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sdrealtor
12 years ago

All very much inline with
All very much inline with what I observed and mentioned back in early December. Prices flat for most of last year and then wham the last couple months of the year. The inventory drop from July to the end of the year was much more dramatic compared with prior years also.

More and more I am convinced we are at the point I have been waiting for the last 5 years. Prices at or near a bottom but hard to find something you like at a fair market price. There are some nice homes out there but they tend to be pushing the market pricewise. Buyers are flocking to good AND well priced homes. Its not easy out there for those still looking.

Jazzman
11 years ago
Reply to  sdrealtor

sdrealtor wrote:All very much
[quote=sdrealtor]All very much inline with what I observed and mentioned back in early December. Prices flat for most of last year and then wham the last couple months of the year. The inventory drop from July to the end of the year was much more dramatic compared with prior years also.

More and more I am convinced we are at the point I have been waiting for the last 5 years. Prices at or near a bottom but hard to find something you like at a fair market price. There are some nice homes out there but they tend to be pushing the market pricewise. Buyers are flocking to good AND well priced homes. Its not easy out there for those still looking.[/quote]

Yep, this is my experience exactly. Although I’d say for as long as the seasonal downs are stronger than the seasonal ups, that is down overall in my book, but I concede price declines have lost their previous impetus, which when you consider why, is the reason I (and many others) will never buy in California, or any other bubble-prone-still-over-priced place. And to show I practice what I preach, my wife and I have recently had an offer accepted on a new 1,400 sq ft townhouse in Maui at $270 per sq ft, somewhat better value than many of the coastal areas in CA, which are often double that for a similarly sized SFH. And, hey it’s Maui. Although, it’s not the home we really want, our plan is to get a second more substantial home in France where you can still find good value (not to be confused with affordability). Not a very practical solution, but I’m fracked if I’m going to pay what I consider a small fortune for some unappealing structure with decades of deferred maintenance …anywhere. So baby-boomer sellers go stick your head where the sun don’t shine. (I can say that since I’m one of them)

sdrealtor
11 years ago
Reply to  Jazzman

What part of Maui? Napili is
What part of Maui? Napili is one of my favorite places in the world and I make an annual trek there. When I was there in October I was talking to some locals and their prices have been hammered like the hardest hit areas on the mainland. Does it have a guest room?;)

Jazzman
11 years ago
Reply to  sdrealtor

Lahaina. Prices got hammered
Lahaina. Prices got hammered in Maui and probably still are being decimated. We originally worked on REOs and distressed homes in S Kihei, and wore a bank down getting a pretty good deal on a new 5/4 SFH, but pulled out when we discovered the water costs just to keep the yard green, which is compulsory. Water is in crisis and electricity is very high with few taking advantage of plentiful sun with PVs and solar ??? But property tax is probably the lowest in the country. Yes, we have an extra room for all perma-bears.

permabear
11 years ago
Reply to  Jazzman

The next 10 years will be
The next 10 years will be interesting for real estate, as baby boomers downsize and die off, and the next generation that is supposed to build the bottom of the pyramid continue to emerge from college saddled with too much debt to buy a home.

http://articles.businessinsider.com/2011-05-11/strategy/30045627_1_student-loan-debt-job-programs-social-circle

[quote=Jazzman]our plan is to get a second more substantial home in France where you can still find good value (not to be confused with affordability).[/quote]

I was looking at this recently, and there are some awesome values in the South of France, and the Spanish/Italian coastline. Getting residency in the EU is the big hurdle, though.

CA renter
11 years ago
Reply to  Jazzman

Jazzman wrote:sdrealtor
[quote=Jazzman][quote=sdrealtor]All very much inline with what I observed and mentioned back in early December. Prices flat for most of last year and then wham the last couple months of the year. The inventory drop from July to the end of the year was much more dramatic compared with prior years also.

More and more I am convinced we are at the point I have been waiting for the last 5 years. Prices at or near a bottom but hard to find something you like at a fair market price. There are some nice homes out there but they tend to be pushing the market pricewise. Buyers are flocking to good AND well priced homes. Its not easy out there for those still looking.[/quote]

Yep, this is my experience exactly. Although I’d say for as long as the seasonal downs are stronger than the seasonal ups, that is down overall in my book, but I concede price declines have lost their previous impetus, which when you consider why, is the reason I (and many others) will never buy in California, or any other bubble-prone-still-over-priced place. And to show I practice what I preach, my wife and I have recently had an offer accepted on a new 1,400 sq ft townhouse in Maui at $270 per sq ft, somewhat better value than many of the coastal areas in CA, which are often double that for a similarly sized SFH. And, hey it’s Maui. Although, it’s not the home we really want, our plan is to get a second more substantial home in France where you can still find good value (not to be confused with affordability). Not a very practical solution, but I’m fracked if I’m going to pay what I consider a small fortune for some unappealing structure with decades of deferred maintenance …anywhere. So baby-boomer sellers go stick your head where the sun don’t shine. (I can say that since I’m one of them)[/quote]

Just saw this! Congratulations, Jazzman!!!!! It sounds like you’ve done far better than most of us (showing my bias WRT where we’d really rather live). Lucky, lucky you!!!! 🙂

Let us know how the deal goes as you move through escrow. Hope it works out for you.

Do you not have any constraints WRT locating for a job? If not, then what an awesome move for you guys.

woodrow
12 years ago

Agree with sdrealtor. Prices
Agree with sdrealtor. Prices continuing to trickle down in Pt. Loma/OB area, but when something extremely nice comes on the market, buyers are bidding against each other. Case in pt – this property was listed for $595k and ended up selling for $680k. http://www.sdlookup.com/Pictures-120000028

desmond
12 years ago
Reply to  woodrow

That is really a nice house,
That is really a nice house, btw here is the recent sales history for it:

02/17/2012 $680,000
03/14/2008 $600,000
10/24/2005 $848,000
10/10/2002 $642,000
11/10/1999 $450,000
08/20/1997 $339,000

ctr70
12 years ago
Reply to  desmond

Thanks Desmond. I’m always
Thanks Desmond. I’m always amazed at how cheap San Diego was in price pre-2001. I was living up in the Bay Area back then, and up there it was STILL really expensive in 1999, 2000, 2001. But San Diego was extremely undervalued back then, even with a booming economy in 1999. Even after this huge crash SFR’s in the decent parts of town aren’t even close to going back to 2001 prices, and they won’t ever get back there IMO.