Pop.
Amazing numbers, and amazingly mind-numbing comments from the local realtors
All is well... All is well. Remain calm... Remain calm..
Not sure about you, but when I hear that, I run for the nearest life boat
The median home price for a single-family house in San Luis Obispo County fell nearly 12 percent in December, or more than $70,000, but local real estate professionals warn that it is too early to determine if the market is headed downward.
The $534,930 median home price -- the statistical point where half of the homes sell for more and half for less -- declined 11.6 percent from the November price of about $605,160, according to the California Association of Realtors.
Nonetheless, it still represents a 12.5 percent increase from December 2004 when the median-priced home sold for nearly $475,610. The December 2005 figure was the lowest monthly median price registered since May 2005.
In another measure of the local housing market, permits for new homes were down 14.4 percent in 2005 for the county, with 1,937 permits. The steepest decline in the county was for the city of San Luis Obispo, which saw permit activity fall 69.6 percent to 35 from 115 permits in 2004.
January 27, 2006
The median home price for a single-family house in San Luis Obispo County fell nearly 12 percent in December, or more than $70,000
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29 comments:
Dow almost at 11,000 again......what is up with that?
This is some frightening data. My wife and I are in escrow in Orange County and this information scares the heck out of me. Local economists in Southern California can't agree if there will be a retrenchment or just a slowing of the real estate market. I hope it is the latter
-JT
www.4mysales.com
The article didn't have the de rigeur "soft landing" descriptor. Maybe it's edited for length.
OTOH, I am suddenly aware just in the past week from reading this article and a couple of others here and there that housing is a good investment -- over a ten-year period, that is, rather than what previously has presumably been a period of time as short as you like.
Kinda like the mutual fund ads that stopped trumpeting their 1-, 2-, and 5-year return rates after 2000.
Someone tried to defend this data by saying the volume is really low so a median price jump can be drastic.
If the volume is that low, then I think they are even in more trouble.
I have to admit when I see some of these prices I think people must be insane.
You can sell that house out there and damn near retire, or move to Baltimore and buy a nice house for $200,000 and still be able to make $75,000 a year. (Any college grad with 5 plus years can make that here).
The bubble is not every where. If you choose to live in it. You choose your own fate.
Dogcrap Green (No dogs crap is brown) said;
You can sell that house out there and damn near retire, or move to Baltimore and buy a nice house for $200,000
I suggest you check the weather, taxes, crime, congestion and other such quality of life retirement indicators before making that suggestion.
Say you bought in SLO 1986, 20 years at age 35. You are living in 2200 sq ft on a half acre and paying
$400/mo in mortgage and $130/mo in taxes.
Weather: http://tinyurl.com/8r4kx
and still be able to make $75,000 a year. (Any college grad with 5 plus years can make that here).
Yeah but to live in Baltimore. For all the talk of insane prices we all have to admit that some part of California housing high sales prices is a premium because it is a nicer place to live and some of it is because total costs of ownership are lower.
Nicer my ass.
How can living next door to a Californian be nicer than living on the east coast?
We have not even started on the food, the pollution, the liberals, the lack of culture, and so on and so on.
Come on, nobody can follow your logic.
Dogcrap living up to his name exuded the following;
Nicer my ass.
How can living next door to a Californian be nicer than living on the east coast?
If you have to ask about the comparative crime rates you aren't prepared to discuss this calmly. you are in greater denial than the real estate no bubble believers.
We have not even started on the food, the pollution, the liberals, the lack of culture, and so on and so on.
No "we" haven't. Perhaps you can start off with some specific examples comparing the wine of the SLO region to that of Baltimore's fortified wine industry? Or maybe you want to compare politically conservative SLO to solidly liberal Baltimore politics? Maybe SLO's coastline including Hearst Castle versus the Baltimore docks? You aren't even serious. You are just trying to start a fight and your assertions are so ill supported I refuse to take them seriously.
Come on, nobody can follow your logic.
Nothing like a little direct personal insult when the facts are all against you. I laid out a common and practical list of reasons and the math to back them up as to why cashing out of SLO to retire to Baltimore is unrealistic. You take offense, tough. support your claims if you disagree. It is uncouth to to just spout of childish "is not! is not wah! and you are a stinky poo!" type replies.
The locals told me that your skin and flesh fall off before nuclear warning sirens go off. Is that true or just a ploy to attract foreign investors?
I was surprised to learn (upon moving to FL) that FL is in the top 10 states for cattle ranching. Florida is a very rural state. Similar to CA, when one see FL on TV it's the beaches, Miami, or something to do with the big rat (Mickey Mouse). Anyone who says FL is running out of buildable land is stupid. It's just not true. Land might be a little tight in Miami due to the everglades which some would like to cement over but it's not true anywhere else in the state.
It's amazing the difference 2 miles can make. Take I-4 between Tampa and Orlando, which was built north of the original highway, 92. I-4 is surrounded on both sides by mostly decent housing, open fields, and some kind of chain restaurant at every exit. Look at 92. On both sides are trailers with shot out windows, car salvage yards, broke and poor building supplies, etc. Certainly not the pictures that you would ever see in a Florida tourism brochure.
Florida is also full of rednecks. I live in a yuppie subdivision but about a mile down the road is a salvage yard though and a shooting club. I went over there once to do a little shooting and low and behold, I would have thought I was in Texas if I didn't know any better. Big old pickup trucks were in the lot surrounded by people carrying 10 gun cases to the range. On the other side of this range is a trailer park that looks like something out of a horror movie. Ahhh, gotta love the competing people here.
I can buy a bottle of wine in my liquor store and it will taste just as good as your bottle of wine.
Try buying a good crab cake where you are at.
Now back to the "bubble". Baltimore is still appreciating in value thanks to our PREVIOUS high crime rate. We were never to high price to begin with. It has been over a year since there was a murder within a few blocks of me. Things are changing in the city. Check it out.
I saw the bubble about to pop down in DC and moved back up to Baltimore. My house in 2004 cost a whopping $116,000. Now there is a house down the street selling for $189,000. My house is a three story colonial on 1/3 of an acre. Blue collar folks can make an easy $50,000. Non-professional white collar makes between $50,000 and $75,000, and professionals make between $75,000 and $150,000 around here. The income to house price ratio is what you buble bursters dream of.
I see no reason why my house won't continue to rise at the current rate of 15% per year for years to come.
by the way me and half my neighbors are republicans. there are many neighbrhoods here with 33% repubicans. we have a republican as governor. that got elected based on his ability, not because he is clown from Hollywood.
I'm in Baltimore a few times a year for a week at at time. I'm sure the city suits you fine but for most people, CA is a much more desireable place to live. That is reflected in the property values here.
My option is that row houses are ugly, bars on most of the street corners is a bad thing, and nightlife should be more than dive bars. I also think cold weather sucks, muggy weather is worse.. I can go on.
You certainly could buy wine at the liquor store because you probably have a liquor store or bar in your neighborhood.
Lack of culture? Food? Compared to CA? Are you serious? How many world class restuarants are in Baltimore vs. LA? There is more cultural diversity here than in any other place in the world. Pollution - actually, that is much less of an issue now in So Cal. Baltimore does have a great rep: crime and AIDs cases (highest in the country).
And anyone can make $75k in Baltimore? Maybe. It could just be the creative industry that we are in but we are constantly trying to hire there and the lack of talent is a huge obstacle to growth.
CA by itself is the 5th largest economy in the world. And it's nice to wear sunglasses, drive with the top down, and eat outside near the ocean in the heart of winter. It will be 70 degress and sunny tomorrow. Can't wait to experience another perfect day in my spacious suburban house with a 2 car garage, pool, and good-sized backyard. Maybe I'll take the Ferrari for a spin. Enjoy Balitmore. ;)
I'm in Baltimore a few times a year for a week at at time. I'm sure the city suits you fine but for most people, CA is a much more desireable place to live. That is reflected in the property values here.
My option is that row houses are ugly, bars on most of the street corners is a bad thing, and nightlife should be more than dive bars. I also think cold weather sucks, muggy weather is worse.. I can go on.
You certainly could buy wine at the liquor store because you probably have a liquor store or bar in your neighborhood.
Lack of culture? Food? Compared to CA? Are you serious? How many world class restuarants are in Baltimore vs. LA? There is more cultural diversity here than in any other place in the world. Pollution - actually, that is much less of an issue now in So Cal. Baltimore does have a great rep: crime and AIDs cases (highest in the country).
And anyone can make $75k in Baltimore? Maybe. It could just be the creative industry that we are in but we are constantly trying to hire there and the lack of talent is a huge obstacle to growth.
CA by itself is the 5th largest economy in the world. And it's nice to wear sunglasses, drive with the top down, and eat outside near the ocean in the heart of winter. It will be 70 degress and sunny tomorrow. Can't wait to experience another perfect day in my spacious suburban house with a 2 car garage, pool, and good-sized backyard. Maybe I'll take the Ferrari for a spin. Enjoy Balitmore. ;)
It's so true I had to say it twice...
Please delete accidental repost.
Dogcrap - get real.
"I see no reason why my house won't continue to rise at the current rate of 15% per year for years to come."
Baltimore will be hit hard too. Like you said earlier, many people are communting to DC. Once the prices in DC move back to reasonable levels what will keep those people from buying in DC? If the DC economy tanks who will have jobs in Baltimore? IIRC Baltimore was nothing but slums until the yuppies moved in, built Camden Yards, and the famous riverwalk.
skytrekker,
You are dancing around my point.
So many people allow "their" real estate agent to tell them what they can afford to buy. imagine if instead of someone in Boston being told he could spend $900,000, if instead he would first see what he could buy for $300,000. If he can't buy something he like, move up to $350,000, and may be he has to raise his price.
I did this when I was told they would be happy to loan me $500,000. I started at $100,000 edge my way up to $116,000. Now how the hell can you lose money on a $116,000 house? It risen ebough already in 18 months to where it would have to fall 33% before I start squeeling.
I put up with the commute for a bit to DC, but then found the job in Baltimore for equal pay. Amazing we both live near one of the greatest housing bubles on the plant. Me with DC and you with Boston. yet people here can only dream of our affordable housing.
The housing bubble only exist if you choose to become a victem. There are so many options out there to seek shelter from the storm. I can only laugh when someone responds by bragging about how much money he spends on his sports car and bad hair plugs. These fools are a real estate agents dream. They a shamed into spending more than their friends. They are the creators of the bubbles.
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Six months ago we moved from the CA sprawl-burbs of SF Bay Area to luxurious Farmington Valley. We experienced vast gains in quality-of-life/cost-of-living balance. It wasn't easy to get over the psychological mindset that California is paradise. The whole process of uprooting and getting used to a new place can be quite overwhelming, but we love it here more and more each day.
Just some of the great things about CT (in random order):
--Abbots Lobster
--Drive to Québec City
--take my daughter sledding
--NYC
--Boston
--Fall foliage
--old taverns
--a sense of history
--hardly any road rage
--no six-lane freeways
--people recognize you and great you by name
--way better pizza
--Luke's Donuts
--Toshi Sushi
--life on a human scale!
I heard 500,000 people moved out of California in this boom. Who the heck is moving in, Chinese?
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