[Steve Beebo]

Around 15 years ago, there was something similar done in San Diego. Appraisers did appraise the same house every year in different areas of the County, and the results were published in the newspaper. I think it was done thru the Chamber of Commerce, but I don’t remember for sure. One appraiser that I knew then participated, but I don’t recall if he was paid for his work or not.

[Steve Beebo]

But have you noticed that powayseller and rockyroad have never posted at the same time? hmmmm…

[Steve Beebo]

In reality, rental rates for SFRs aren’t set by the owners’ costs. They’re set by the supply of, and demand for rental housing.

[Steve Beebo]

I find it interesting what Pardee is doing now in Carmel Valley.

One thing about Pardee – no matter what they do in terms of release dates and sizes of homes, they are making incredible profits, because they have owned thousands and thousands of acres in Carmel Valley since the 1980’s.

[Steve Beebo]

lendingbubbleco:

You make some excellent points – but one thing you have to keep in mind is that most homeowners, and most people that own second homes or investment properties, did not purchase their properties at the top of the market. If they did buy property at the top of the market, say last summer or fall, they most probably traded up and sold another property at a huge profit.

If someone did buy multiple investment properties last summer, they will probably take a big loss on paper, and I don’t feel too sorry for them, but let’s say someone bought a property in San Diego, Arizona, or Florida in 2004, 2003, or earlier – they have had huge profits, and even if prices fall 20 or 25%, they’re still going to be money ahead if they have to / want to sell this year.

[Steve Beebo]

I hope that ps comes back to the forum – she adds a lot. She may just be a little upset at the UCLA forecast of a soft landing in San Diego prices.

For those that have actually sold their homes and are now renting, betting on a large fall in prices: Who knows if your forecast is correct or not. But if prices don’t fall by much more than 10%, selling and renting will have turned out to be a bad idea, since it typically costs about 8% to sell a house, with realtors and other closing fees. A 15% drop in prices might be the break-even point, since if you’re renting for 2-4 years you will also lose a major tax deduction.

[Steve Beebo]

I don’t know what the deal is, but I know this loan agent. He is very successful. I’ll ask him about it next time I talk to him.

[Steve Beebo]

If I were you, I would definitely stay put. Who wants to rent a house for 5 years? Who knows how many different rentals you may have to move to if the owner sells or wants to move into his rental? If I told my wife we were going to sell our house and rent a house for the next 5 years she might kill me. I’m sure the market value on your house will drop at least some in the next two years, but by 2011 the value may be close to today’s value, plus or minus.

[Steve Beebo]

If you’re currently renting a house in San Diego, you may be better off by continuing to rent for a couple of years. But if you’ve been renting for several years, you have really missed out on some big dollars.

Let’s say you owned or bought a house in 2001 that was worth $500,000, and it appreciated by 15% per year from 2001 to 2005. (We know that many areas in San Diego did much better than 15% per year.) Your property would now be worth about $875,000. If the property declines in value by 25% between 2005 and 2008, it would still be worth about $650,000. Personally, I don’t think that most properties will lose a full 25%.

[Steve Beebo]

Buie Homes at Woods Valley golf course in Valley Center is also offering a 5% commission to agents. There are two other builders at Woods Valley, (Trimark Homes and Woodside Homes,), who are paying 3%.

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