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Old 01-14-2009, 09:57 PM
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I guess I won't be selling my property in San Diego anytime soon.
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Old 01-14-2009, 10:04 PM
Location: Mission Viejo, CA
2,498 posts, read 10,285,535 times
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The California housing market is bad for those who recently bought homes at the height of the market. However home prices here need to come much more in line with the incomes people make here. What is going to send even more people to other states is trying to survive in a state where $500,000 buys a 1,100 square foot house built in 1965 on a 3,500 square foot lot with low performing schools.

You are finally seeing starter single family homes for under $500k in ok areas and prices need to come down even more for this to be an affordable region. A family needs to be able to enjoy living in California without needing to make $150,000 or ideally $200k or more. Anything below $150k is just surviving, not living in California in my neck of the woods.
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Old 01-14-2009, 10:29 PM
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Fairly meaningless stats and projections...about as useless as the stats/projections in popular media during The Bubble....

Suspect many in CA would like to see inland CA's economic underachiever population be "exported" to other states like TX

SiliconValley and NYC high-end markets have already iced over, w/few transactions and prices already down ~20% vs yr ago...and the massive layoffs in NYC's high-income financial industry are only beginning

That said, CA (esp PaloAlto area and LA's Westside) has been costly since the '70s, w/periodic corrective phases....many middle-income people fled CA over the decades; others figured it out and raised kids who pursued lucrative careers, so they can afford the coastal CA suburbs most desire

But desirable suburban areas of many major cities today, incl Chicago, NYC, Dallas, Houston, etc are not materially cheaper than many desirable suburbs of SV/LA...land costs in desirable suburbs everywhere have elevated dramatically in past 10-15yrs, as prestigious, bucolic suburbs w/excellent schools are a finite source of buildable land, even in sprawling Dallas' HighlandPk/PrestonHollow and even in dying Detroit (BloomfieldHills)
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Old 01-15-2009, 01:59 AM
717 posts, read 2,494,930 times
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I don't know anything about the California markets...but all of the metro areas in Florida are hurting really bad...so from my experience the Forbes list would win out. Things here in Orlando are not pretty at all--people are just walking away from their homes by the thousands.
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