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SD Realtor
ParticipantThe distress level is high downtown and will continue to be so. Every development has PACKED lockbox cupboards.
SD Realtor
ParticipantThe distress level is high downtown and will continue to be so. Every development has PACKED lockbox cupboards.
SD Realtor
February 23, 2008 at 6:33 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158578ParticipantThe homes were never affordable. Temporary affordability does not make a home affordable, it just is like putting honey on tar paper. People bought homes they could not afford thinking that they would eventually afford them because of appreciation.
I think many are missing my point. That happens to me alot because I don’t make them well.
Of course prices will go down. That goes without saying and if you ever find a post I have made out of the thousands of posts I have where I said otherwise then dinner is on me JP. Nor did I say that homes will not be affordable. However affordability for me is different then affordability for say Raptorduck who is currently looking at million dollar homes.
AFFORDABILITY IS RELATIVE.
Try as I may to buy a home in Fairbanks Ranch, I will never be able to afford it. Nor would I be stupid enough to if some pinhead broker waived a teaser rate at me. I am not that dumb. Nor will I make myself a home on the beach in Del Mar unless I win the lottery. This is true no matter how “affordable” these homes will become.
JP here is what I was arguing about…Look at what Josh wrote….
Essentially it was,
“if it is that bad, when will I get my beach condo in Del Mar.”
My answer to that is unless you make a very good living, or have a very rich uncle, the answer is never. The same is true for me.
The argument is not that higher end places will not depreciate. They will. Everything will. Please try to understand the point. Affordability varies for each region and it certainly varies for each buyer. I don’t measure affordability by anything EXCEPT WHAT I CAN AFFORD. I am a realist and know that no matter what, there are places that just will be and will always be out of my reach.
SD Realtor
February 23, 2008 at 6:33 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158868ParticipantThe homes were never affordable. Temporary affordability does not make a home affordable, it just is like putting honey on tar paper. People bought homes they could not afford thinking that they would eventually afford them because of appreciation.
I think many are missing my point. That happens to me alot because I don’t make them well.
Of course prices will go down. That goes without saying and if you ever find a post I have made out of the thousands of posts I have where I said otherwise then dinner is on me JP. Nor did I say that homes will not be affordable. However affordability for me is different then affordability for say Raptorduck who is currently looking at million dollar homes.
AFFORDABILITY IS RELATIVE.
Try as I may to buy a home in Fairbanks Ranch, I will never be able to afford it. Nor would I be stupid enough to if some pinhead broker waived a teaser rate at me. I am not that dumb. Nor will I make myself a home on the beach in Del Mar unless I win the lottery. This is true no matter how “affordable” these homes will become.
JP here is what I was arguing about…Look at what Josh wrote….
Essentially it was,
“if it is that bad, when will I get my beach condo in Del Mar.”
My answer to that is unless you make a very good living, or have a very rich uncle, the answer is never. The same is true for me.
The argument is not that higher end places will not depreciate. They will. Everything will. Please try to understand the point. Affordability varies for each region and it certainly varies for each buyer. I don’t measure affordability by anything EXCEPT WHAT I CAN AFFORD. I am a realist and know that no matter what, there are places that just will be and will always be out of my reach.
SD Realtor
February 23, 2008 at 6:33 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158880ParticipantThe homes were never affordable. Temporary affordability does not make a home affordable, it just is like putting honey on tar paper. People bought homes they could not afford thinking that they would eventually afford them because of appreciation.
I think many are missing my point. That happens to me alot because I don’t make them well.
Of course prices will go down. That goes without saying and if you ever find a post I have made out of the thousands of posts I have where I said otherwise then dinner is on me JP. Nor did I say that homes will not be affordable. However affordability for me is different then affordability for say Raptorduck who is currently looking at million dollar homes.
AFFORDABILITY IS RELATIVE.
Try as I may to buy a home in Fairbanks Ranch, I will never be able to afford it. Nor would I be stupid enough to if some pinhead broker waived a teaser rate at me. I am not that dumb. Nor will I make myself a home on the beach in Del Mar unless I win the lottery. This is true no matter how “affordable” these homes will become.
JP here is what I was arguing about…Look at what Josh wrote….
Essentially it was,
“if it is that bad, when will I get my beach condo in Del Mar.”
My answer to that is unless you make a very good living, or have a very rich uncle, the answer is never. The same is true for me.
The argument is not that higher end places will not depreciate. They will. Everything will. Please try to understand the point. Affordability varies for each region and it certainly varies for each buyer. I don’t measure affordability by anything EXCEPT WHAT I CAN AFFORD. I am a realist and know that no matter what, there are places that just will be and will always be out of my reach.
SD Realtor
February 23, 2008 at 6:33 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158889ParticipantThe homes were never affordable. Temporary affordability does not make a home affordable, it just is like putting honey on tar paper. People bought homes they could not afford thinking that they would eventually afford them because of appreciation.
I think many are missing my point. That happens to me alot because I don’t make them well.
Of course prices will go down. That goes without saying and if you ever find a post I have made out of the thousands of posts I have where I said otherwise then dinner is on me JP. Nor did I say that homes will not be affordable. However affordability for me is different then affordability for say Raptorduck who is currently looking at million dollar homes.
AFFORDABILITY IS RELATIVE.
Try as I may to buy a home in Fairbanks Ranch, I will never be able to afford it. Nor would I be stupid enough to if some pinhead broker waived a teaser rate at me. I am not that dumb. Nor will I make myself a home on the beach in Del Mar unless I win the lottery. This is true no matter how “affordable” these homes will become.
JP here is what I was arguing about…Look at what Josh wrote….
Essentially it was,
“if it is that bad, when will I get my beach condo in Del Mar.”
My answer to that is unless you make a very good living, or have a very rich uncle, the answer is never. The same is true for me.
The argument is not that higher end places will not depreciate. They will. Everything will. Please try to understand the point. Affordability varies for each region and it certainly varies for each buyer. I don’t measure affordability by anything EXCEPT WHAT I CAN AFFORD. I am a realist and know that no matter what, there are places that just will be and will always be out of my reach.
SD Realtor
February 23, 2008 at 6:33 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158962ParticipantThe homes were never affordable. Temporary affordability does not make a home affordable, it just is like putting honey on tar paper. People bought homes they could not afford thinking that they would eventually afford them because of appreciation.
I think many are missing my point. That happens to me alot because I don’t make them well.
Of course prices will go down. That goes without saying and if you ever find a post I have made out of the thousands of posts I have where I said otherwise then dinner is on me JP. Nor did I say that homes will not be affordable. However affordability for me is different then affordability for say Raptorduck who is currently looking at million dollar homes.
AFFORDABILITY IS RELATIVE.
Try as I may to buy a home in Fairbanks Ranch, I will never be able to afford it. Nor would I be stupid enough to if some pinhead broker waived a teaser rate at me. I am not that dumb. Nor will I make myself a home on the beach in Del Mar unless I win the lottery. This is true no matter how “affordable” these homes will become.
JP here is what I was arguing about…Look at what Josh wrote….
Essentially it was,
“if it is that bad, when will I get my beach condo in Del Mar.”
My answer to that is unless you make a very good living, or have a very rich uncle, the answer is never. The same is true for me.
The argument is not that higher end places will not depreciate. They will. Everything will. Please try to understand the point. Affordability varies for each region and it certainly varies for each buyer. I don’t measure affordability by anything EXCEPT WHAT I CAN AFFORD. I am a realist and know that no matter what, there are places that just will be and will always be out of my reach.
SD Realtor
February 23, 2008 at 5:34 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158533ParticipantJosh I can pick plenty of REO properties that are unaffordable.
Yes distress does lead to affordability. That is not what I was disagreeing with. Yet if you think you will get your home in Del Mar at what you may deem affordable, you are mistaken. That is the point I was trying to make.
Point number 2, distress also happens when people bought homes who should not have bought homes. What is affordable to some is not affordable to others. People are defaulting on 200k condos just as well as 2M dollar homes. Distress happens moreso because of that then anything else. Now a phenomenah of people handing in their keys because the asset has depreciated so much is a different issue altogether.
My disagreement with you is not that distress doesn’t bredd lower pricing because it does as long AS THERE IS LACK OF DEMAND. However my point of disagreement is you will not find your home in Del Mar because even with distress in Del Mar and depreciation in Del Mar (which will happen by the way), unless you want to live on Mango or on Del Mar Heights, pricing will always be unrealistic based on other areas. Will it go down? Yes. Will it be affordable? Perhaps if you make a couple hundred large a year and have a nice fat down payment ready.
Sadly there are just some places in San Diego that will be unattainable for people even after the depreciation cycle. That is the point I was making.
SD Realtor
February 23, 2008 at 5:34 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158823ParticipantJosh I can pick plenty of REO properties that are unaffordable.
Yes distress does lead to affordability. That is not what I was disagreeing with. Yet if you think you will get your home in Del Mar at what you may deem affordable, you are mistaken. That is the point I was trying to make.
Point number 2, distress also happens when people bought homes who should not have bought homes. What is affordable to some is not affordable to others. People are defaulting on 200k condos just as well as 2M dollar homes. Distress happens moreso because of that then anything else. Now a phenomenah of people handing in their keys because the asset has depreciated so much is a different issue altogether.
My disagreement with you is not that distress doesn’t bredd lower pricing because it does as long AS THERE IS LACK OF DEMAND. However my point of disagreement is you will not find your home in Del Mar because even with distress in Del Mar and depreciation in Del Mar (which will happen by the way), unless you want to live on Mango or on Del Mar Heights, pricing will always be unrealistic based on other areas. Will it go down? Yes. Will it be affordable? Perhaps if you make a couple hundred large a year and have a nice fat down payment ready.
Sadly there are just some places in San Diego that will be unattainable for people even after the depreciation cycle. That is the point I was making.
SD Realtor
February 23, 2008 at 5:34 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158834ParticipantJosh I can pick plenty of REO properties that are unaffordable.
Yes distress does lead to affordability. That is not what I was disagreeing with. Yet if you think you will get your home in Del Mar at what you may deem affordable, you are mistaken. That is the point I was trying to make.
Point number 2, distress also happens when people bought homes who should not have bought homes. What is affordable to some is not affordable to others. People are defaulting on 200k condos just as well as 2M dollar homes. Distress happens moreso because of that then anything else. Now a phenomenah of people handing in their keys because the asset has depreciated so much is a different issue altogether.
My disagreement with you is not that distress doesn’t bredd lower pricing because it does as long AS THERE IS LACK OF DEMAND. However my point of disagreement is you will not find your home in Del Mar because even with distress in Del Mar and depreciation in Del Mar (which will happen by the way), unless you want to live on Mango or on Del Mar Heights, pricing will always be unrealistic based on other areas. Will it go down? Yes. Will it be affordable? Perhaps if you make a couple hundred large a year and have a nice fat down payment ready.
Sadly there are just some places in San Diego that will be unattainable for people even after the depreciation cycle. That is the point I was making.
SD Realtor
February 23, 2008 at 5:34 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158844ParticipantJosh I can pick plenty of REO properties that are unaffordable.
Yes distress does lead to affordability. That is not what I was disagreeing with. Yet if you think you will get your home in Del Mar at what you may deem affordable, you are mistaken. That is the point I was trying to make.
Point number 2, distress also happens when people bought homes who should not have bought homes. What is affordable to some is not affordable to others. People are defaulting on 200k condos just as well as 2M dollar homes. Distress happens moreso because of that then anything else. Now a phenomenah of people handing in their keys because the asset has depreciated so much is a different issue altogether.
My disagreement with you is not that distress doesn’t bredd lower pricing because it does as long AS THERE IS LACK OF DEMAND. However my point of disagreement is you will not find your home in Del Mar because even with distress in Del Mar and depreciation in Del Mar (which will happen by the way), unless you want to live on Mango or on Del Mar Heights, pricing will always be unrealistic based on other areas. Will it go down? Yes. Will it be affordable? Perhaps if you make a couple hundred large a year and have a nice fat down payment ready.
Sadly there are just some places in San Diego that will be unattainable for people even after the depreciation cycle. That is the point I was making.
SD Realtor
February 23, 2008 at 5:34 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158916ParticipantJosh I can pick plenty of REO properties that are unaffordable.
Yes distress does lead to affordability. That is not what I was disagreeing with. Yet if you think you will get your home in Del Mar at what you may deem affordable, you are mistaken. That is the point I was trying to make.
Point number 2, distress also happens when people bought homes who should not have bought homes. What is affordable to some is not affordable to others. People are defaulting on 200k condos just as well as 2M dollar homes. Distress happens moreso because of that then anything else. Now a phenomenah of people handing in their keys because the asset has depreciated so much is a different issue altogether.
My disagreement with you is not that distress doesn’t bredd lower pricing because it does as long AS THERE IS LACK OF DEMAND. However my point of disagreement is you will not find your home in Del Mar because even with distress in Del Mar and depreciation in Del Mar (which will happen by the way), unless you want to live on Mango or on Del Mar Heights, pricing will always be unrealistic based on other areas. Will it go down? Yes. Will it be affordable? Perhaps if you make a couple hundred large a year and have a nice fat down payment ready.
Sadly there are just some places in San Diego that will be unattainable for people even after the depreciation cycle. That is the point I was making.
SD Realtor
February 23, 2008 at 1:40 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158332ParticipantNot agreeing with you at all Josh. REO homes in CV on Caminito Stella and on Mesa Norte were priced over 1.4 and 1.8M respectively. The home on Mesa Norte stood firm on offers and received several offers and did not take any of them until they got one at 1.8M.
What Bugs posted most likely rings true for some areas yet you don’t really care about those areas because you would never buy there would you? Read my CV/4S monitor. My last posted showed over 40% of the 4S listings are either shorts or REO. Yet would you call those affordable? I would not yet but yeah in about 2-3 years it very well could be.
Yes distress does lead to affordability but it is all relative to the region, the demand for that region and how long that region has showed distress.
SD Realtor
February 23, 2008 at 1:40 PM in reply to: 2 questions, Are short sale prices just fantasy? and Where are the fence sitters? #158625ParticipantNot agreeing with you at all Josh. REO homes in CV on Caminito Stella and on Mesa Norte were priced over 1.4 and 1.8M respectively. The home on Mesa Norte stood firm on offers and received several offers and did not take any of them until they got one at 1.8M.
What Bugs posted most likely rings true for some areas yet you don’t really care about those areas because you would never buy there would you? Read my CV/4S monitor. My last posted showed over 40% of the 4S listings are either shorts or REO. Yet would you call those affordable? I would not yet but yeah in about 2-3 years it very well could be.
Yes distress does lead to affordability but it is all relative to the region, the demand for that region and how long that region has showed distress.
SD Realtor
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