[quote=flyer]Just checking in from afar–(guess Piggington “is” an addiction:)
I don’t think any of us meant for our posts on this thread to be rude or inconsiderate–I know I certainly didn’t. I’m very much aware of what’s going on in the world for the majority of the population, and feel that none of us are immune to what might come our way.
I only brought any of this up with regard to property values for the purpose of making a comparison to today’s appreciation–to let people know how much it has changed over the years–nothing more.
I honestly don’t think the fact that a particular group of people happened to be at the right place at the right time with the right resources is a bad thing. Given the opportunity, I think most anyone would have taken advantage of those circumstances. It really had nothing to do with being ruthless or greedy–it was really more about luck and timing.
Anyway, those are my thoughts.[/quote]
[quote=flyer (earlier today)]….without going into a lot of detail, many of the homes my wife and my family members purchased in the 60’s and 70’s for $70K or so, are now in the seven figure range. We purchased in CV and RSF in the 80’s and 90’s.
The older homes are all in great locations, and many have been remodeled, and passed down to younger members of the family.
San Diego has always been a great place, but even when my wife and I were growing up in La Jolla, I don’t think anyone knew or even expected San Diego to develop as it has–especially from a real estate perspective.[/quote]
Thank you for your latest post, flyer.
I just wanted to re-clarify that the prices flyer and his relatives paid for SD County (prime) properties in decades gone by in no way reflects what those homes are today. They have no doubt been improved and expanded, perhaps multiple times, to command their current prices.
IOW, what they bought for “$70K” is NOT the same home as it is today.
He is correct that given what was in SD at that time (ESP bayfront and dtn skyline-view properties) in no way reflects the available amenities close to and views from those same properties today.
No one back then had any idea of what SD was to become, thus paying ~$70K in SD, for example, when the average city property was ~$20K could have very well been a “leap of faith” at that time!
flyer is a member of one of many thousands of families in CA who bought properties many, many years ago and likely will not sell most of them. They will simply be handed down to children and grandchildren.
That’s why unless CA Props 58 and 193 are repealed, CA single-family inventory will continue to be tight in its coveted coastal areas and in cities such as SF, IMO.
There is little incentive for these families to let go of any of this prime RE unless, for some reason, they just find they “need the money.”
That’s not likely in the vast majority of cases, IMHO.
