[quote=esmith][quote=SD Realtor]james no houses are nowhere close to where they need to be for a fundamental bottom IMO. I agree with that entirely. [/quote]
I’d have to dispute this statement.
Yes, La Jolla is nowhere close to fundamental bottom. PB, OB, Coronado, all have ways to go.
I’m not sure about places like Scripps Ranch and 4S.
Mira Mesa and Clairemont are priced quite well fundamentally. Oceanside and Chula Vista are well past fundamentals.
In Eastlake, you can rent this house for $2200/month. This is the cheapest detached 4br they have on Craigslist right now, the second cheapest is 2650/month:
There are 9 detached 4br’s for sale in Eastlake under 300K. You can do the math.[/quote] This look to be the exact same model for sale. Listing at $285k. @ 4.5% loan, you’re talking about mortgage of $1155/month vs $2200/month for rent of the same house. Lets assume FHA w/ 3% down and 5.5% rate, mortgage is still $1569/month. Still look like a no brainer for me.
