CarmelV for some reason or the other remains in ok demand due to location and general health of upper income people. Mira Mesa remains in demand due to short proximity of tech companies..From what I can tell at least.
It seems like for upper income tech people, more or less some or still pretty well off. Well, at least some who work at select companies here that have so far not seen a big hit due to the economy.. To give you a frame of reference. Ones of my neighbors sold their homes recently. New owner is double income, both working in tech (most likely qualcomm)… One neighbor is a dentist, and looking to upgrade from my neighborhood to Del Mar Mesa. His issue is he doesn’t like the homes available. Similar, my real estate friend just helped two people buy brand new homes in Mira Mira in the new Pardee communities. Closing price was $680k. Both families were Chinese, retiring…Both paid case for homes. So I recall some folks wondered who would be spending that much for a home in Mira Mesa… You have been answered.
Rental demand remains strong in MM. At least for me…Recently, my current tenant in a 1/1 was trying to ask me to reduce his rent by $50/month for the next few months. I balked and said keep the same rent, because this area is in demand and renting for $100 more than current rent. He thought I was bluffing, and was telling me he plans to move out… I said, look I’m trying to cut you a deal, are you really sure?
I test posted it available over the weekend on craigslist that possible available in in october, for a 12month term, and $50 more than I charge current tenant for 6months… 2 days later got 7 people inquirying… All people are tech workers that are either starting in Sorrento Valley or on a 6month-1year contract as a enginerd or software person.
Unfortunately, for CarmelV and MM, I don’t think SFH cash flows too well at today’s prices..AT least not for me…
