How low will home prices go in OC? (Mission Viejo, Carlsbad: bank owned, for sale)

[jrj]

Not a chance of prices returning anywhere hear previous levels.The U.S. Dollar is a fiat currency and the Fed will make sure it continues depreciating.The whole economy and citizens are accustomed to inflation.Deflation is not allowed.Expect million dollar homes to be the average after this downturn is over.Gold is a great investment now.

[TurcoLoco]

Originally Posted by jrj

Not a chance of prices returning anywhere hear previous levels.The U.S. Dollar is a fiat currency and the Fed will make sure it continues depreciating.The whole economy and citizens are accustomed to inflation.Deflation is not allowed.Expect million dollar homes to be the average after this downturn is over.Gold is a great investment now.

Is that right? That might have some truth in it but it sounds too much like a 'conspiracy theory' which makes the idea seem a bit too vague to accept.

Tell me this, if, say, a quarter million people packed up and permanently left OC in a matter of few weeks, do you still believe the house prices will remain leveled after a few months?

The whole Real Estate revolves around supply & demand, not the Federal Goverment. Do you think a farmer's house in a remote location of Indiana will ever accumulate enough equity for it to take $25K out of it without having to get a 2nd mortgage? Certain parts of the country, the equity a person has on their property is paralleled to what they had already paid off of the principal.

Oh well, I don't even know what were are debating anymore! TGIF!
Time to get *****faced...

[califantastic]

Originally Posted by TurcoLoco

Tell me this, if, say, a quarter million people packed up and permanently left OC in a matter of few weeks, do you still believe the house prices will remain leveled after a few months?

Well there are 100 million people in Mexico half of which will probably move to Orange County sooner or later. So yes if quarter million leaves OC the effect on house prices should be minimal.

[TurcoLoco]

Originally Posted by califantastic

Well there are 100 million people in Mexico half of which will probably move to Orange County sooner or later. So yes if quarter million leaves OC the effect on house prices should be minimal.

You must be smoking some quality weed my friend!
I meant, after that many people left and no one filled that gap, it would most certainly have a negative impact but of course it is not going to happen. Though I am sure you get my point.

[goodbyehollywood]

I think califantastic was being tongue-in-cheek. Making a witty commentary on current trends, yes?

[TurcoLoco]

Originally Posted by goodbyehollywood

I think califantastic was being tongue-in-cheek. Making a witty commentary on current trends, yes?

I kinda got the same vibe but wasn't sure. If that was indeed the case calif, that is fantastic!

[sheri257]

Getting back to the original question ...

I think OC prices will drop to the mid to upper 400's on average because, that's probably what would have happened with a more normal coastal price appreciation of about 10-15 percent a year.

The only reason prices got up to 640K on average was because of the crazy lending. Take that away and the mid to upper 400's sounds about right to me.

[Charles]

My eyes almost popped out of my head when I saw this.

5+3, Laguna Hills, 3285 square feet, YB 1993, quiet cul de sac, 3 car garage, ....

Sold March 2, 2009 for $419K ($128/sqft).
(Sold for $975K in 2004.)

25792 Maple View Drive, Laguna Hills CA 92653 - Trulia

25792 Maple View Dr, Laguna Hills, CA 92653

[EscapeCalifornia]

Originally Posted by Charles

My eyes almost popped out of my head when I saw this.

5+3, Laguna Hills, 3285 square feet, YB 1993, quiet cul de sac, 3 car garage, ....

Sold March 2, 2009 for $419K ($128/sqft).
(Sold for $975K in 2004.)

25792 Maple View Drive, Laguna Hills CA 92653 - Trulia

25792 Maple View Dr, Laguna Hills, CA 92653

I wonder what's wrong with it for that price. That's less than 1/2 the price per square foot of houses in my parents neighborhood in Fountain Valley. Laguna Hills is at least as nice a city as FV.

[Scott5280]

I have been closely observing the Newport,Laguna market for the past seven years..starting to see more REO's even in Corona Del Mar,Newport Coast,,two prime ocean view condos in Laguna..(Woods Cove) two blocks from beach just fire sold 1000 sqft.two beds/two bath for 435k,450k..pretty scary to say the least.. Similar comp. units sold for more than 900k autumn 07..