[quote=flyer]Not that it would really effect me, but glad to hear from the professionals that sequestration will, most likely, not become an issue that will negatively effect the housing market in San Diego.
BG, you make some very good points, and it’s always interesting how almost every thread becomes a “Battle of the Neighborhoods.” We all have neighborhoods we “wouldn’t be caught dead in,” but that’s not good or bad, it’s just preferences.
For example, one of our preferences is not being more than 10 minutes or so from the ocean–and that factors into where we chose to live in RSF.
If people are overextending themselves to keep up with their peers, or for any other reason–that’s another story. I just hope they can take care of themselves and their families if it all hits the fan–that would be my only REAL concern.[/quote]
flyer, I’m not really partial to any ONE area or “neighborhood” in SD. I was just trying to make a point that previous generations of workers purchased their homes in SD, stayed long-term and became part of their communities while a very LARGE percentage of newer generations of workers fled … some as far as they could and still get to work within ~90(+) minutes or so.
There was never any reason to flee urban or suburban SD to purchase a home (if that is where one works) and there isn’t now.
As I previously stated, the wholesale “fleeing” while shunning available properties in numerous close-in zip codes in SD County is what is causing the “sequestration,” IMHO.
Meanwhile, many are “whining” about “lack of inventory.”
Many of those same “whiners” could live closer to their jobs and have MUCH more inventory to choose from.
But the majority don’t WANT to. They want to shop further away from work, and, in doing so, make their own beds when they find themselves “freeway-dependent” twice every weekday in a long line of like-minded people :=)
I agree with you regarding homeowners (possibly inadvertently) “overextending themselves,” especially those with minor children still at home. This often happens when the home they chose has high monthly HOA dues PLUS high Mello-Roos to pay (on top of PITI). The monthly carrying costs eventually become too high with all the rest of the family needs. For some, this occurs MUCH SOONER than later.
Again, this is a byproduct of “fleeing” the urban cores and close-in communities and suburbs in favor or distant suburbia, exurbia or out-of-county.
I also agree that even though the younger generations in “family-raising-mode” fleeing the cities and close-in communities causes “sequestration,” this phenomenon, in and of itself, is not likely to affect the housing market in CA coastal counties.
This is due to PLENTY of buyers of every stripe from everywhere (a good portion with ALL CASH) who have no reservations at all about buying properties in SD’s close-in areas, whether for a personal residence or rental investment :=]
