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San Diego Housing Bubble News and Analysis |
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Tales of an RSF owner
User Forum Topic
Thought I would check in after living down here a bit. I have now been in my new house in Fairbanks Ranch for just over 2 weeks and in the area 1.5 months. Here are a few observations.
- My Bay Area commute very early in the morning: 30 min
- My Bay Area commute in the middle of rush hour: 1-1.5 hrs.
- My SD commute very early in the morning: 10 min.
- My SD commute in the middle of rush hour: 12 min.
- Housing prices may be 1/2 here what they are in the Bay Area, but consumer prices are not. In fact, prices for food, gas, car washes, and haircuts are all higher, quite a bit higher in CV/RSF than in San Jose/Penninsula in the Bay Area.
- The QOL down here, well, it is much higher IMHO. I feel like I am on a vacation when I am not at work (like even during lunch). Much more laid back down here.
- Fairbanks Ranch weather is perfect. When we stayed in Del Mar for a month, 80% of the time we were in the fog. But when Del Mar is in the fog, FBR has blue skies. Close enough to the beach to enjoy it, far enough to enjoy the sun, but not too far so as to get too hot. Just right.
- A few homes I had looked at finally sold even lower than I thought they would, including a forclosure that turned me down and ultimately sold for $400k less than I offered and a flipper that sold for $200k less than the flippers paid for it (and they invested $350k after that), and $400k less than I was considering.
- After looking at hundreds of homes in the Bay Area and RSF I realize something (generally anyway) about homes that stay on the market a long time: Here they eventually lower the price until it finds a buyer sweet spot. In the Bay Area, they don't lower the price and are happy to let the house stay on the market for 3 yrs.
- If you bought a "project home" and plan to remodel, double your initial budget.
- Never understimate the ability of a toddler NOT to tire of going to the beach.
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Bay area commute times may also improve as the economy thins the herd. I have read that there is less venture money flowing in to the startups and IPO exits are practically non-existent. I think Bay area may have a larger proportion of employment based floating population that may migrate out when money dries up.
Looking at those foreclosure/flipper home prices, have you felt any buyers remorse?
You are right about both the VC and IPO markets, but I have not seen much reduction in traffic. I was back just a few weeks ago and nothing has changed.
No buyer's remorse. After all my searching and incessant analysis I think I bought the best long term value within my criteria of what I wanted in a home. I could not be more happy with the neighborhood. Instead of going in through one of the resident gates, I go in through the main gate so as to maximize my drive through it and enjoy the experience.
I am glad that foreclosure turned me down as I don't think I would want that house even at the price it actually sold for. It sold for $1.9 million below the original asking price a few years ago. It needs A LOT of work, though it does have great potential if you have lots and lots of $$ to put into it.
As for the flipper home, personally I think it is a great purchase for that buyer even though I would not have bought it at that price, not because it was not a great deal at that price, but because it was not our first choice house at any price. It sold for $1.4 million below the original asking price! It had a number of things that prospective buyers did not like(including my wife) and that is what forced it to sell so low. But for the right buyer, it is a heck of a buy, one of the best buys in RSF these past 2 years IMHO. With some additional investment, it could be an amazing home.
I can't wait for your Christmas card.
...and you don't even invite me to your housewarming party...sheesh.... Just kidding. I wouldn't invite myself either, especially some of these questionable piggington types.... :)
Raptor, although it's probably not as a major concern for you, food, gas, car washes, haircuts can be cheaper if you know where to go. (CV is marked up quite a bit). Gas in San Diego is on par with L.A. if not higher (nothing you can do about that). BUT, the worse will be when you get your utility bill. SDGE i think is much higher than PGE in the bay area (though you most likely won't be running a heater in the winter).
FLU. You have not missed a house warming party. It will be a while before I have something like that. We are still in boxes and my house is sort of a construction zone at the moment.
LOL. I was just pulling your chain. It's been close to 5 years since I moved back here. I still have stuff in boxes and half my doors and interior wood shutters that i never shut are still half painted on the side facing the wall/window, though I promised my wife I'd get them done this year. I guess it's a little too late for me to throw a house warming party :)
Lesson learned: never paint an entire interior house yourself. It's fun for the first two or three rooms. And it was fun when you could return paint colors you didn't like back to home depot before they changed that policy...But after 6-7 layers of different colored paint on the same wall and a few grumblings with the significant other about "trying to be more final" about color selection, I figured out that it's best to avoid the entire "I've changed my mind on the color" issue and just get it done.
what was the address or do you have the link of the flipper house ( in rsf?) that you passed on?? Was just curious.
Raptorduck,
I'm sorry the prospective buyer did not like your wife. I'm sure she is quite pleasant.
Stan
Raptor I do believe you may have "outed" on your purchase. However only a shrewd pigg would have picked up on it and associated it back to you. Then again I could be wrong.
I am a little jealous, I like that place, but alas it's not in the cards. My wife teaches at a private school with many kids hailing from your neighborhood, and they all seem to be great families.