16TH offer in.[/quote]

I know that property. It was a short sale in Olivenhain for 6+ months, finally foreclosed. One reason there were 16+ offers was the listing agent did a great job of building buzz. He listed it at 999k (cheap for the area) and put up flyers saying “house will be sold to highest bidder in 14 days.” It worked, apparently.

I’m one of the people mentioned in this thread that makes over 200k and has 300k cash down, so I’ve been in all those areas. I’ve found several properties in nice areas (Del Mar, Solana Beach, RSF) that have been sitting on the market for 150+ days. Each of them is worth about 20% less than listed (due to condition, etc), so they’re ripe for lower offers. Many have not received a single offer.

The problem with many of these is that they’re carrying a ton of paper. Some have been refi’ed by the trustees; eg, Mom and Dad left the kids a nice home by the beach, and they used it as an ATM. So they can’t “afford” a lower offer, because they would have to bring cash to the table (which they don’t have). My guess is they’ll become REO’s in the near future.

But if it’s a good price, it’ll move, which was sdr’s original point.

[permabear]

I read through this whole thread, but IMO what was missed is: it’s always about price.

[quote=sdrealtor]Just thought I’d share an experience from the field. An REO popped up in my submarket at $1M. My estimate of value on it is somewhere between $1M and $1.2M. One of my clients submitted an offer on it. I just spoke to the listing agent and we were the 16TH offer in.[/quote]

I know that property. It was a short sale in Olivenhain for 6+ months, finally foreclosed. One reason there were 16+ offers was the listing agent did a great job of building buzz. He listed it at 999k (cheap for the area) and put up flyers saying “house will be sold to highest bidder in 14 days.” It worked, apparently.

I’m one of the people mentioned in this thread that makes over 200k and has 300k cash down, so I’ve been in all those areas. I’ve found several properties in nice areas (Del Mar, Solana Beach, RSF) that have been sitting on the market for 150+ days. Each of them is worth about 20% less than listed (due to condition, etc), so they’re ripe for lower offers. Many have not received a single offer.

The problem with many of these is that they’re carrying a ton of paper. Some have been refi’ed by the trustees; eg, Mom and Dad left the kids a nice home by the beach, and they used it as an ATM. So they can’t “afford” a lower offer, because they would have to bring cash to the table (which they don’t have). My guess is they’ll become REO’s in the near future.

But if it’s a good price, it’ll move, which was sdr’s original point.

[permabear]

[quote=ltokuda]
My view is that greed rules. The reason why investment banks are NOT self-regulating is because they are comprised of individuals. A single fund manager would gladly see his firm go bankrupt if he could pocket a billion dollars in the process. An employee acting in his own self interest doesn’t mean he’s doing what’s best for the company. A company needs to make sure that the incentives of the employees are in line with its own well being.

Likewise, a business will gladly undermine America’s economy if the incentives were large enough. That’s just the way it is. So it is up to America to create an economic policy which aligns business interests with America’s interests. Unfortunately, these days, it seems like America is corporate owned so I’m not too hopeful that things will change for the better.
[/quote]

Bingo.

That’s one interesting idea from the article, which I hadn’t seen before. Let’s use our tax structure to promote American workers. But unless done correctly, this could backfire as well. After all, the few remaining American workers are on Wall Street. Which means the big banks would get huge tax incentives.

Eeek.

[permabear]

[quote=ltokuda]
My view is that greed rules. The reason why investment banks are NOT self-regulating is because they are comprised of individuals. A single fund manager would gladly see his firm go bankrupt if he could pocket a billion dollars in the process. An employee acting in his own self interest doesn’t mean he’s doing what’s best for the company. A company needs to make sure that the incentives of the employees are in line with its own well being.

Likewise, a business will gladly undermine America’s economy if the incentives were large enough. That’s just the way it is. So it is up to America to create an economic policy which aligns business interests with America’s interests. Unfortunately, these days, it seems like America is corporate owned so I’m not too hopeful that things will change for the better.
[/quote]

Bingo.

That’s one interesting idea from the article, which I hadn’t seen before. Let’s use our tax structure to promote American workers. But unless done correctly, this could backfire as well. After all, the few remaining American workers are on Wall Street. Which means the big banks would get huge tax incentives.

Eeek.

[permabear]

[quote=ltokuda]
My view is that greed rules. The reason why investment banks are NOT self-regulating is because they are comprised of individuals. A single fund manager would gladly see his firm go bankrupt if he could pocket a billion dollars in the process. An employee acting in his own self interest doesn’t mean he’s doing what’s best for the company. A company needs to make sure that the incentives of the employees are in line with its own well being.

Likewise, a business will gladly undermine America’s economy if the incentives were large enough. That’s just the way it is. So it is up to America to create an economic policy which aligns business interests with America’s interests. Unfortunately, these days, it seems like America is corporate owned so I’m not too hopeful that things will change for the better.
[/quote]

Bingo.

That’s one interesting idea from the article, which I hadn’t seen before. Let’s use our tax structure to promote American workers. But unless done correctly, this could backfire as well. After all, the few remaining American workers are on Wall Street. Which means the big banks would get huge tax incentives.

Eeek.

[permabear]

[quote=ltokuda]
My view is that greed rules. The reason why investment banks are NOT self-regulating is because they are comprised of individuals. A single fund manager would gladly see his firm go bankrupt if he could pocket a billion dollars in the process. An employee acting in his own self interest doesn’t mean he’s doing what’s best for the company. A company needs to make sure that the incentives of the employees are in line with its own well being.

Likewise, a business will gladly undermine America’s economy if the incentives were large enough. That’s just the way it is. So it is up to America to create an economic policy which aligns business interests with America’s interests. Unfortunately, these days, it seems like America is corporate owned so I’m not too hopeful that things will change for the better.
[/quote]

Bingo.

That’s one interesting idea from the article, which I hadn’t seen before. Let’s use our tax structure to promote American workers. But unless done correctly, this could backfire as well. After all, the few remaining American workers are on Wall Street. Which means the big banks would get huge tax incentives.

Eeek.

[permabear]

[quote=ltokuda]
My view is that greed rules. The reason why investment banks are NOT self-regulating is because they are comprised of individuals. A single fund manager would gladly see his firm go bankrupt if he could pocket a billion dollars in the process. An employee acting in his own self interest doesn’t mean he’s doing what’s best for the company. A company needs to make sure that the incentives of the employees are in line with its own well being.

Likewise, a business will gladly undermine America’s economy if the incentives were large enough. That’s just the way it is. So it is up to America to create an economic policy which aligns business interests with America’s interests. Unfortunately, these days, it seems like America is corporate owned so I’m not too hopeful that things will change for the better.
[/quote]

Bingo.

That’s one interesting idea from the article, which I hadn’t seen before. Let’s use our tax structure to promote American workers. But unless done correctly, this could backfire as well. After all, the few remaining American workers are on Wall Street. Which means the big banks would get huge tax incentives.

Eeek.

[permabear]

[quote=AN][quote=bearishgurl]The GE requirements of the first two years of college can be obtained anywhere and the CC’s are much cheaper (and far less crowded) in these classes than universities. [/quote]
Although this is true, the one thing you’ll miss out is the college experience of the 1st two years, where you experience the dorm life and making new friends. I missed out on that and I will never be able to experience that. Money can be made later but certain experiences in life only come once.[/quote]

Freshman and sophomore year in the dorms were two of the best years of my life. Send your kid away! The friends I made are still, 15 years later, my closest.

[permabear]

[quote=AN][quote=bearishgurl]The GE requirements of the first two years of college can be obtained anywhere and the CC’s are much cheaper (and far less crowded) in these classes than universities. [/quote]
Although this is true, the one thing you’ll miss out is the college experience of the 1st two years, where you experience the dorm life and making new friends. I missed out on that and I will never be able to experience that. Money can be made later but certain experiences in life only come once.[/quote]

Freshman and sophomore year in the dorms were two of the best years of my life. Send your kid away! The friends I made are still, 15 years later, my closest.

[permabear]

[quote=AN][quote=bearishgurl]The GE requirements of the first two years of college can be obtained anywhere and the CC’s are much cheaper (and far less crowded) in these classes than universities. [/quote]
Although this is true, the one thing you’ll miss out is the college experience of the 1st two years, where you experience the dorm life and making new friends. I missed out on that and I will never be able to experience that. Money can be made later but certain experiences in life only come once.[/quote]

Freshman and sophomore year in the dorms were two of the best years of my life. Send your kid away! The friends I made are still, 15 years later, my closest.

[permabear]

[quote=AN][quote=bearishgurl]The GE requirements of the first two years of college can be obtained anywhere and the CC’s are much cheaper (and far less crowded) in these classes than universities. [/quote]
Although this is true, the one thing you’ll miss out is the college experience of the 1st two years, where you experience the dorm life and making new friends. I missed out on that and I will never be able to experience that. Money can be made later but certain experiences in life only come once.[/quote]

Freshman and sophomore year in the dorms were two of the best years of my life. Send your kid away! The friends I made are still, 15 years later, my closest.

[permabear]

[quote=AN][quote=bearishgurl]The GE requirements of the first two years of college can be obtained anywhere and the CC’s are much cheaper (and far less crowded) in these classes than universities. [/quote]
Although this is true, the one thing you’ll miss out is the college experience of the 1st two years, where you experience the dorm life and making new friends. I missed out on that and I will never be able to experience that. Money can be made later but certain experiences in life only come once.[/quote]

Freshman and sophomore year in the dorms were two of the best years of my life. Send your kid away! The friends I made are still, 15 years later, my closest.

[permabear]

[quote=GoUSC]I wanted to get some opinions on Scripps Ranch, specifically the area east on Pomerado and down off of Fallbrook Road. We have been mostly looking coastal (La Jolla, North PB, Point Loma, Mission Hills). Never really considered going this far inland but there seem to be some very nice 80’s era homes (single floor) in this area. What say you guys?[/quote]

I just want to comment on the neighborhood. My wife and I and our two kids live in Scripps Ranch, and we love it here. We live in the newer part, North of Spring Valley Rd and South of Scripps Poway Parkway.

What I think sets Scripps Ranch apart from 4S Ranch, PQ, RB, etc is the whole thing feels like a real community. If you’re at Starbucks or the market, especially with a kid, it’s easy to strike up a conversation with strangers. People are polite and friendly, and take pride in the community. The area is spotless, and people will just randomly pick up trash to keep it that way. People walking their dogs will wave at you, and if you smile they smile back.

This may seem like standard human interaction, but it is a huge contrast from areas like Carmel Valley, where the newer faux riche element can be very stand off-ish. In a nutshell, people here that have Suburbans are loading in their 3 kids while wearing normal clothes. People in CV with Suburbans have chromed up 20’s and are just driving themselves and their lap dogs while wearing the latest runway nonsense.

We’ve recently been looking for a larger home, so have revisited all the other suburbs: CV, Rancho Penasquitos, Rancho Bernardo, 4S Ranch, Del Sur, Poway, etc. We just can’t shake the feeling that Scripps Ranch is the best of the bunch. Parts of PQ, RB, and Poway can be real holes by contrast.

One last note on schools: The local schools continue to win awards (especially elementary), but if your child doesn’t like them, you can apply for an interdistrict transfer and attend Poway schools. The Stonebridge area is Poway schools only, which can be a pro or con depending on your perspective. Scripps Ranch schools vs the Poway schools you would be attending are basically identically rated.

[permabear]

[quote=GoUSC]I wanted to get some opinions on Scripps Ranch, specifically the area east on Pomerado and down off of Fallbrook Road. We have been mostly looking coastal (La Jolla, North PB, Point Loma, Mission Hills). Never really considered going this far inland but there seem to be some very nice 80’s era homes (single floor) in this area. What say you guys?[/quote]

I just want to comment on the neighborhood. My wife and I and our two kids live in Scripps Ranch, and we love it here. We live in the newer part, North of Spring Valley Rd and South of Scripps Poway Parkway.

What I think sets Scripps Ranch apart from 4S Ranch, PQ, RB, etc is the whole thing feels like a real community. If you’re at Starbucks or the market, especially with a kid, it’s easy to strike up a conversation with strangers. People are polite and friendly, and take pride in the community. The area is spotless, and people will just randomly pick up trash to keep it that way. People walking their dogs will wave at you, and if you smile they smile back.

This may seem like standard human interaction, but it is a huge contrast from areas like Carmel Valley, where the newer faux riche element can be very stand off-ish. In a nutshell, people here that have Suburbans are loading in their 3 kids while wearing normal clothes. People in CV with Suburbans have chromed up 20’s and are just driving themselves and their lap dogs while wearing the latest runway nonsense.

We’ve recently been looking for a larger home, so have revisited all the other suburbs: CV, Rancho Penasquitos, Rancho Bernardo, 4S Ranch, Del Sur, Poway, etc. We just can’t shake the feeling that Scripps Ranch is the best of the bunch. Parts of PQ, RB, and Poway can be real holes by contrast.

One last note on schools: The local schools continue to win awards (especially elementary), but if your child doesn’t like them, you can apply for an interdistrict transfer and attend Poway schools. The Stonebridge area is Poway schools only, which can be a pro or con depending on your perspective. Scripps Ranch schools vs the Poway schools you would be attending are basically identically rated.

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