[quote=evolusd]That’s exactly my point. No curb appeal, small and old homes that need work, small lots, no view…I don’t see the rationale behind paying that much money for what you get.
There’s a show on HGTV called ‘What You Get for The Money’. They pick a price and look at different markets around the country. Puts everything into perspective, for me at least.[/quote]
In enough people’s minds the neighborhood is the winner of the process of calculating the trade-offs we all make with our housing/life style budgets.
Like some have said this deal doesn’t look bad if leaving catastrophic thinking out of the picture. Not saying catastrophic thinking is wrong or right, but it is apparently not controlling the price of this property in real time.
Having lived in San Diego since 1980, Normal Heights from 1985 to 2005 and California all my life, I can sort of see it compared to the choices available to someone or some couple wanting to live in California, close to an urban core,urban entertainment options, urban people, urban job sites, one of the world’s best climates, beaches ect. These little houses do look very expensive to me knowing how they are basically shacks and with a not so distant memory of 100-150k actually representing some decent buying power here.
Prices are pretty sticky since peak too though,especially compared to the appreciation this hood had.It makes some sense to me. Relative to population growth, detached housing stock in the urban areas had decreased somewhat dramatically and the mariginal or previously marginal neighborhoods,sandwhiched by better areas, gentrified.Generally speaking, much stronger hands bought here and want to buy here, compared to say Encanto just to the south.
