[quote=deadzone] . . . why are you only looking at home sales from a specific price range.. Sorry, your data points are far too narrow to prove anything.[/quote]
I think what sdr was showing here was that in 2004, sold comps in the particular neighborhood he pulled these stats for were from $700K to $1.15M. He didn’t choose the PRICE RANGE, he chose the AREA and that’s what they were. That’s not to say that this is still the price range there of today’s sold comps.
No, sdr’s area is not indicative of the entire county but neither is doing this same exercise with some subdivisions in Otay Ranch (91915) where virtually ALL homeowners are/were very much underwater and there is a high incidence of REOs and shadow inventory. Even those that DID put down substantial downpayments on property there lost all their own contributed “equity” because of all the unqualified “homeowners” who were allowed to buy there whose loans went bad within MONTHS of moving in. Many of these 3.5 to 7 year-old homes are over 3000 sf and built with some luxury amenities. They weren’t “starter homes” and this is NOT Riverside County. These neighborhoods are =<20 miles from dtn San Diego.
The net worth of homeowners VARIES WIDELY from census tract to census tract in SD. I could give a rat's a$$ about "area income" and consider it irrelevant when determining property values.
If you asked 40+ year (free & clear) owners of the same property in Mission Hills if they are "satisfied" with their income, most would probably say they were "content." Whatever "income" they have or are drawing down this year from investments is enough to pay their utilities, Medicare Part B (supp) & D and other expenses and travel occasionally when they need/want to. And yes, there are MANY, MANY of these homeowners in SD County.
