San Diego Housing Bubble News and Analysis

Hang in there; before you know it, it'll reach its equilibrium price of about $300K. (Or else, inflation will reduce its real price till you can then afford the $600K house with your $148K salary!)

(Till then hit your books on Thermodynamics and read up on Joule-Thomson effect!)

Don't forget to add in an offset for re-doing the shower. You never design a shower whose showerhead points to the opening. Use that shower once and the bathroom will be flooded.

And what the heck is that clear glass doing in the shower? I am a man - but even I would prefer a little privacy while showering, especially with kids around! (Or is this some sort of "sexy" shower that I am ignorant of?)

bsrsharma you've been married too long...

hahahah

Florida is an ok street, the lot is small, it won't sell for that. No way no how.

But wait !
There are dishonest mortgage scum that will tell you about the 1% rate and how affordable your payments will be.
They wont tell you that will earn a fat commission and screw you into the loan (if you let them)

They also wont tell you that your true interest rate is at least 35% higher than what it really needs to be, or that your loan balance will go up every month, until you lose your home to foreclosure.

Oh, you don't speak English ? No problem! Let me get someone who speaks your language, so you will be more comfortable, and they will NOT tell you any of the truth either.

Yep,, that's EXACTLY how it happened...
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Now, when you deal with someone like me, they will tell you that you probably shouldn't buy a home for more than 4 times your annual gross income, (maybe 5x) depending on how stable your income is and how much monthly debt you have, and your overall financial picture.

As far as lender is concerned, you might be able to qualify and get approved with monthly debt payments of 55%-60% of your income, but I don't think it's a good idea.

Yes the lot is very small. I like some of the elements of the house, but the way the shower head as it's positioned is unusual, but I don't mind the clear glass at all. I'll have to drive by it over the weekend to get a better sense of scale, and I'm trying to figure out were the two car garage is situated. The house would have to be at least in the low 300's for me to afford something like that. I'm in no hurry. I've only been in my job for a year now, and it was a decent step up in salary from my last postion. My job is very stable. I would never consider buying something that is over 3x or 4x my income. I'd be more comfortable with 3x or 3.5. I like the area as I can easily walk from where the house is located to any of the several bars and restaraunts that are close by. I could live with a small lot size if I could walk home after a night out ;). There is a method to my maddness.

You wont have to wait that long :-)

what is the square footage on that property?

if all works out as planned we will not have to do much but be patient.

Square footage is not listed, but I would estimate over 900 sq ft when you add up the room dimensions that are given. The house was built in 1925, so I would assume that it would be small, but I'd have to view the property to see what the extent of the remodel was in 2004. Some of the lots size could have been taken to accomodate an addtion of space either before or during the last remodel. It looks like the house was extensivly remodeled before it was flipped, but it's hard to tell how well it was done by pics alone. Anyway this house is already at a 98k loss going by the last date of sale to what it is being currently offered for now. :o) It's an overpriced turkey. :o)

The workmanship on the house and the materials look pretty good.The spanish style houses in the central neigborhoods generally fix up pretty good. I have walked by this house so can judge the exterior. The interior looks pretty good from the photos and I would guess the craftsmanship of the remodel was consistent. It is still an astounding amount of money. Let's hope people don't mess up places like this before the prices get reasonable. That would be a shame. Unfortunately it will probably see some neglect and abuse before that time. It is on the corner which is a big negative in this area. It would be better in the middle of the block and north on Florida but then it might be sandwiched between two six or eight pack apartments or maybe even larger.

"It's an overpriced turkey. :o)"

Thats funny. In real estate talk it is an overpriced "turnkey" or "turn-key" because it is in good shape and ready to live in. You might know this already, some houses like this ,without the remodel, sold for under 100k around or just beyond 10 years ago. It would have sold for around 500k without the remodel near the peak of this cycle.(guestimate)

That's one of the things that sucks about that area. You can have really nice homes next to dumpy ungly looking apartment boxes that overshadow and are out of scale with the surrounding neighborhood. It screws up the whole block when you have an box sitting in the middle of a block surrounded with homes built in the 1920's. I'd rather have it on a corner then next to an two story apartment building overlooking the backyard.

The 100k (and I did already know about it) sounds about right beyond ten years ago, and it just makes me sick to think about it. The asking price is an awful lot of money for a house like that even if it looks like the remodel was well done. It probably will be neglected, but hopefully not to much before the bottom drops out completely. Someone is going to loose thier butt on this one! :o)

LOL yeah I know the term overpriced turnkey. I have a friend of mine who was a realtor down here, but she high tailed it back to Fresno to work on her parents 400 acre farm. I thought turkey was more approprieate. :o)

I thought turkey was more approprieate. :o)

I thought it was intentional on your part..that's funny.

Could you imagine happily living in that community of little houses when developers come in and build those relative monstrosities to the front rear and both sides?
I have heard of them referred to as "Huffman boxes" after the developer most produtive during the trend of building them. I tried to google it but I keep getting Trevor Hoffman.

I did a tour recently sponsored by Save Our Heritage Org of San Diego and the guide bashed Ray Huffman and his "six-packs" (six-unit apartment complexes) several times - so I think that is the first name of Mr. Huffman.

Tried googling it as well, and I haven't been able to come up with any decent hits. Ugh that would just kill me to have that happen if I owned a house in that area. I had a couple of friends that used to live on Arizona St. a couple of buildings south of the corner of Adams and Arizona. They were renting a really nice home, but the thing that stuck out the most was that it was right next to this HUGE apartment building at least 3 stories with absolutely no privacy. It was awful! It was nothing but a huge white box.

Thanks critter,

I found one link. It doesn't do much more than verify that the name was Ray Huffman as you said. I always found it interesting that one developer controlled so much of an infill project of that type.

Price Reduced: 08/29/2007 from $642,000 to $625,000

Ha! After sitting on the market for 71 days. Priced to sell? Considering that the the prior sale was for $740k on 6-05. Wonder why the listing was pulled.

Huffman built a lot of apartments, and then a number of other developer's copied his design. They're not very appealing from an architectural standpoint but if you want to maximize your lot area and keep your costs low that's a pretty good design. The plain-Jane front elevations, which are what a lot of people find boring, can be spruced up quite nicely with some stucco accents, awnings and landscaping. There are a lot of Huffmans that have been updated like that.

Frankly, I think our region needs a lot more of this type of product and a lot less of the "faux-luxury" product that's currently in vogue.

I am surprised, what no comments on the area being a SH#T hole? El Cajon Blvd is around the corner? No comments on hookers? What about the crummy schools, or the traffic congestion, gridlock?

Don't get me wrong, I am not saying that it is a CRUMMY place. I just don't get the HATE that if you say you like where your from, your bragging or what not? So some people here wanna fight you.

that area is really nice with lots of young professional types.

the cops keep the herd of pros east of utah.

there's little to no traffic, it's a 5 min jot to downtown... you can ride your bike to dt even.

and santee still sucks.

"there's little to no traffic, it's a 5 min jot to downtown"

Been drinking again I guess....

Don't you live in S. Carolina or some other hell hole like that?

In this area nearly half the children are ranked in the upper 50% percentile of their class. It's like a 2 minute drive to the airport, and people bake cookies, have lemonade stands and hold hands singing Kum Ba Ya on the weekends.

it's ok, nice kitty...
santee lady

do you have one of
these in lovely santee?

you guys need to give it a rest get over it

I am surprised, what no comments on the area being a SH#T hole? El Cajon Blvd is around the corner? No comments on hookers? What about the crummy schools, or the traffic congestion, gridlock?

Yep its a SH#T hole! I live two blocks away and my neighborhood is even worse so I know one when I see one. Still way better than El Cajon/Santee/Lakeside though.

Josh

hookers crack whores, apartments an houses pushed together gangs, mexican slums doesnt sound too appealing . maybe you should move or just grow up and give it a rest

little lady you reap what you sow...

all you have to do to see why some people "attacked" you is to simply read some of your old posts...as someone else said, get a life...

The listing is no longer on the market. Interesting. So did it sell?

Yes, someone bought it and had it moved to Santee so they could live in a higher-class community.
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