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mixxalot.
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February 12, 2016 at 1:06 AM #21873February 12, 2016 at 4:14 AM #794273
moneymaker
ParticipantThe first one says wired for ATT Digital Life, which is home security I believe. I thought all the new security stuff was wireless. Yes those prices are an eye opener for those of us with fixed monthly mortgages or not.
February 12, 2016 at 7:03 AM #794279
CoronitaParticipantmira mesa rent keeps going up too
February 12, 2016 at 7:04 AM #794277livinincali
ParticipantFrom my information involving 6604 units in the San Marcos area average rents are basically flat year over year with it actually being just slightly down year over year. Of course these are mostly the bigger complexes with better information so maybe the they are slightly ahead of the craigslist people. There are a couple big developments coming later later this year that’s going to add about 700 units to the San Marcos area. The increase in supply should keep rent increases down somewhat in that market.
This is 416 units
http://www.intracorpcompanies.com/newhomes-details/84/1001-armorlite-driveBlock C Apartments at Campus Way is another 200 units.
Then
Grand Ave @ Creekside – Promenade At Creekside is another 100February 12, 2016 at 7:13 AM #794280Participant[quote=flu]mira mesa rent keeps going up too[/quote]
Mira mesa on the other hand is up about 7% yoy although the year over year rent increase has been decreasing the last 3 quarters. It was 8.2% in 2015Q2 it’s 6.8% in 2016Q1.
There is a huge property coming late this year or early next year. Case Mira View Phase 2 is going to add 1165 units.
February 12, 2016 at 7:25 AM #794281CoronitaParticipant[quote=livinincali][quote=flu]mira mesa rent keeps going up too[/quote]
Mira mesa on the other hand is up about 7% yoy although the year over year rent increase has been decreasing the last 3 quarters. It was 8.2% in 2015Q2 it’s 6.8% in 2016Q1.
There is a huge property coming late this year or early next year. Case Mira View Phase 2 is going to add 1165 units.[/quote]
Casa Mira View hasn’t really affected condo rent prices in the area, because that complex is pretty much high end. High end prices in mira mesa that is almost the same price as rent prices in apartments in carmel valley.
Not saying it’s not going to be successful. It’s just a different sub market.
In general, despite Qualcomm’s misfortunes, it doesn’t seem like there is a significantslowdown in the business activity in Sorrento Valley. Perhaps, as many have been saying San Diego has more diverse economy than most of us think.
Looking at rental availability for someone starting out, it’s pretty slim pickings… 1 bedrooms are close to $1400 now, more for large complexes.
Resale isn’t much better. Asking prices for 1/1’s are starting to get over $200k and over and 2/2 closer to $300k and over.
February 12, 2016 at 7:55 AM #794282Participant[quote=flu]
Casa Mira View hasn’t really affected condo rent prices in the area, because that complex is pretty much high end. High end prices in mira mesa that is almost the same price as rent prices in apartments in carmel valley.Not saying it’s not going to be successful. It’s just a different sub market.
In general, despite Qualcomm’s misfortunes, it doesn’t seem like there is a significantslowdown in the business activity in Sorrento Valley. Perhaps, as many have been saying San Diego has more diverse economy than most of us think.
Looking at rental availability for someone starting out, it’s pretty slim pickings… 1 bedrooms are close to $1400 now, more for large complexes.
Resale isn’t much better. Asking prices for 1/1’s are starting to get over $200k and over and 2/2 closer to $300k and over.[/quote]
I have no idea exactly what the effect will be. It’s just quite a bit of supply into a market that isn’t that big. If I include Sorrento, Carmel Valley, Mira Mesa, and Rancho Pensequitos there’s about 10K apartment units. So this adds almost 10% to the total supply. I suppose if you include the UTC area as well it’s only 5% in an increase of supply.
The one other thing about Mira Mesa is that past 3 quarters average rents are basically flat. So unless we get a big increase in Q2 2016 the YoY for Q2 2016 is going to be basically zero. Of course historically we have gotten big rent jump in Q2 for Mira Mesa so we’ll see.
February 12, 2016 at 8:31 AM #794284FlyerInHi
GuestI recently meet a couple who is paying $2000 per month for a 2/2 at case Mira view (dark ground floor unit) $2000 + water and trash which are not included in rent.
Privately owned 1/1 in a better complex can go for $1600 including water. If you have a nicely remodeled one on the west side, you could get $1700.
Yes, rents are up everywhere.
We will see what the future brings, but the new “high end” apartments are helping rents, not hurting them.
February 12, 2016 at 8:40 AM #794285poorgradstudent
ParticipantHigh rents and the rent vs. own index is part of why anytime someone around here yells “bubble” my reaction is “not so fast…”
February 12, 2016 at 9:47 AM #794287Participant[quote=poorgradstudent]High rents and the rent vs. own index is part of why anytime someone around here yells “bubble” my reaction is “not so fast…”[/quote]
The problem is that interest rates are a huge factor in that calculation. Own vs rent looks much better at 3.5% rates rather than 6% rates. Of course rates will probably stay low for awhile, so home prices will probably stay elevated.
February 12, 2016 at 10:09 AM #794290ltsddd
Participant…I am still debating whether to raise rents on my MM rentals. I have kept the rent the same for the last 5 years. I think the tenants know that they got a bargain. $1900 for a 4/2.
February 12, 2016 at 10:28 AM #794296outtamojo
Participant[quote=ltsdd]…I am still debating whether to raise rents on my MM rentals. I have kept the rent the same for the last 5 years. I think the tenants know that they got a bargain. $1900 for a 4/2.[/quote]
I just raised last year after not raising for a long time- I have good tenants and I don’t want to create the impression that I will raise EVERY year so I gotta keep the $$ signs on hold for now.
February 12, 2016 at 10:54 AM #794297Guest[quote=outtamojo][quote=ltsdd]…I am still debating whether to raise rents on my MM rentals. I have kept the rent the same for the last 5 years. I think the tenants know that they got a bargain. $1900 for a 4/2.[/quote]
I just raised last year after not raising for a long time- I have good tenants and I don’t want to create the impression that I will raise EVERY year so I gotta keep the $$ signs on hold for now.[/quote]
The big complexes like Casa Mira View are not so generous. They do raise rents every year. That’s actually helping landlords like us.
I would start worrying about over supply when the big complexes start having move in incentives.
February 12, 2016 at 11:45 AM #794299bewildering
Participant[quote=FlyerInHi]I recently meet a couple who is paying $2000 per month for a 2/2 at case Mira view (dark ground floor unit) $2000 + water and trash which are not included in rent.
[/quote]
Crazy. $1725 – $2400 for 1 bedroom in their new offering.
http://www.gardencommunitiesca.com/Apartment-Rentals/CA/San-Diego/Casa-Mira-View.aspx
But the 15 must be loud in those apartment. I guess easy freeway access is a selling point?
February 12, 2016 at 11:50 AM #794301Participant[quote=livinincali][quote=poorgradstudent]High rents and the rent vs. own index is part of why anytime someone around here yells “bubble” my reaction is “not so fast…”[/quote]
The problem is that interest rates are a huge factor in that calculation. Own vs rent looks much better at 3.5% rates rather than 6% rates. Of course rates will probably stay low for awhile, so home prices will probably stay elevated.[/quote]
Oh, for sure. And I’ve gotten into semantic arguments before. I think prices are high right now and it’s an awful time to buy, but I don’t think it’s a “bubble”, with the accompanying risk of popping and rapid, huge price loss.
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