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BigTrace
Posts:195
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| 07/21/2008 12:07 PM |
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No not really saying that, there probably are more foreclosures than we think there is because the banks have not letting them go into foreclosure status right now. They are releasing things a little at a time I think because they don't want the full affect of what this country did to itself get too out of hand and their profit margins for wall street to suffer to greatly. Look for JB's posts about "stealth inventory" which is actually about homes that are in the foreclosure stage (not short sale), that simply "disappear" off the radar for a while until the banks figure out what to do with them.
You're right, people that have the money are not letting their properties go. I have ahome in the east county of SD. It's down from peak about 200k, but it's paid off so I don't care what happenes right now. I kind of hope things get worse in a way to snap up what will be bargain on the next upward cycle in 5+ years. |
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cubbie1
Posts:56
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| 07/21/2008 12:12 PM |
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| OK now i have land tsunami's, global warming, melting of polar icecaps, flooding, builders with NOD's filings, bad economy, rentals down and prices too high...and I thought you guys lived in paradise....I'm moving to Kansas. No one mentioned stock market yet..Wheres my gun I might as well end it all. You have successfully depressed the hell out of me. |
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BigTrace
Posts:195
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| 07/21/2008 12:17 PM |
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| Not that I'm laughing, but my gun is in my drawer next to my bed every night !!. It's not that bad and I as well as many others, think their is a good time to buy, just not yet. I know JB and I subscribe to the "wait and see" approach and getting the "emotional" buyers out of the way approach. I just hope you were'nt one of the "emotional" buyer types and clearly you aren't because your here discussing things rationally on this blog. |
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jpinpb
Posts:1477
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| 07/21/2008 12:18 PM |
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All about sharing information. We're not discouraging you. You're armed w/information and now you won't be a knife-catcher buying the first place that emotionally appeals to you. You can make educated decisions. The price tags are not a pittance and you don't want to regret it later.
In any case - you shouldn't move to Kansas. See Dorothy and tornados :) |
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BigTrace
Posts:195
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| 07/21/2008 12:18 PM |
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| And yes, we DO live in paradise still, but even paradise has its drawbacks at times. |
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BigTrace
Posts:195
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| 07/21/2008 12:19 PM |
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| Sorry JP, I'm not sure why I keep writing JB instead of JP. My mind is confused today. Too many beers at Lahaina this weekend I think. |
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jpinpb
Posts:1477
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| 07/21/2008 12:28 PM |
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| That'll cost you a beer next time I'm down there ;) |
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cubbie1
Posts:56
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| 07/21/2008 12:29 PM |
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| They don't give medal's out last I heard for being first one to buy at the bottom of the market. Problem is noticing and acting on it before its too late. If you are going to keep it as a 2nd home for 5-10 years you should be ok in long run if your near the water, in a new construction vs. some dated 1 bedroom with 750 sq ft. I'm watching the sales and some actual transactions are picking up. About 20 in pending status now in 92109 in condo's not detached homes or what you call row houses. |
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jpinpb
Posts:1477
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| 07/21/2008 12:33 PM |
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Don' want to be the first one buying at bottom. Just don't want to buy something today and tomorrow see a much better place for what I paid for and kick myself for not waiting. I'll be happy to buy close to bottom. I wouldn't even mind buying as it begins to go up. The chart certainly won't be a V so I think the bottom will be flat for a while. If you are keeping it for 5 to 10 years, you should be okay.
"Pending" does not mean "sold" and we have seen many BOM. |
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BigTrace
Posts:195
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| 07/21/2008 12:33 PM |
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| JP, I'll be at Rocky's on Wed. at around 2pm to buy my son his first "hot" Rocky Burger and first legal beer as he turns 21. If you're there, I'll gladly pay my "fees" if your game.. |
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jpinpb
Posts:1477
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| 07/21/2008 12:35 PM |
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| LOL. I've got today off, but I'm working all day every day the rest of the week. Looks like you'll have to drink it for me :) |
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BigTrace
Posts:195
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| 07/21/2008 12:41 PM |
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| Yes, fortunately, I probably will :-). Best burgers in SD bar none... |
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BigTrace
Posts:195
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| 07/21/2008 12:44 PM |
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Posted By cubbie1 on 07/21/2008 12:29 PM
They don't give medal's out last I heard for being first one to buy at the bottom of the market. Problem is noticing and acting on it before its too late. If you are going to keep it as a 2nd home for 5-10 years you should be ok in long run if your near the water, in a new construction vs. some dated 1 bedroom with 750 sq ft. I'm watching the sales and some actual transactions are picking up. About 20 in pending status now in 92109 in condo's not detached homes or what you call row houses.
I totally agree which is one of the reasons I'm looking too. My reasons are a bit different though as I plan on selling my current residence and moving to this one and maybe "leap frogging" once I get there. My wife and I both love the beach air so the area works well for us. |
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cubbie1
Posts:56
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| 07/21/2008 2:23 PM |
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Bigtrace, Are you looking by yourself or with a realtor? We seem to be looking at similar properties (i,e, Jamaica) Did you get to see it or just the outside? You have an advantage over me in that you are at least there. I can't just jump in a car and check things out...I have an advantage in that I have nothing to sell in order to buy. There are some decent properties out there (Oliver, Devon, Ensenada, Brighton Court etc.). We can only guess where valuations go. Do you have a good resource to monitor sales activity and see List price vs. Sell price ? If so can you share? The bottom will all be in the data.
Are you looking in LaJolla too?
C |
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cubbie1
Posts:56
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| 07/21/2008 2:31 PM |
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| I meant to add that I think we will see alot of foreign buying in this market if its not already happening. The low value of the dollar makes these properties look very attractive to foreign investors. There are not many better locations to buy in USA than beach or Bay in San Diego whether you rent it out or not and depsite needing a kayak to go grocery shopping in winter. Remember, when everyone is throwing in the towel,,,thats when you start looking seriously. |
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jpinpb
Posts:1477
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| 07/21/2008 2:40 PM |
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| Yep. Good time to buy. Quit stalling and get out there. Prices will never be this low again. Hurry before all those rich, retire foreigners buy up everything. |
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cubbie1
Posts:56
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| 07/21/2008 2:44 PM |
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| LOL...someone has to balance out the Darth Vador of PB real estate...Be careful or we will have you deported......... |
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jpinpb
Posts:1477
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| 07/21/2008 2:47 PM |
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| Hey, watch it. Before you know it, w/the way things are going, the peso might be worth more than the dollar. Those foreigners are here already just waiting to scoop up what was once theirs! |
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UnsureBuyer
Posts:212
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| 07/21/2008 2:58 PM |
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oh goodness, don't bring up la reconquista ;)
You'd better worry about the dragon from the east vs the burro from the south. |
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jpinpb
Posts:1477
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| 07/21/2008 3:08 PM |
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All tongue in cheek here - hopefully.
Anyone wanting to take the plunge, I guess I should encourage it. Less competition and they're bringing down the comps, one sale at a time. |
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