RealEstate - THIS WILL BLOW YOUR MIND

[RoughTrader]

Quote from Jayford:

PB is still WAY over priced. I am waiting for the homes to come off in value like the condos have, but this hasn't really started yet. The small little bungalows that are everywhere here start at about 500k. That's for about 650 square feet!

Condos are dropping like a rock though.

I never understood why some people consider PB to be a likeable area. It's just run-down and fairly dirty compared to the newer developments in SD.

One thing going for it is that it doesn't get as hot there during the summer because it's at the beach.

In general, anything near Balboa Ave. is just plain not desirable in my estimation.

RT

 

[RoughTrader]

Quote from traderdragon2:

Forget your reading glasses?
It says pinggington.com right on the graphs

My bad, missed that. Wouldn't hurt to text in that it came from piggington.

RT

 

[traderdragon2]

Not to mention the climbing crime rate and murders

 

[krazykarl]

Quote from traderdragon2:

Do you think there is any way we could hit a bottom within 2 years? The last boom had 5 straight years of negative prices. This bubble is much larger. We just had our first year of solid price declines which blew away the previous real estate bear of 5% losses a year tops.

I have a lot of dry powder waiting for a good deal, but I think im going to be waiting for quite some time before I see signs of a bottom.

Whats the earliest a real bottom could be put in? I think we hit bottom and stay there for quite some time.

We've had declining prices since late 2005 - when I bought.

This year it's "..we just had our first year of declines, the sky is falling and there is no end in sight..."



In two years it will be "...we've only been declining for 18 months now, still have a long way to go...."


Ten years from now "..there's still more room to go before we bottom..."




People need to chill the fu*k out. Price are contracting, supply will dry up later this year as developers OVERcorrect to the down side, and then prices will start to rise broadly, slowly, early next year.


Picking bottoms is for Suckers, and just plain foolish. You won't know a bottom has been put in until it's long gone.




Regards,

 

[9999]

I loooove picking up a certain kind of bottoms

matter of fact, I try to pick'em up as much as I can!
Sorry for the OT guys, couldn't resist...

 

[Jayford]

Quote from RoughTrader:

I never understood why some people consider PB to be a likeable area. It's just run-down and fairly dirty compared to the newer developments in SD.

One thing going for it is that it doesn't get as hot there during the summer because it's at the beach.

In general, anything near Balboa Ave. is just plain not desirable in my estimation.

RT

Balboa ave is sort of run down, but its just one street, and not even the main one (Garnet is). Once it turns into Garnett, its not bad at all, and stuffed with restaurants. most of PB is very nice, just older homes that are small bungalows as people refused to level them to put up bigger ones. There are many of those also.

PB is also the main beach for San Diego. Mission beach to Tourmaline is really just one beach with the Strand.

Its also where everything is happening unless you like the Gaslamp bar scene (I don't). And as you mentioned, the weather here is bloody perfect.

I prefer Del Mar/ Solana Beach, but I am single. Those areas are boring as hell for a single guy.

jay

 

[RoughTrader]

Quote from krazykarl:

We've had declining prices since late 2005 - when I bought.

This year it's "..we just had our first year of declines, the sky is falling and there is no end in sight..."



In two years it will be "...we've only been declining for 18 months now, still have a long way to go...."


Ten years from now "..there's still more room to go before we bottom..."


Sorry you picked such a bad time to buy....

RT



People need to chill the fu*k out. Price are contracting, supply will dry up later this year as developers OVERcorrect to the down side, and then prices will start to rise broadly, slowly, early next year.


Picking bottoms is for Suckers, and just plain foolish. You won't know a bottom has been put in until it's long gone.




Regards,

 

[Thermactor]

Quote from sellingrich:

Mira Mesa is a real nice area. I can see how it happened, top dollar, no discount on the bid, min down, neg am, I'll refi when it adjusts for cash out...OH CRAP! You mean I can't? How'd that happen?
Screw it, I'll rent, C'ya!

manila mesa sucks, nothing but flips and more flips in that area

 

[traderdragon2]

Quote from krazykarl:

We've had declining prices since late 2005 - when I bought.

Sorry to hear youre a bag holder that is getting killed.

People need to chill the fu*k out. Price are contracting, supply will dry up later this year as developers OVERcorrect to the down side, and then prices will start to rise broadly, slowly, early next year.

Bag holder delusions. We have historical record breaking bank owned inventoryand near record breaking regular inventory to burn through. Add 20+ months of ARM resets, and the start of a recession and there is no way prices start to go up as early as next year.

Just look at what is in the pipeline

Then take a look at record inventories
http://bubbletracking.blogspot.com/2008/01/san-diego-county-inventory-sales-2008.html


How anyone can look at these numbers and predict a price increase is beyond me

 

[krazykarl]

I really don't care. My house is a roof, not an investment for my retirement. I'm 28 and could give 2 sh*ts about it.

Here's another one: I've got a 7/1 interest-only arm for 0 down.

And another: I pay more then the note every month.

You can quote all these figures about historical bank foreclosures you like. I live just outside of Detroit and prices on my kind of home in my area did not run up very much over the past 10-15 years.

That's also a nice chart you have. Here's a tip: charts that work off total number of -anything- are useless and only fear-monger.

-there are more people in the US then there were 50 years ago, thus anything comparing totals of a datapoint relative to a non-percentage is useless.
-there are more eligible homeowners per-capita then there were 50-years ago, thus anything comparing totals of a datapoint relative to a non-percentage is useless.


the same data can be manipulated to portray both sides of any coin. If you choose to believe one side and not ask questions then so be it.



Regards,

Quote from traderdragon2:

Sorry to hear youre a bag holder that is getting killed.



Bag holder delusions. We have historical record breaking bank owned inventoryand near record breaking regular inventory to burn through. Add 20+ months of ARM resets, and the start of a recession and there is no way prices start to go up as early as next year.

Just look at what is in the pipeline

Then take a look at record inventories
http://bubbletracking.blogspot.com/2008/01/san-diego-county-inventory-sales-2008.html


How anyone can look at these numbers and predict a price increase is beyond me