I’m living in an area which is 10 – 20 years older than UCGal’s (depending on street). I also have at least a dozen neighbors (that I know of) in their 60’s who “inherited” their parents home (or bought their sibling(s) interest(s) out) and are residing in it. I think the difference here is cost. It is easier for a sibling to buy out the others to get title to a parent’s home when the appraised value is only $350K to $550K as opposed to values in UC (not sure what they are now but have always been higher than my area of dtn Chula Vista).
A few of my neighbors purchased their deceased parents’ homes from sibling(s) as far back as the early ’80’s for the $35-$50K range (with temporary OWC financing to the executor, due to exorbitant prevailing interest rates).
This same phenomenon occurs in many other communities in San Diego County with tracts of smallish “mid-century type” homes, the kind that Joe 6pack Rohr or Convair worker used to buy to raise his family in. (Lemon Grove comes to mind but there are many others.) I’m not sure UC fits that criteria as the homes there tend to be a little larger and a bit newer (1961-1968+ ?) than most run-of-the-mill tract housing built when SD was a manufacturing town. In addition, UC has mushroomed in value (above and beyond other similarly-situated communities) over the years due to tech companies moving in nearby. I could see how it could be a challenge at today’s values to buy other siblings out in UC when it was likely that none of the heirs were planning on attempting to qualify for a mortgage when their last parent passed away. If one needs to get a mortgage to buy other siblings out, that takes advance planning and you can’t plan death.
Heirs taking over their deceased parents property is very common in the established areas of South County. Extended family usually always finds a way to do it to keep the family home in the family if it has an ultra-low assessment. As is the case in many other moderately priced areas in the county. Hence, the neighborhoods are very, very stable.
I think those many extremely fortunate CA heirs of parents’ “trophy properties” were either an only child, the only surviving child, a sibling who was well-heeled enough in their own right to enable them to make the deal or there was enough cash in the estate to settle with any other siblings so one of them could take title to the parents’ trophy (ocean view, historic, etc) property.
