[quote=bearishgurl][quote=earlyretirement]I do like La Jolla quite a bit but you can get much more for your money outside of La Jolla. We really love that area but most likely will buy further out.[/quote]
ER, did you ever wonder why inventory and vacant lots are just sitting in your area of choice? You would have the same problem if you purchased there and wanted or needed to sell in the coming years. There is only a very small minority of buyers that are willing to pay those exorbitant fees, which do not add to the value of a property but instead detract from it.
If you can find a suitable home in LJ that has been recently remodeled (or even a raze/custom build) in your price range (or maybe even a little above) this would be a MUCH better investment and cost MUCH less overall than “throwing away” an additional $15-$20K annually on MR + HOA dues, IMO. Even if it was +/- 3000 sf.
There will always be a “captive audience” of buyers for LJ – from all over the world – in every price range. It is also very convenient to Lindbergh Field which may prove to be of value to you. Remember that there is only ONE LJ and there’s nothing anyone can do about that :=][/quote]
Yes BG,
I understand why houses sit on the market forever there in Santaluz (except the houses that are priced attractively and realistically. From talking to several realtors, people really love the area but they say the vast majority of the buyers can’t come to terms with high HOA and high MR taxes. But I have.
Really, though you are looking at a home as an “investment” and I’m looking at it as a “home”. That is two very different things to me. I don’t look at the home where I plan to live for the next 15-18 years (until the kids are out of high school) as an “investment”. I already have an extensive real estate portfolio of several rental properties (all paid off) that are “investments”…. this is just a home….
So I don’t really care so much what happens in the shorter term. I won’t “need to sell”. I won’t have a mortgage so my monthly expenses will be more limited even with the HOA/MR. I’m buying for the long haul. We have absolutely no debt at all and despise it. So we won’t need to liquidate.
I truly believe what got people into their real estate mess is they think of their homes as “investments” and that just isn’t the case for us when buying a “home”.
I do agree with your comments about the desirability of La Jolla. It’s a fantastic area. If there was better pricing I’d love to buy something there but really tough to get a 4/5 bedroom renovated place there for the $1.2 million in the style that we like.
I really like the looks of the inside of this with the modern style. Even though the outside is Mid-Century…i like the decor on the inside
But they are truly DREAMING on that price. It looks like they picked it up last year for under $1 million and probably put in $100,000 in renovations and trying to flip it for $1.475 million.
We need at least 4 bedrooms and an office area so it’s a bit small but I don’t feel it’s good value at that price range. Prices are starting to drop in Santaluz on several nice higher end homes where you can find 4 bedrooms and an office for $950,000 to $1 million.
