[stockstradr]

Here is the inside word from a tax assessor working for county gov in that area, who is handling these requests. Obviously, I cannot comment on where this opinion comes from beyond that. I don’t want to get that person fired.

My read from this is that if possible you want to negotiate your tax reduction without filing an Assessment Appeal application.

My additional between-the-lines read from this is that obviously the assessors are under considerable pressure from higher ups in state and county gov to delay/prevent the tax reductions that will invariably lead to financial crisis for the state and county governments, irrespective of fact that tax reductions are warranted.

This is going to really piss off a lot of property tax payers.

“what most people don’t understand is that the values showing up on their property tax bills now were calculated as of Jan 2006. Since the market was good then, we are rejecting the requests for review stating that the value is good and the taxpayer looks at us like we just landed from mars…. That leads the taxpayer then to file a formal Assessment Appeal application and that takes up to 2 years to process, hear and resolve values issues for each year, so here we are at least 4-5 years from the tax reduction event date and the taxpayer still doesn’t have resolution on the property that has declined…..and in fact some of these properties have declined 45%”

[stockstradr]

Here is the inside word from a tax assessor working for county gov in that area, who is handling these requests. Obviously, I cannot comment on where this opinion comes from beyond that. I don’t want to get that person fired.

My read from this is that if possible you want to negotiate your tax reduction without filing an Assessment Appeal application.

My additional between-the-lines read from this is that obviously the assessors are under considerable pressure from higher ups in state and county gov to delay/prevent the tax reductions that will invariably lead to financial crisis for the state and county governments, irrespective of fact that tax reductions are warranted.

This is going to really piss off a lot of property tax payers.

“what most people don’t understand is that the values showing up on their property tax bills now were calculated as of Jan 2006. Since the market was good then, we are rejecting the requests for review stating that the value is good and the taxpayer looks at us like we just landed from mars…. That leads the taxpayer then to file a formal Assessment Appeal application and that takes up to 2 years to process, hear and resolve values issues for each year, so here we are at least 4-5 years from the tax reduction event date and the taxpayer still doesn’t have resolution on the property that has declined…..and in fact some of these properties have declined 45%”

[stockstradr]

Here is the inside word from a tax assessor working for county gov in that area, who is handling these requests. Obviously, I cannot comment on where this opinion comes from beyond that. I don’t want to get that person fired.

My read from this is that if possible you want to negotiate your tax reduction without filing an Assessment Appeal application.

My additional between-the-lines read from this is that obviously the assessors are under considerable pressure from higher ups in state and county gov to delay/prevent the tax reductions that will invariably lead to financial crisis for the state and county governments, irrespective of fact that tax reductions are warranted.

This is going to really piss off a lot of property tax payers.

“what most people don’t understand is that the values showing up on their property tax bills now were calculated as of Jan 2006. Since the market was good then, we are rejecting the requests for review stating that the value is good and the taxpayer looks at us like we just landed from mars…. That leads the taxpayer then to file a formal Assessment Appeal application and that takes up to 2 years to process, hear and resolve values issues for each year, so here we are at least 4-5 years from the tax reduction event date and the taxpayer still doesn’t have resolution on the property that has declined…..and in fact some of these properties have declined 45%”

[stockstradr]

SD Realtor,

Thanks for posting the data on those closed sales in The Summit.

We know that area fairly well. We can imagine those remaining condo owners must have been furious to see those two sales on the 3/2 units at and below $300K level. Wow! That is really a jolt to pricing in that complex. That tells me that prices dropped another $50K, because the most recent resistance level about a year ago was 350K on those units. Very interesting.

My prediction made back in middle 2004, was that the 3/2 units will hit the $280K level, but I’m surprised at how fast we are approaching that mark!

Let’s crunch the numbers. Peak pricing was about $420K on these units, achieved in early 2004. Just keeping up with the (fake under-reported) inflation rate claimed by our gov of ~3%/year, those condos would have to be selling now at about ~$470K

So in real dollars we are looking at about a 38% to 40% decline in pricing. Even in nominal dollars the decline is at least ~30%

[stockstradr]

SD Realtor,

Thanks for posting the data on those closed sales in The Summit.

We know that area fairly well. We can imagine those remaining condo owners must have been furious to see those two sales on the 3/2 units at and below $300K level. Wow! That is really a jolt to pricing in that complex. That tells me that prices dropped another $50K, because the most recent resistance level about a year ago was 350K on those units. Very interesting.

My prediction made back in middle 2004, was that the 3/2 units will hit the $280K level, but I’m surprised at how fast we are approaching that mark!

Let’s crunch the numbers. Peak pricing was about $420K on these units, achieved in early 2004. Just keeping up with the (fake under-reported) inflation rate claimed by our gov of ~3%/year, those condos would have to be selling now at about ~$470K

So in real dollars we are looking at about a 38% to 40% decline in pricing. Even in nominal dollars the decline is at least ~30%

[stockstradr]

SD Realtor,

Thanks for posting the data on those closed sales in The Summit.

We know that area fairly well. We can imagine those remaining condo owners must have been furious to see those two sales on the 3/2 units at and below $300K level. Wow! That is really a jolt to pricing in that complex. That tells me that prices dropped another $50K, because the most recent resistance level about a year ago was 350K on those units. Very interesting.

My prediction made back in middle 2004, was that the 3/2 units will hit the $280K level, but I’m surprised at how fast we are approaching that mark!

Let’s crunch the numbers. Peak pricing was about $420K on these units, achieved in early 2004. Just keeping up with the (fake under-reported) inflation rate claimed by our gov of ~3%/year, those condos would have to be selling now at about ~$470K

So in real dollars we are looking at about a 38% to 40% decline in pricing. Even in nominal dollars the decline is at least ~30%

[stockstradr]

SD Realtor,

Thanks for posting the data on those closed sales in The Summit.

We know that area fairly well. We can imagine those remaining condo owners must have been furious to see those two sales on the 3/2 units at and below $300K level. Wow! That is really a jolt to pricing in that complex. That tells me that prices dropped another $50K, because the most recent resistance level about a year ago was 350K on those units. Very interesting.

My prediction made back in middle 2004, was that the 3/2 units will hit the $280K level, but I’m surprised at how fast we are approaching that mark!

Let’s crunch the numbers. Peak pricing was about $420K on these units, achieved in early 2004. Just keeping up with the (fake under-reported) inflation rate claimed by our gov of ~3%/year, those condos would have to be selling now at about ~$470K

So in real dollars we are looking at about a 38% to 40% decline in pricing. Even in nominal dollars the decline is at least ~30%

[stockstradr]

SD Realtor,

Thanks for posting the data on those closed sales in The Summit.

We know that area fairly well. We can imagine those remaining condo owners must have been furious to see those two sales on the 3/2 units at and below $300K level. Wow! That is really a jolt to pricing in that complex. That tells me that prices dropped another $50K, because the most recent resistance level about a year ago was 350K on those units. Very interesting.

My prediction made back in middle 2004, was that the 3/2 units will hit the $280K level, but I’m surprised at how fast we are approaching that mark!

Let’s crunch the numbers. Peak pricing was about $420K on these units, achieved in early 2004. Just keeping up with the (fake under-reported) inflation rate claimed by our gov of ~3%/year, those condos would have to be selling now at about ~$470K

So in real dollars we are looking at about a 38% to 40% decline in pricing. Even in nominal dollars the decline is at least ~30%

[stockstradr]

First, I consider Warren Buffet to be a personal hero and an inspiration to all. I have many of his books and have even read some of them.

I should note that I’m NOT a professional stock trader (as my nickname would indicate) although I do play one on here.

>> I have already dumped most of my long stocks and am in a holding pattern for D-day.

My response: If you’re expecting “D-Day” as I am, why not short the market?

I certainly haven’t held any LONG stock positions for over a year. If you are implying that you liquidated your long positions after the markets recently tanked 10% you won’t get any awards from us on your stock market savvy.

You write you’ve dumped most of your long positions and now in a holding pattern. Well, recently I’ve dumped most of my SHORT positions (after I made a good deal of money as the market recently tanked 10%), and I’m in a holding pattern while the markets continue this TEMPORARY minor recovery apparently driven by expected end of month FOMC 1/2 point rate drop. When this minor recovery seems to have run out of steam after estimated 5% (possible) or 10% (doubtful) upswing, I will take those short positions again in a Big Way. We are now entering a very nasty recession. Read Barron’s from this last weekend; see the comments in the roundtable discussion interviews. Those people are a order-of-magnitude smarter than me on the financial markets, and many are expecting the worst.

I continue to hold gold, and am increasing my exposure to gold. Some people talk about $1,000/ounce gold. Since the idiotic FOMC appears to have chosen the “print money” approach to this economic crisis (and to the larger problem of America’s excessive foreign debt), I’m thinking we may see a response in gold markets taking the price to $2,000/ounce, and that may happen within 24-36 months.

[stockstradr]

First, I consider Warren Buffet to be a personal hero and an inspiration to all. I have many of his books and have even read some of them.

I should note that I’m NOT a professional stock trader (as my nickname would indicate) although I do play one on here.

>> I have already dumped most of my long stocks and am in a holding pattern for D-day.

My response: If you’re expecting “D-Day” as I am, why not short the market?

I certainly haven’t held any LONG stock positions for over a year. If you are implying that you liquidated your long positions after the markets recently tanked 10% you won’t get any awards from us on your stock market savvy.

You write you’ve dumped most of your long positions and now in a holding pattern. Well, recently I’ve dumped most of my SHORT positions (after I made a good deal of money as the market recently tanked 10%), and I’m in a holding pattern while the markets continue this TEMPORARY minor recovery apparently driven by expected end of month FOMC 1/2 point rate drop. When this minor recovery seems to have run out of steam after estimated 5% (possible) or 10% (doubtful) upswing, I will take those short positions again in a Big Way. We are now entering a very nasty recession. Read Barron’s from this last weekend; see the comments in the roundtable discussion interviews. Those people are a order-of-magnitude smarter than me on the financial markets, and many are expecting the worst.

I continue to hold gold, and am increasing my exposure to gold. Some people talk about $1,000/ounce gold. Since the idiotic FOMC appears to have chosen the “print money” approach to this economic crisis (and to the larger problem of America’s excessive foreign debt), I’m thinking we may see a response in gold markets taking the price to $2,000/ounce, and that may happen within 24-36 months.

[stockstradr]

First, I consider Warren Buffet to be a personal hero and an inspiration to all. I have many of his books and have even read some of them.

I should note that I’m NOT a professional stock trader (as my nickname would indicate) although I do play one on here.

>> I have already dumped most of my long stocks and am in a holding pattern for D-day.

My response: If you’re expecting “D-Day” as I am, why not short the market?

I certainly haven’t held any LONG stock positions for over a year. If you are implying that you liquidated your long positions after the markets recently tanked 10% you won’t get any awards from us on your stock market savvy.

You write you’ve dumped most of your long positions and now in a holding pattern. Well, recently I’ve dumped most of my SHORT positions (after I made a good deal of money as the market recently tanked 10%), and I’m in a holding pattern while the markets continue this TEMPORARY minor recovery apparently driven by expected end of month FOMC 1/2 point rate drop. When this minor recovery seems to have run out of steam after estimated 5% (possible) or 10% (doubtful) upswing, I will take those short positions again in a Big Way. We are now entering a very nasty recession. Read Barron’s from this last weekend; see the comments in the roundtable discussion interviews. Those people are a order-of-magnitude smarter than me on the financial markets, and many are expecting the worst.

I continue to hold gold, and am increasing my exposure to gold. Some people talk about $1,000/ounce gold. Since the idiotic FOMC appears to have chosen the “print money” approach to this economic crisis (and to the larger problem of America’s excessive foreign debt), I’m thinking we may see a response in gold markets taking the price to $2,000/ounce, and that may happen within 24-36 months.

[stockstradr]

First, I consider Warren Buffet to be a personal hero and an inspiration to all. I have many of his books and have even read some of them.

I should note that I’m NOT a professional stock trader (as my nickname would indicate) although I do play one on here.

>> I have already dumped most of my long stocks and am in a holding pattern for D-day.

My response: If you’re expecting “D-Day” as I am, why not short the market?

I certainly haven’t held any LONG stock positions for over a year. If you are implying that you liquidated your long positions after the markets recently tanked 10% you won’t get any awards from us on your stock market savvy.

You write you’ve dumped most of your long positions and now in a holding pattern. Well, recently I’ve dumped most of my SHORT positions (after I made a good deal of money as the market recently tanked 10%), and I’m in a holding pattern while the markets continue this TEMPORARY minor recovery apparently driven by expected end of month FOMC 1/2 point rate drop. When this minor recovery seems to have run out of steam after estimated 5% (possible) or 10% (doubtful) upswing, I will take those short positions again in a Big Way. We are now entering a very nasty recession. Read Barron’s from this last weekend; see the comments in the roundtable discussion interviews. Those people are a order-of-magnitude smarter than me on the financial markets, and many are expecting the worst.

I continue to hold gold, and am increasing my exposure to gold. Some people talk about $1,000/ounce gold. Since the idiotic FOMC appears to have chosen the “print money” approach to this economic crisis (and to the larger problem of America’s excessive foreign debt), I’m thinking we may see a response in gold markets taking the price to $2,000/ounce, and that may happen within 24-36 months.

[stockstradr]

First, I consider Warren Buffet to be a personal hero and an inspiration to all. I have many of his books and have even read some of them.

I should note that I’m NOT a professional stock trader (as my nickname would indicate) although I do play one on here.

>> I have already dumped most of my long stocks and am in a holding pattern for D-day.

My response: If you’re expecting “D-Day” as I am, why not short the market?

I certainly haven’t held any LONG stock positions for over a year. If you are implying that you liquidated your long positions after the markets recently tanked 10% you won’t get any awards from us on your stock market savvy.

You write you’ve dumped most of your long positions and now in a holding pattern. Well, recently I’ve dumped most of my SHORT positions (after I made a good deal of money as the market recently tanked 10%), and I’m in a holding pattern while the markets continue this TEMPORARY minor recovery apparently driven by expected end of month FOMC 1/2 point rate drop. When this minor recovery seems to have run out of steam after estimated 5% (possible) or 10% (doubtful) upswing, I will take those short positions again in a Big Way. We are now entering a very nasty recession. Read Barron’s from this last weekend; see the comments in the roundtable discussion interviews. Those people are a order-of-magnitude smarter than me on the financial markets, and many are expecting the worst.

I continue to hold gold, and am increasing my exposure to gold. Some people talk about $1,000/ounce gold. Since the idiotic FOMC appears to have chosen the “print money” approach to this economic crisis (and to the larger problem of America’s excessive foreign debt), I’m thinking we may see a response in gold markets taking the price to $2,000/ounce, and that may happen within 24-36 months.

[stockstradr]

SD Realtor,

thanks your answer is perfect, satisfies our curiosity. Your posts always show comprehensive knowledge on San Diego real estate market. Much appreciated. It appears now that for some recent Summit 3/2’s, they have broken below the $250/sq ft level on pricing.

[stockstradr]

SD Realtor,

thanks your answer is perfect, satisfies our curiosity. Your posts always show comprehensive knowledge on San Diego real estate market. Much appreciated. It appears now that for some recent Summit 3/2’s, they have broken below the $250/sq ft level on pricing.

[Author]

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