Yes, I also believe that submarkets can change on a dime. They can also fall in popularity on a dime. That dime is only as shiny as the nearby job market is stable and lucrative.
MM is only “semi-hot” today because of nearby well-paying jobs. There are really no other “redeeming qualities” in MM construction over and above other SD County submarkets. If companies close to MM should relocate or decide to import H1B workers instead, MM will fall in value commensurate.[/quote]
1. Explain how an import of H1B workers will cause MM to fall?
2. Since when does any of the latest properties sell based on “redeeming qualities” in the construction these days?
3. If you predict a big doom and gloom like the major employers changing in SD…At that point…Mira Mesa is the last place you have to worry about…Or for that matter coastal areas….Everyone in SD gets hit..So in that scenario (which is unlikely), it’s suck for everyone….Including your hood.[/quote]
flu, my ‘hood is full of “retirees.” Only a small percentage of residents are “working families.” So it wouldn’t matter that much if local jobs left. I am +/- one mile from SD Bay and get those breezes.
That aside, I don’t necessarily predict “doom and gloom” for MM. But we ALL have witnessed the rise, fall and rise again of SM and SC Counties in (No Cal’s) “Silicon Valley.” It is what it is. Right now, RE in this vast area is HOT!! It encompasses roughly 45 miles north to south in comparison to SD County’s SV of 2.5 miles by 1.5 miles.
I don’t need to tell you all this, flu. You were THERE!
In the late summer of 2000, my spouse at the time was considering taking a job in Palo Alto and I was seeing asking prices of 2200-2500 sf 2-story houses in Sunnyvale of $450K to $500K on realtor.com. Just try to find that today, flu! The current asking prices for these SAME homes are TWICE as much and some are still dated inside, lol.
WRT H1B workers, they still have to have somewhere nearby their jobs to live, whether renting or owning. I should have stated “more offshoring of well-paying jobs.” This is always a looming possibility that takes jobs away from Americans.
The “high-tech industry,” historically, has been volatile and cyclical.
