Forum Replies Created
-
AuthorPosts
-
Ren
Participant[quote=temeculaguy]I’m not saying that La Jolla or Del Mar wont always be expensive in relative terms but they can’t maintain being out of whack with Del Mar and La Jolla incomes. In past busts they fell similar percentages to the rest of the county, everything is connected but it’s not immediately connected, it takes time to spread. [/quote]
Exactly. The La Jolla median has tanked in the last year. Whether current real-world sale price reductions there are that extreme, I don’t know, but it wouldn’t surprise me to see an end result of 40-50% off the peak in the next few years. That’s in line with the percent drop for inland areas, and will still leave coastal properties much more expensive than inland.
During the boom, the koolaid was that prices would never come down. Then it was that they would come down, but not in the desirable coastal areas. Now it’s that they will come down in the coastal areas, but hardly at all.
Keep drinking.
Participant[quote=temeculaguy]I’m not saying that La Jolla or Del Mar wont always be expensive in relative terms but they can’t maintain being out of whack with Del Mar and La Jolla incomes. In past busts they fell similar percentages to the rest of the county, everything is connected but it’s not immediately connected, it takes time to spread. [/quote]
Exactly. The La Jolla median has tanked in the last year. Whether current real-world sale price reductions there are that extreme, I don’t know, but it wouldn’t surprise me to see an end result of 40-50% off the peak in the next few years. That’s in line with the percent drop for inland areas, and will still leave coastal properties much more expensive than inland.
During the boom, the koolaid was that prices would never come down. Then it was that they would come down, but not in the desirable coastal areas. Now it’s that they will come down in the coastal areas, but hardly at all.
Keep drinking.
Participant[quote=temeculaguy]I’m not saying that La Jolla or Del Mar wont always be expensive in relative terms but they can’t maintain being out of whack with Del Mar and La Jolla incomes. In past busts they fell similar percentages to the rest of the county, everything is connected but it’s not immediately connected, it takes time to spread. [/quote]
Exactly. The La Jolla median has tanked in the last year. Whether current real-world sale price reductions there are that extreme, I don’t know, but it wouldn’t surprise me to see an end result of 40-50% off the peak in the next few years. That’s in line with the percent drop for inland areas, and will still leave coastal properties much more expensive than inland.
During the boom, the koolaid was that prices would never come down. Then it was that they would come down, but not in the desirable coastal areas. Now it’s that they will come down in the coastal areas, but hardly at all.
Keep drinking.
Participant[quote=temeculaguy]I’m not saying that La Jolla or Del Mar wont always be expensive in relative terms but they can’t maintain being out of whack with Del Mar and La Jolla incomes. In past busts they fell similar percentages to the rest of the county, everything is connected but it’s not immediately connected, it takes time to spread. [/quote]
Exactly. The La Jolla median has tanked in the last year. Whether current real-world sale price reductions there are that extreme, I don’t know, but it wouldn’t surprise me to see an end result of 40-50% off the peak in the next few years. That’s in line with the percent drop for inland areas, and will still leave coastal properties much more expensive than inland.
During the boom, the koolaid was that prices would never come down. Then it was that they would come down, but not in the desirable coastal areas. Now it’s that they will come down in the coastal areas, but hardly at all.
Keep drinking.
Participant[quote=renterclint]Here is Southern Carlsbad condo that just popped up on ZipRealty for $232k!! 6203 Liberty Place, Carlsbad 92009
[/quote]I keep looking at this place. If it had a 2-car garage and a driveway and just a tad more square footage, I’d consider it.
It does seem a little low for the current market in that area. If it goes for close to that, it tells me we might see newer 3-bdrm condos in areas like Bressi Ranch and San Elijo Hills for $150k in a few years. Wow. Rental heaven, if rates don’t go down too much.
Even though I won’t be buying it, I love the fact that it will only help push prices further down.
Participant[quote=renterclint]Here is Southern Carlsbad condo that just popped up on ZipRealty for $232k!! 6203 Liberty Place, Carlsbad 92009
[/quote]I keep looking at this place. If it had a 2-car garage and a driveway and just a tad more square footage, I’d consider it.
It does seem a little low for the current market in that area. If it goes for close to that, it tells me we might see newer 3-bdrm condos in areas like Bressi Ranch and San Elijo Hills for $150k in a few years. Wow. Rental heaven, if rates don’t go down too much.
Even though I won’t be buying it, I love the fact that it will only help push prices further down.
Participant[quote=renterclint]Here is Southern Carlsbad condo that just popped up on ZipRealty for $232k!! 6203 Liberty Place, Carlsbad 92009
[/quote]I keep looking at this place. If it had a 2-car garage and a driveway and just a tad more square footage, I’d consider it.
It does seem a little low for the current market in that area. If it goes for close to that, it tells me we might see newer 3-bdrm condos in areas like Bressi Ranch and San Elijo Hills for $150k in a few years. Wow. Rental heaven, if rates don’t go down too much.
Even though I won’t be buying it, I love the fact that it will only help push prices further down.
Participant[quote=renterclint]Here is Southern Carlsbad condo that just popped up on ZipRealty for $232k!! 6203 Liberty Place, Carlsbad 92009
[/quote]I keep looking at this place. If it had a 2-car garage and a driveway and just a tad more square footage, I’d consider it.
It does seem a little low for the current market in that area. If it goes for close to that, it tells me we might see newer 3-bdrm condos in areas like Bressi Ranch and San Elijo Hills for $150k in a few years. Wow. Rental heaven, if rates don’t go down too much.
Even though I won’t be buying it, I love the fact that it will only help push prices further down.
Participant[quote=renterclint]Here is Southern Carlsbad condo that just popped up on ZipRealty for $232k!! 6203 Liberty Place, Carlsbad 92009
[/quote]I keep looking at this place. If it had a 2-car garage and a driveway and just a tad more square footage, I’d consider it.
It does seem a little low for the current market in that area. If it goes for close to that, it tells me we might see newer 3-bdrm condos in areas like Bressi Ranch and San Elijo Hills for $150k in a few years. Wow. Rental heaven, if rates don’t go down too much.
Even though I won’t be buying it, I love the fact that it will only help push prices further down.
Participant[quote=donaldduckmoore]If you are not in any of the financial hardship. The word “selling” should not be mentioned in today’s market, unless you want to lose money.[/quote]
It depends on the area. In some you’ll lose a lot, some you’ll lose not so much, and some you may even profit (like Coronado).
Personally, if I had a choice of losing $200k now or $400k later, I’ll take the $200k hit and invest the $200k I “saved”. I don’t think that area is anywhere near the bottom, let alone recovery. He will never see that house worth $875k in 2005 dollars again, ever, so it’s not a matter of “waiting for the market to come back”. Meanwhile, he’s paying the mortgage, interest, and property taxes on an $875k property that will be worth less than $500k when all is said and done. Maybe a lot less.
At this point it’s a matter of cutting his losses and making better use of the money (renting a couple years, then paying far less for a bigger place).
Participant[quote=donaldduckmoore]If you are not in any of the financial hardship. The word “selling” should not be mentioned in today’s market, unless you want to lose money.[/quote]
It depends on the area. In some you’ll lose a lot, some you’ll lose not so much, and some you may even profit (like Coronado).
Personally, if I had a choice of losing $200k now or $400k later, I’ll take the $200k hit and invest the $200k I “saved”. I don’t think that area is anywhere near the bottom, let alone recovery. He will never see that house worth $875k in 2005 dollars again, ever, so it’s not a matter of “waiting for the market to come back”. Meanwhile, he’s paying the mortgage, interest, and property taxes on an $875k property that will be worth less than $500k when all is said and done. Maybe a lot less.
At this point it’s a matter of cutting his losses and making better use of the money (renting a couple years, then paying far less for a bigger place).
Participant[quote=donaldduckmoore]If you are not in any of the financial hardship. The word “selling” should not be mentioned in today’s market, unless you want to lose money.[/quote]
It depends on the area. In some you’ll lose a lot, some you’ll lose not so much, and some you may even profit (like Coronado).
Personally, if I had a choice of losing $200k now or $400k later, I’ll take the $200k hit and invest the $200k I “saved”. I don’t think that area is anywhere near the bottom, let alone recovery. He will never see that house worth $875k in 2005 dollars again, ever, so it’s not a matter of “waiting for the market to come back”. Meanwhile, he’s paying the mortgage, interest, and property taxes on an $875k property that will be worth less than $500k when all is said and done. Maybe a lot less.
At this point it’s a matter of cutting his losses and making better use of the money (renting a couple years, then paying far less for a bigger place).
Participant[quote=donaldduckmoore]If you are not in any of the financial hardship. The word “selling” should not be mentioned in today’s market, unless you want to lose money.[/quote]
It depends on the area. In some you’ll lose a lot, some you’ll lose not so much, and some you may even profit (like Coronado).
Personally, if I had a choice of losing $200k now or $400k later, I’ll take the $200k hit and invest the $200k I “saved”. I don’t think that area is anywhere near the bottom, let alone recovery. He will never see that house worth $875k in 2005 dollars again, ever, so it’s not a matter of “waiting for the market to come back”. Meanwhile, he’s paying the mortgage, interest, and property taxes on an $875k property that will be worth less than $500k when all is said and done. Maybe a lot less.
At this point it’s a matter of cutting his losses and making better use of the money (renting a couple years, then paying far less for a bigger place).
Participant[quote=donaldduckmoore]If you are not in any of the financial hardship. The word “selling” should not be mentioned in today’s market, unless you want to lose money.[/quote]
It depends on the area. In some you’ll lose a lot, some you’ll lose not so much, and some you may even profit (like Coronado).
Personally, if I had a choice of losing $200k now or $400k later, I’ll take the $200k hit and invest the $200k I “saved”. I don’t think that area is anywhere near the bottom, let alone recovery. He will never see that house worth $875k in 2005 dollars again, ever, so it’s not a matter of “waiting for the market to come back”. Meanwhile, he’s paying the mortgage, interest, and property taxes on an $875k property that will be worth less than $500k when all is said and done. Maybe a lot less.
At this point it’s a matter of cutting his losses and making better use of the money (renting a couple years, then paying far less for a bigger place).
-
AuthorPosts