[quote=AN]Thanks for the laugh BG. Better location is debatable, but to say it’s worth more because of its “stable” resident, didn’t you read the MM thread you just linked to that say there’s virtually nothing for sale in an area that have over 70k people living in it? Most people who live in MM bought their house for well under $200k 20+ years ago with mortgage payment that’s cheaper than a 1/1 apartment. Which is why they’re not selling and many probably don’t intend to sell. How’s that any different than CM? When’s the last time you’ve been to MM and CM?[/quote]
AN, buying a property in MM +/- 20 years ago in MM is NOT the same thing as buying a property 50+ years ago in Clairemont and having it long paid off. Not only are these two vastly different equity positions (considering the difference in value between the areas), they are two different generations of original owners. MM was but a pipe dream when Clairemont was originally built.
FWIW, I’ve been to BOTH areas in the last few months. I stand by my assertion that MM has been congested from DAY ONE but it is doubly so now. I have nothing against you or your hometown, AN. But MM is too crowded to live in for a lot of people. Clairemont 92111 and even parts of 92117 are more like western Chula Vista (91910/91911) in that there are many more generous lots there (than the 5000 sf std) and a preponderance of SFR’s over condos and apartments. I’m speaking here of the eastern and southern (original) parts of MM and have not been to the *newest* tracts on the west side so have not seen the setbacks and parking situation there for myself. Obviously, many of these “elevation listing photos” shown online were taken while the agent was lying on his/her stomach across the street (to “improve” the look of the listing’s “setback”), lol. Maybe you can fill us in on this, AN.
I visited the “Porcelain Collection” model homes with a friend (can’t remember the builder) around ’90 or ’91 when the first phase was completed. It was dusk and we could still see balloons bobbing in the air to the northeast. Even though only about 1-2 streets were completed at the time, I had the impression even back then that the homes were too close together and most of the driveways were shorter in comparison to what I was used to in South County. What is now the PQ reserve was not developed then and Mercy Road did not go through it. I’m sure the later development of the reserve boosted the property values in these tracts.
As you know, there are a lot of jobs in SV and MM, north and south of Miramar Rd and in the Golden Triangle. For these reasons, it is a convenient area to live in for a worker who works in these areas and wants to avoid the freeway in the daily commute. That’s why a current buyer will get less home for their money in MM than say, western Chula Vista. Historically (before SV really took off), western Chula Vista (91910) was more expensive than MM. In general, the lots in 91910 are bigger and the houses are better-built than in Mira Mesa. 91910 used to be considered “better located” than MM as well and it certainly is more convenient to dtn SD. When SV took off and SD was considered to have “arrived” on the “high-tech map,” MM slowly gained value over areas which were not close to thousands of white-collar jobs. Things change over time. That doesn’t make one area better or worse than another. “Retirees” could care less if they live near jobs. A peaceful and tidy neighborhood and access to great medical care nearby is more important to them than living two streets away from the latest “office park.” So housing choices and preferences depend on one’s station in life and financial resources. Notice that no one here is stating that UC, LJ or DM’s RE market is currently “on fire.” MM is presumably “on fire” because of its proximity to high tech jobs and affordability to workers just starting out. That’s the bottom line.
In young-family and entry-level areas (such as MM) of coastal CA counties, RE values are highly-dependent on nearby well-paying jobs. In “retiree” (WCV or Clairemont) or “wealthy” (LJ) areas, not so much.
Who knows? Perhaps Otay Mesa will later be developed into a mecca of office parks and attract companies with thousands more white-collar jobs to SD County. Then, all the “millenium boom” entry-level tracts down there with values currently in the toilet due to massive distress will suddenly JUMP in value because all the *new* worker bees will then consider these tracts “affordable” and convenient!
