San Diego Housing Bubble News and Analysis

Hi NY

In 2001-2002 the following prices were reflected on solds:

1.045M
1.065
1.040
1.050
999
1.049
950
995
810
785
760
744
753
680

The Ridgegate subdivision has a pretty wide variety of square footage from the low 2k sf to over 3500 sf. So I think it is going to be a tough call for you to see the pricing you want. Perhaps in the 2011-2012 timeframe, if at all you may indeed see the lower end homes in Ridgegate find the 700's again. You never know right?

In the near future though, (now and moving forward) for the next 2 years I expect stubborness on the sellers parts. Hopefully some distress in Ridgegate will provide some lower prices hear and there but expectations of 700k in Ridgegate are going to need a few years to be realized if at all.

Yep, "if at all". These for the most part weren't bought with phony-baloney loans.

I want san diego beachfront property for 100k. But it ain't going to happen. Even with 50% unemployment, and half the baby-boomers dieing off due to the black-plague. Somebody will always have more money than you.

Couple comments about Ridgegate:

Location: On the east side of Mt. Soledad, not far from where the slide on Soledad Mountain Rd was. If you get a slide inside the Ridgegate complex, values in that complex will drop substantially. I have been told that much of the area along Ridgegate Row is not very stable, and that it's just a matter of time. Access to the North 5 is tough, you need to either go out the 52, loop around at Clairemont Blvd, or just go to the 805. Or, go up Torrey Pines and out at La Jolla Blvd. South 5 isn't so easy either, since Soledad Mountain Rd is closed, and the intersection of Grand and Mission Bay Drive is always a pain. Of course the access problem is something that's not unique to Ridgegate but a problem for all of La Jolla.

Floor Plans: While the places are newer than most of La Jolla, and the floor plans reasonably good size, I don't consider that many of them as well thought out. For instance, in a couple of plans, the living room, kitchen and master bedroom are on the top floor that you come in on. The Family room and other bedrooms are downstairs. Now, I don't know about other people's kids, but when my stepson was younger, there would have been no way he'd been okay with sleeping downstairs where the boogey man lives. I know, not a very rational complaint, just one of those things I've learned to watch out for in life.

Price: Hard to say how long prices will hold in this community. So far the sellers are holding tough. But not much is selling, and I really don't know how long they can hold out. One or two foreclosures and the prices will reset down accordingly. PadreBrian claims that most of these places weren't bought with questionable loans. Maybe so, but I wouldn't be so sure that recent sales haven't been on option arms, or that people haven't refinanced themselves into other not so safe loans.

Just my 2cents worth.

XBoxBoy

It doesn sit on the biggest and most active fault line in SD if I'm not mistaken.

Yup, straddles the rose canyon fault... just look for the tennis courts, pools, and greenbelts.
Sure the hazards report is a blast to read.

That area is known for soil settlement issues. I'd avoid if you don't want the hassle of having to have your house jacked up to have your foundation/soil issues fixed.

I would definitely agree about staying away from the east side of Soledad in general. Soledad is composed of sediment overall. Still with all that said I still don't change my views on the pricing.