[quote=joec] . . . In the end, I’ve stated this before. If you want new or much newer, you are going to have to pay MR in San Diego and I assume, many other areas in CA due to Prop 13…and probably HOA as well. That HOA is really high in your example btw.[/quote]
joec, the reason the CFD’s were created in the 80’s was to sell bonds to encourage development. The cities/counties were hungry for their portions of “teeter funds” emanating from potential new property taxes (and sales tax revenue as a byproduct) but they didn’t have the resources to build the infrastructure (i.e. streets, sidewalks, storm drains, st lighting, schools, etc) and their public safety depts (police/fire) were not large enough to handle outlying new development. The creation of the CFD’s had nothing to do with Prop 13.
The developers at Eastlake Shores couldn’t pay for all that was required of them to build housing for an additional 22K people (projected pop. in 1991 for first buildout of Eastlake), without passing this cost onto the buyers of the homes. Doing this would have made the homes’ prices unpalatable to their target buyers (families) because it was situated so far away from the (then new) I-805 fwy and from the urban core and most jobs. So they passed the costs on to the buyers in the form of MR bond payments added to their property tax bills.
I’m using Eastlake Shores here as an example because it was the first “MR development” in SD County. You have stated here that you think $2K annually is too high for HOA dues on an SFR. In Eastlake communities, the property-owners there belong to two different HOAs, that is, their “tract” or “complex” HOA and the “Eastlake Master Assn.” My HOA dues quote may actually be low here, depending upon tract.
Just over 20 years ago, Chula Vista had a population of about 52K. Today it is over 250K. This is all due to the creation and development of CFD’s. In the past few months, the City has had to lay off employees, because it expanded very, very fast since several more CFD’s were developed in the last ten years into what is now Otay Ranch. The county assessor has had to recently go in and do a wholesale reduction on the assessed value of every property in entire tracts there, leaving the City with far less “teeter funds” to operate with day-to-day. Besides creating the infrstructure and expanded safety services it was created to do, the creation of these newer CFD’s got hundreds more employees vested in the City’s retirement system as a byproduct. Even if the laid-off employees are never able to return to work for the City, they are STILL entitled to their deferred retirements if they are vested (have 5 yrs creditable service).
[quote=joec]One thing to also look at is that even though you can remodel the 50s place with new landscaping, kitchen/baths, some things would (I assume) be a major pain to do for folks who don’t have the time or desire. Is insulation a hassle? Maybe, but maybe not (I really don’t know and don’t care to know or spend time learning), but that seems like a big hassle to rip out every wall to redo better insulation/construction on the whole house.
A friend was visiting me here in SD and they were looking at places in Del Mar and said that some of the places are so old, there simply isn’t any insulation worth mentioning at all.
We currently live in a newer place and rarely need to use air con even though we are north county inland. Power bill during summer sits around $60-70 for 3k+ sqft. . . [/quote]
joec, you usually don’t have to tear apart walls to install installation. Insulation can be blown in in harder-to-reach areas. Older homes can be better insulated than newer homes (built on slab) because they can also be insulated underneath, as many have raised foundations. R-30 insulation is available in SD and is very thick and serves to keep a house cooler in summer and warmer in winter, along with the installation of double-paned windows. Having insulation installed doesn’t cost as much as you might expect and is well worth the money. I have R-30 on top/bottom and all four sides in my 60+ year old home (<2200 sf) and my utils are $35 - $52 mo without heat and $88 - $108 mo using heat. I am going to endeavor NOT to use my typical 6-8 wks of heat this winter to save $$. I am not located inland so have no great need for A/C.
Most older homes in SD county were VERY well constructed. Beginning in 1961, construction quality varied wildly by developer. Many homes built in the 20's and 30's in SD STILL have lath and plaster walls with wire mesh supports that take VERY well to period texturing. And many of these homes have cedar, redwood and mahogany built-ins and trimwork. At lot of developers have recently tried to "duplicate" the CA Craftsman bungalow (ex. Otay Ranch ... lol) but these imitations look exactly like the tacky fakes they are, inside and out, IMO. It would cost a FORTUNE today to ACTUALLY build a true replica of a 2000 sf CA Craftsman found just north of Morley Field (92104).
Aside from a prime location, the often generous lot sizes and quality of construction are the reasons behind why many buyers think older neighborhoods are "expensive." You pay for exactly what you get in this life.
