[quote=kev374]There is no real estate bubble, infact things are going to get even higher I think because money is flying out of China and the rest of the world into the US and real estate is the target of that money. That phenomenon is here to stay.
Compared to the rest of the world real estate in the US is still incredibly cheap, even in hot areas like LA and SFO.
I can easily see the median price of a home in San Diego approach $1 million in the next few years just due to influx of foreign money.[/quote]
LOL, I haven’t seen any “Chinese buyers” interested in Chula Vista yet … at least not in the close-in older parts.
Maybe I ought to “hang on for the ride” until at least 2017 to see where this goes. Having seen all the fluctuations in value around here (which were not of our own making), I’m very, very cautiously optimistic.
I don’t see the typical Chinese buyer suddenly becoming interested in older areas in SD County (such as LJ or Chula Vista) unless they finally get wise to how much the carrying costs actually are in the newer areas (with added MR/HOA dues). That is, since they end up leasing out a great many of the properties they buy instead of occupying them.
This group is only interested in older properties in LA, SC, SM and SF Counties because they don’t have any choice … that’s all there is to choose from.
