[quote=AN][quote=bearishgurl]I digress. There was little or nothing built on the land from I-805 to the west, which was part of MM, until the last few years. The area IS part of the City (MM) but has only recently been developed.[/quote]Seriously BG, do some research before you speak. The 92121 part of Mira Mesa has been built out for 15 years. Is 15 years now the new “last few years”? Most of Calle Cristobal was built over 20 years ago.[/quote]
AN, of course you know that 92121 is Sorrento Mesa/Valley, NOT MM (92126). Regardless of any SFR tracts built on Calle Cristobal, the development(s) that FIH is referring to is relatively new, as are those nearby “spec-home” monstrosities that we’ve discussed here a few times.
[quote=AN][quote=bearishgurl]Here in South County, the vast majority of condos have at least a std one-car garage and most have a two-car garage. I guess that’s the difference in congestion levels due to zoning differences between MM and Chula Vista (and surrounds). Garages and storage space (which they would have to pay dearly for at a self-storage biz) are very important to tenants. Especially if they have a pricey vehicle which could easily get hit, scratched or vandalized while parked in a condo parking lot.[/quote]
What you’re describing in South County is the exactly reason why there are a demographic difference between the area. What’s important to those who live in South County doesn’t necessary be what’s important to those who live in Mira Mesa. You can’t take your South County view point and apply to other areas.[/quote]
Of course, any tenant would prefer a garage to park in or store things in over not having one. AN, I don’t know if you are old enough to remember, but for about 15 years (1984ish to 1999), the UTC pkg lot was the SD County capitol of auto theft and auto vandalism. MM had (and still has?) more car-alarm installation businesses and “chop shops” than anyplace else in the county. Why?? Favorable zoning for those types of biz and having a “captive audience” for their services. Go figure.
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I don’t buy FIH’s statement that there aren’t any rentals to choose from in UTC (northern part of 92122) when UTC area has primarily ALL multifamily units (all or nearly all with garages, I might add). UTC area IS competition for MM rentals but they are generally bigger (often MUCH bigger), have inside or garage laundry areas and have garages. Thus, the rents there are generally higher than MM but nevertheless, they are competition to MM’s rental units for the same tenant-applicant pool.
[quote=AN][quote=bearishgurl]Although some seem to do it, I agree that South County is too far for most workers to drive RT daily to Sorrento Valley/Mesa to work. That is the ONLY REASON why Chula V’s asking prices for starter SFRs seem to be lower than those in other, closer areas to major job centers. They are NOT lesser houses, lesser neighborhoods or somehow have lesser-intelligent or poorer residents living there than do rentals in other parts of the county. When one looks at the price of mid-level, executive and luxury housing in South County, most of it is every bit as expensive as that in other parts of the county. This is because this type of housing isn’t usually used as a rental.[/quote]I hope you know that you’re contradicting yourself in this paragraph. The distance IS one of the reason why the demographics are different. Because the demographic is different, the rest kinda explain itself. If you prefer to rent to professionals, either fresh grads or H1B working at Qualcomm, then you wouldn’t be buying in Chula Vista. You’ll be buying where they want to live, which is Mira Mesa. The demographic is the way it is. Deal with it. We’re talking about $400k rentals here, not some mansions. Those who rent a $400k rental are not the same type of people who buy executive & luxury housing in South County.[/quote]
Again, the “professionals” you speak of are only the ones that need or wish to be near certain firms. I’m sure you’re aware that there are many other types of “professionals” which exist in the real world who do not work at Qualcomm. The only way the (rental) demographic is different in your area than South County is the possible difference in occupation. This in no way means that professionals who do not work in high-tech are somehow lesser-intelligent, poorer or don’t have the same housing expectations that high-tech professionals do. They have a different type of job and that is as far as the differences go.
If you feel the “demographic is different” between MM and South County and the difference is not due to intelligence, household income or amount of “professionals” residing in each area, then please let us all know here why you think so.
