Hi SD Realtor,
Thanks for your reply. The homes I am looking at are certainly cookie cutter homes – lot size is ~ 4500 sqft and home size is ~ 1800 sq ft – so certainly no yard here – just a big sized patio. These were built in the mid-80s. I like the commute ( work in Sorrento Valley area), good neighborhood and schools. Also kid friendly. But the houses are old – so not as appealing to wife as the newer homes.
Similar sized homes on similar sized lots in the Torrey Hills area go for an additional 150k. They have HOA+Mello roos of more than $300 per month.
Question is if I am forced to sell after 5 years which one do you think will hold its value better ? I am not looking for a profit here – trying to minimize my loss.
One argument I can make for older homes keeping their value better is that fewer people are as heavily mortgaged as in the newer homes. Much less likely to have taken exotic loans to finance their homes. They can always rent and still make a profit. However the same argument also goes against – because of the equity they have they can perhaps lower prices much more than those in newer homes.
The argument for newer homes is certainly the “desirablility factor”. Also people here perhaps have a higher income to start with.
Are there any statistics on how older vs newer homes in the same neighborhood fared during the previous downturn ?
Also how can I find any information on the construction quality of these older homes.
