bearishgurl, I also looked over your description of 92121. FYI, I know this area very well. I used to live in 92121. Lot size for these houses are mostly around 5000-7000 sq-ft w/ a few canyon view lot that have a bigger backyard, but none of them get much bigger than 1/4 acre. They are all built in the mid to late 90s. 92121 goes to 92126 schools. Which I hope you know that when you mention it has decent schools. There’s a couple condo complex near UCSD, but those are old and is on the very edge of 92121. The main townhouse complex in 92121 is called Wateridge and it’s surrounded by tech companies (mainly QCOM).
As I stated, houses in 92121 goes from 550k (1500 sq-ft single story) to ~$700k (2893 sq-ft 2 stories). If you look at comparable size, age, and lot size in 92129, you’ll find that 92129 will fetch about 5% more than 92121.
If you refer to the Shaw Lopez Row listings that are currently active as a reason why 92121 is better than 92129, then you should know that those 3 houses are custom built. That land has been empty for a few decades. Instead of building houses that fit the area, it seems like this builder decide to go all out. We’ll see if anyone will buy it at $3.5M. I highly doubt it, but I could be wrong.
I personally would put 92121 below comparable places in 92129. Talking about CLOSED listings in 92129, here’s one: http://www.sdlookup.com/MLS-100017243-8411_Watson_Ranch_St_San_Diego_CA_92129. Closed at 895k. If you take a conservative lending practice, one would have to make around $300k HH to afford this place comfortably. That’s deep in your upper MC range. How about this one: http://www.sdlookup.com/MLS-100010307-12029_Least_Tern_Ct_San_Diego_CA_92129. Closed for $760k for a 2384 sq-ft house. To comfortably afford this house, you’d need to make around $250k. Once again, that’s deep in your upper MC range. There are many more CLOSED listing like these, but I’m sure you get the point now. How many 2300 sq-ft house in 91910 w/ only 7500 sq-ft NO-view lot can fetch $760k?
