I was thinking something more like Kensington, Mission Hills, Bay Park, Tierrasanta, Point Loma, even UC. Are you saying a 2-bed/2.5-bath 1450 sq. ft. condo in 4S-ranch was hurt less than a condo in these areas between 2007 and today?
From my perspective, it seems they they bought something they aren’t going to use for 10 years. They bought 3 years ago. It’s 2 more years until they have kids, and 5 more after that before the first of those kids goes to school.
So, they put a down payment on a house in 2007 and lost it. For the last 3 years, they have been paying for a school district that they aren’t using and they still lost their downpayment and they still have a large payment.
Certainly they could find a similar sized house in a lower-priced but nice neighborhood that is priced lower due to the school quality. The premium paid for these schools is tremendous.
Had they bought a similar-sized house in a lower-priced neighborhood, they would also have lost their down payment, but the downpayment would have been smaller, so they would be better off, and they would continue to be paying less each month for that house.
As you know, you can get easily find a 1800 sq. ft house with full 2-car gar on a 6000 sq. ft lot in Clairemont for $500K. Schools aren’t great, but they can move in 7 years when they need a good school.
You know me – I like big lots and I cannot lie. I’d rather have a big yard for the 7 years at 500K than struggle to find something livable at 600K.
