Wednesday, August 16, 2006

Downtown San Diego Condo Downturn Featured in Nationwide News Release

The Boston Globe picked up an Associated Press article that focuses on San Diego.

I will say that while this article is useful I'm amazed that they don't reference the specific losses that people are taking on downtown condos.

With all the new projects coming in 2007 next year will be very interesting.

5 comments:

powayseller said...

Reporters making a quick story don't take time to interview residents. They have a rolodex full of experts they can call for an interview, but finding a seller upside down on a mortgage takes a little more effort. I was looking for someone upside down on their mortgage to refer to the LA Times for a story, and even made a post on piggington.com, and none of us could ever find anyone.

Great blog, Brightside, and thanks for adding the condo descriptions.

Curt said...

How come Lew Breeze thinks everything is just ducky??

Lew Breeze said...

Who are you Curt? Have we spoken, or is your comment your evaluation of some of my comments elsewhere?

Where do I say things are just ducky? Why would I, on a weekly basis, show the rise in inventory and decline in price, if I were trying to indicate things were ducky? I just don't understand your comment Curt.

I will say publicly now, which I thought was obvious: I don't have a crystal ball, and therefore don't know where prices are going.

But I wish if you had a comment or question about me, that you would ask me personally (via email), or ask via my own blog, which you must be aware of. How could you think Mr. Brightside would know what I think?

Mr. Brightside said...

I've never met Lew personally but he seems like a good guy.

I do think that the vast majority of real estate people are on the optimistic end of the spectrum.

Also I've encountered many real estate professionals over the last few years and many of them are not very well informed or are giving investment advice when they really aren't qualified to do so.

I do think that if the market continues it's downward movement in a more serious fashion that the sales practices of the real estate and mortgage industies are going to come under some very close scrutiny and may boil over into litigation and regulation.

HahaHollywood said...

"I do think that if the market continues it's downward movement in a more serious fashion that the sales practices of the real estate and mortgage industies are going to come under some very close scrutiny and may boil over into litigation and regulation."

Not just the sales practices. Would telling bubble-crazed buyers in the last few years that "what goes up can come down" have helped? There needs to be regulation preventing the self-destructive lending practices themselves.

Giving anyone who can fog a mirror and lie about his/her income a $600,000 loan is the problem.

Five TRILLION dollars in new wealth potentially flushed down the toilet. This is no S&L crisis that some crooked politicians can pass on to taxpayers.