Sounds like we’re neighbors. I bought a 1,600sft house, on a 6,500 sq ft. lot, in Morley Field in mid 2007 for 600k. If you could believe it, it was a short sale and I thought I was getting a real bargain at the time. The previous owner had a $780 mortgage and couldn’t cover his nut, so to speak. Yes, the market was beginning to fall at the time, but I never thought it could possibly fall more than 20%. I figured that I got a 23% discount, so I was in good shape. C’est la vie…
All I can say is that the neighborhood is great other than the poor public schools. I have a baby on the way, and have already begun thinking about alternatives to the public school system because they are so horrible. At this point that’s my issue, but I don’t dwell on it.
I think that, unless you have a crystal ball, speculating on what will happen in 3-5 yrs is only going to drive you nuts. Getting bearish opinions will even do worse for your health (and no, I’m not burying my head).
Who knows, in three years there may be a premium on homes near the core because gas prices have hit $8.00. Or, home prices will continue to fall for the next five years and you’re really in a bind. The one thing, I think, I did right was to buy a house that I could live in for the proverbial “long haul.” Sounds like you like the neighborhood, have enough space, at the moment, and have plenty of land to build on if need be. Spend the $160k loss FormerSanDiegan came up with to begin the expansion to your house instead….
