[quote=AN]you don’t need to be a senior citizen to have your house paid for. You just need to have an area that’s built in the 70s-80s. Like you agreed to, these group of people are not exclusive to Chula Vista. They’re everywhere. Again, based on my definition of wealth, most of them are not. They’re safe for retirement, but they’re not wealthy. You don’t have to look at areas that’s 50+ year old. You just have to look at area that’s 25+ year old. Those who bought new 25 years ago when they were in the late 20s/early 30s, they’re around 55 now. You can easily tell among those group who is set for retirement and who’s not. Whole areas that’s 50+ years old will have people in retirement, areas 25+ years old will have people getting ready to retire in the next 5-10 years.
Once again, you still didn’t answer my question. Where did you get your data to show 65% of 91910 belong to this group?
AN, may I suggest you to do some campaigning in 91910 near dtn. CV right now so you can see who answers the door? I believe at least 65% of the owners of the properties in the area around dtn. CV are over the age of 65. I don’t need STATS or a rocket scientist to tell me this.
I saw the property on the 2nd link you provided and it confirms exactly what I am saying. Take a hard look at it, AN. It is 777 SF and has a $245K asking price. It is among the smallest of homes built in 91910 (a “small” post-WWII box).
It is within TWO BLOCKS of a very expensive Mills Act Craftsman on 1/2 AC and several large customs on 1/2 AC+. Look at the SOLDS for the area in the bottom of this page. Some are not in quite the same ‘hood, but for the most part, they are small, avg. 1200 SF. Avg. SOLD appears to be about $280K. LOOK AT THE AVG. PRICE PER SQ. FT!
Just as I stated earlier on this thread, this listing is BOMK! Why?? “Buyers couldn’t wait,” and “cosmetic fixer.” It is a “short-sale hopeful” meaning the lender never approved it. It was just a “hopeful” in the mind of the listing agent – and still is.
This listing was probably a bubble purchase for a rental that never got remodeled because the numbers never worked to do so. Why don’t you or geek Eugene (no disrespect intended – I adore geeks) take the avg. price per sq. foot of WWII boxes in CV which recently SOLD and apply this figure towards recent SOLD comps in 92126 and 92129 and see if you come up with comparable prices. I think you’ll find parts of 91910 very difficult to comp and this listing is in one of them. It is one of the LEAST homogenous areas of the county.
To answer your question about paid off homes, I don’t think they are mainly 80’s built homes, but could be 70’s built. I believe most of the paid-off properties which were encumbered by purchase money loans are pre-Prop. 13 purchases (April 1978). Most of the baby-boomers you are referring to as MM residents “retiring or about to retire” were under 30 at the time Prop. 13 was passed. I am in that demographic. Yes, I bought my 1st property just post-Prop. 13, but that was ten properties ago. Most “baby-boomers” typically bought and sold repeatedly or borrowed from their properties repeatedly.
When I referred to “wealthy” seniors still in their orig. homes, I was speaking of the “greatest generation,” born approx. 1924 to 1946. This is the frugal generation that did not move often.
Also I wanted to add that I used the word “terminated” or “termed” when referring to the maturation of MR Bonds. The correct word is “retire,” as in “MR to retire in 2022.”
