Agree, with such low inventory, if it isn’t the price, then something else is up with the property for it to sit in this market.
Del sur truly does have some very worrisome combo. The smaller condos/attached homes are priced at a price point that draw in dual income earners that likely have a tight budget, but they are then hit with high priced MR/HOA. I do agree with BG this is the perfect scenario for creation of the chronic paycheck to paycheck barely above water struggle that would lead to mass default if the economy experience another crash.[/quote]
Exactly. With the extremely low inventory, owners need to figure out if all the other houses around them are selling very quickly and theirs isn’t then something is wrong with that picture.
Yes, BG makes some good points about this ‘perfect storm’ scenario. In fact, I’ve seen it. There are some people that scape everything they have for the down payment and even after a year can’t even furnish their home! I met such a guy there. It seems crazy to me you’d finally buy a house but blow every last cent on the down payment in this competitive environment and not even be able to furnish your house! But I met a guy in Del Sur that falls in that category.
I also had some friends that formally lived in San Diego in this SAME scenario where they either lost a job or their spouse lost a job and they simply couldn’t afford their house/lifestyle even with it only being a few months!
Strange phenomenon here with people that buy $700,000 to $800,000+ houses here that are almost living paycheck to paycheck or that have major life events (medical issues, job loss, etc) and can’t handle it. It’s a bit scary to me to see that. But the job market here in San Diego is MUCH different vs. lots of city where someone can easily find another high paying job. That isn’t the case here in SD with the “sunshine tax”.
