No, I honestly don’t believe there have been massive layoffs in this area. Real estate jobs in general, absolutely – and we will all feel the trickle effect as a result.
However, I think it’s safe to say there aren’t too many plumbers living in Fairbanks Ranch. This particular pocket area is very heavy into Tech and BioTech companies and right now many of the big players are still hiring left and right.
Until I see Qualcomm, Intuit, or any of the other big guns around here swinging the axe heavily I think rents will hold up quite strong here. Especially as home sales keep falling off a cliff – and the renter pool keeps growing.
As gas moves up to $4-5/gallon and pocket books tighten. People are going to want to live closer to work. And as long as this area is heavy in jobs, I just don’t see 2 bedroom units renting for $1,000/mo. It’s a 2-5 minute drive to just about any of the big companies in the area, close enough you could ride your bike if you wanted.
I’m of the same mindset as those who believe after the dust settles (with major price cuts), the downtown condos will be good long term buys. And that areas like CV will hold out the longest & the strongest and ultimately will not see 60% price chops but rather will take a hit then stay flat for a long time. Now places like Murrieta, etc….
Of course I could be completely wrong. Too many variables, too many unknowns until it all plays out.
