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View Poll Results: Is the fall of California house prices a good thing or a bad thing?
Good thing 27 90.00%
Bad thing 1 3.33%
Unsure 2 6.67%
Voters: 30. You may not vote on this poll

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Old 03-02-2009, 09:46 AM
 
Location: Coachella Valley, California
15,639 posts, read 41,025,535 times
Reputation: 13472

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Quote:
Originally Posted by si33 View Post
Good because paying anything over 300k for 1500sq ft is a total rip off..and with how small most lots are here these days..incredibly stupid..

If im gonna spend over 400k+ on a home..it better be over 2500sq ft with a huge back and front yard..or even better, with land..its sad to see people so greedy that they think that paying 650k for a tiny home is what makes them better then anyone else..i laugh at how un intelligent most of these people must really be..i mean seriously? ..i don't wish to upset anyone but..you'd really wish to waste 550k on a tiny home in here CA when that same amount of money will get you ALOT more..in a majority of the country???? im sorry but thats not a smartly thought out decision...thats a decision in which greed traipses all over common sense..and now you are seeing the consequences of all that ill sensed decision making..its about time too...

Back in December,..one of my cousins visited here from Georgia..and was shocked by how expensive the houses here were..even she agreed that most of the push here for such pricing is/was based on greed..now its time for all that greed to suffer..and be humbled..back to reality..

Theres nothing wrong with wanting to live the Golden state dream...but it shouldn't cost you more than it's realistically worth...and 750k for 1640 sq ft is beyond realistic for such a small home..so what if it's here in "silicon valley"..get over it..it's not that special..not when you WILL have alot more somewhere else..for the same amount..heck,..in many palces..perhaps even down in parts of FL. Id almost bet that for that price..you could build your own home..with lots of space..and have at least a few aceres of land..if not more..Forget staring into my neighbors kitchen...i'll take the better option please..

And you know what...(and ive heard this from more then a few people selling lately) if i was selling a home here and got 450k instead of 780..id thank the lord that i now have this much money to live on and play with, or save, or share with family/good friends,..or buy something else..somewhere else with..where in time did such a need for greed become the CA. norm???...450 or even 220k isnt anything to sneeze at..Be thankfull that you have something..instead of not enough...
It depends on your reasons for being here. Not everyone wants to live in the country. I'm sure if a lot of us wanted to live in Georgia - we'd be there already.
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Old 03-02-2009, 12:02 PM
 
28,113 posts, read 63,642,682 times
Reputation: 23263
One person's loss is an other's gain...

A few short years ago the News was filled with Headlines of people camping out for days, even weeks to get a chance to buy a home in a new subdivision. Buyers would submit over-bid offers on property and waive most if not all inspections.

The story at that time was "Lack of Inventory drives home prices through the Stratosphere."

Today, there are more homes than ever available... new homes, foreclosures and everything in between from shacks to mansions...

This is the third cycle I've personally experienced and the most extreme...

Last edited by Ultrarunner; 03-02-2009 at 07:52 PM.. Reason: typo
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Old 03-02-2009, 02:49 PM
 
3,735 posts, read 8,064,318 times
Reputation: 1944
Ultrarunner, how long did each cycle take to recover from?
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Old 03-02-2009, 03:25 PM
 
7,723 posts, read 12,614,165 times
Reputation: 12405
Quote:
Originally Posted by sav858 View Post
A good thing b/c they never should have been that high to begin with. Plus hopefully it humbles all the snobs that looked at ridiculous housing prices as something to brag about and meant "everyone wants to live here", which is BS of course.
I definitly agree with you on that one. Those prices have been high for years and all those little snobs in the Hollywood Hills or whatever are finally getting a taste of their own medicine.
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Old 03-02-2009, 03:47 PM
 
Location: Up in the air
19,112 posts, read 30,617,448 times
Reputation: 16395
Prices have gone down a bit in my area... but unfortunately it's a beach area, so there are a LOT of houses that are empty for 8 or so months out of the year... People just buy them so they can say they have a vacation home on the central coast, which is irritating to those of us who are trying to rent and actually live here.
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Old 03-02-2009, 04:43 PM
 
97 posts, read 266,215 times
Reputation: 202
With the market tanking there will be plenty more "vacation homes" on the market as boomers who need to finance retirements will be flooding the market with properties over the next decade. They will be liquidating because their portfolios are worth less than half of what they were just a year ago. They need money now and can not dip into home equity to serve as a "second income" to afford lifestyles of the not so rich nor so famous.

CA will take another 30% off of today's prices and then they may flatten out for 5-10 years after that.

Boomers own most of the overpriced real estate and will create more inventory even though CA is "running out of land"

What was that slogan from a few years back, buy now or be priced out forever!? How unfortunate that part of the reason we are here today is because so many belived that lie.

Last edited by jkanderson521; 03-02-2009 at 05:57 PM..
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Old 03-02-2009, 04:51 PM
 
Location: San Jose, CA
7,688 posts, read 29,143,792 times
Reputation: 3631
Quote:
Originally Posted by bayarea-girl View Post
Ultrarunner, how long did each cycle take to recover from?
Until the next bubble.
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Old 03-02-2009, 04:56 PM
 
2,654 posts, read 5,463,677 times
Reputation: 1946
Small drop to restore sanity & afforadabitily to the market (Say 15-20%) - OK Thing

Inland Empire 'ish 40-50% crash, burn and die - Not good thing
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Old 03-02-2009, 04:58 PM
 
3,735 posts, read 8,064,318 times
Reputation: 1944
Sonarrat, just wondering much longer the decline of house prices will last in Cali. Some area are still overpriced and just want to make sure I have enough time to get what I want.
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Old 03-02-2009, 05:03 PM
 
11,715 posts, read 40,438,984 times
Reputation: 7586
Quote:
Originally Posted by OC Investor2 View Post
Small drop to restore sanity & afforadabitily to the market (Say 15-20%) - OK Thing

Inland Empire 'ish 40-50% crash, burn and die - Not good thing
I think that will happen within the next couple of years. Houses still aren't affordable in the nicer areas and absent unrealistic leverage or wealthy outsiders coming in and buying up property, prices are going to have to be supported by local incomes. That's before the recession. Factor that in and prices have a long way to go.
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